Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty. 13.2 If the Building shall be damaged or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control. 13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building. 13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 4 contracts
Samples: Lease Agreement (Chuy's Holdings, Inc.), Lease Agreement (Chuy's Holdings, Inc.), Lease Agreement (Chuy's Holdings, Inc.)
Fire or Other Casualty. 13.1 (a) If fire or other casualty damages the Premises or any other portion of the Building to which Tenant immediately shall deliver written notice has appurtenant rights under § 2.1 (and that is necessary for reasonable access to or egress from the Premises, or for Tenant’s use and enjoyment of the Premises, as this Lease contemplates), then, subject to the next paragraph, Landlord of must proceed with diligence to establish and collect all valid claims that arise against insurers and any other potentially responsible party, based upon any such damage and, subject to the then applicable building codes, zoning ordinances, and other legal requirements, Landlord must proceed with diligence to repair such damage or destruction and to restore the Premises and Building to their condition before such casualty, at Landlord’s sole expense. Notwithstanding the forgoing, Landlord has no duty to repair any damage to any Tenant Alterations unless the damage was caused by the negligence, breach of this Lease, or willful misconduct of Landlord.
(b) Notwithstanding the preceding paragraph, if either Landlord or Tenant determines, in Landlord’s or Tenant’s commercially reasonable business judgment, that Landlord cannot be expected to repair the damage to the Premises or to the Building by within 150 days from the date of the fire or other casualty, due to the character of such damage, or if the remainder of the Term is less than one year, then either Landlord or Tenant has the right to terminate this Lease. Tenant also has the right to terminate this Lease if Landlord, having notified Tenant of Landlord’s intention to repair the damage to the Premises or Building, as provided in this Lease, fails to complete such repairs within 150 days after a fire or other casualty. If neither Landlord nor Tenant exercises a right to terminate this Lease, as provided in this § 7.1, Landlord must provide Tenant with substitute Premises for the affected portion of the Premises for no additional Rent, sufficient and adequate for Tenant to conduct business in a commercially reasonable manner, and must bear any relocation expenses incurred by Tenant for relocation from the original Premises to the substitute Premises, and back to the original Premises, provided that Tenant must continue to pay the Rent.
13.2 If the Building shall be damaged or destroyed by (c) The rights of Landlord and Tenant to terminate this Lease if there is a fire or other casualty and Landlord does not elect are subject to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. following notice provisions: If Landlord elects to terminate this Lease it shall give written notice in accordance with the preceding paragraph, Landlord must notify Tenant of such Landlord’s election to Tenant within ninety (90) 30 days after the occurrence of such a fire or other casualty, and . If Tenant elects to terminate this Lease shall terminate as in accordance with the preceding paragraph, Tenant must notify Landlord of the date of such notice. If Landlord should not elect Tenant’s election to terminate this Lease, : (i) within 30 days after the occurrence of a fire or casualty; (ii) within 30 days after the expiration of the 150-day period given to Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the PremisesPremises if this Lease is not terminated and Landlord fails to complete such repair within said 150-day period; providedor (iii) during said 150-day period if Tenant determines, howeverin its reasonable judgment, that if any Holder (defined below) Landlord is not exercising reasonable due diligence to complete such repair within said 150-day period. Any such termination of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or is effective no earlier than 30 days after the giving of notice. Unless so terminated, this Lease remains in full force and effect, subject, however, to other provisions of this § 7.1.
(d) If any damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of Premises or the Building, or if Landlord’s repair of either or both (i) renders any part of the Premises unfit for Tenant’s use and further shall be limited to occupancy or otherwise prevents Tenant’s use and occupancy of such part of the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuildPremises, or otherwise be liable for(ii) causes a material cessation or reduction in Landlord’s Services (as identified in Exhibit C) under this Lease, any damage and (iii) Tenant continues to Tenant’s fixtures, signs, furnishings, equipment or personal property within use and occupy the Building.
13.4 Tenant agrees that during any period of reconstruction or repair unaffected portion of the BuildingPremises, a proportionate amount of Rent must be abated (unless Tenant will continue has been relocated to substitute premises as set forth in (b) above) until the operation affected portion of its business within the Building Premises, Landlord’s Services, or both has or have been restored as required under this Lease unless Tenant has relocated to the extent practicablesubstitute premises as provided by § 7.1 (b).
Appears in 3 contracts
Samples: Office Lease, Office Lease, Office Lease
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice A. All proceeds (except business interruption insurance proceeds not allocated to Landlord Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any damage caused property loss, damage, or destruction of or to the Building Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18.
13.2 B. Subject to the terms of this Section 18, Landlord shall make any proceeds held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof available to Tenant the insurance proceeds (net of all reasonable administrative and collection costs, including reasonable attorneys’ fees) paid to Landlord for such repair and rebuilding of the Premises as it progresses (other than business interruption proceeds to be allocated to Rent expenses as aforesaid and applied to the Rent as it becomes due hereunder). Payments shall be made against certification of the architect responsible for the supervision of the repairs and rebuilding that the work had been performed substantially in conformance with the approved plans and specifications therefor and the value of the work in place is equal to not less than one hundred ten percent (110%) of the aggregate amount advanced by Landlord for the payment of such work. Prior to commencing the repairing and rebuilding, Tenant shall deliver to Landlord for Landlord’s approval, which shall not be unreasonably withheld conditioned or delayed, a schedule setting forth the estimated monthly draws for such work. Landlord shall contribute to such payments, out of the insurance proceeds being held by Landlord, an amount equal to the proportion that the total net amount so held by Landlord bears to the total estimated cost of repairing and rebuilding, multiplied by the payment by Tenant on account of such work. Landlord may, however, withhold ten percent (10%) from each payment until the work has been completed and unconditional lien releases and/or other proof has been furnished to Landlord that no lien or liability has attached, or will attach, to the applicable Building or Property or to Landlord in connection with repairing, reconstructing and rebuilding. In addition, disbursement of such proceeds to Tenant are subject to any customary conditions of a Landlord Mortgagee and the respective SNDA between Tenant and such Landlord Mortgagee.
C. If the Building Premises or any portion thereof is damaged by fire or other casualty, whether or not from a risk covered by insurance, Tenant shall give Landlord prompt written notice thereof and Rent shall continue unabated notwithstanding any casualty. Tenant waives any statutory rights of termination which may arise by reason of any damage or destruction of the Premises or any portion thereof.
D. In the event of a fire or other casualty, subject to Tenant’s right to receive the insurance proceeds for such casualty event to the extent any such proceeds exists and Tenant is entitled to the same hereunder, Tenant shall, at its expense regardless of the amount of any such damage or destruction and whether or not the insurance proceeds attributable such damage or destruction shall be damaged or destroyed by sufficient for the purpose, cause the Premises to be repaired, restored and replaced in accordance with all Law, this Section 18.D and the Restoration Standards, as expeditiously as practicable using reasonable diligence to a condition as nearly as practicable to that which existed immediately prior to occurrence of the fire or other casualty and Landlord does not elect otherwise in a good workmanlike manner, using new materials of like quality.
E. No damage or destruction of the Premises or any portion thereof as a result of fire or any other hazard, risk or casualty whatsoever shall relieve Tenant from Tenant’s liability and obligation to terminate timely pay the full Rent payable under this Lease as hereinafter providedand Rent shall continue unabated notwithstanding any casualty.
F. Notwithstanding anything contained herein to the contrary, Landlord shall proceed with reasonable diligence and at its sole cost and expense if during the last twelve (12) months of the Term, or any renewal thereof, the Premises is damaged to rebuild and repair the Buildingextent that the repairs for same would exceed thirty-five percent (35%) or more of the replacement cost, and then this Lease shall continue in full force and effect. If may be terminated at the Building shall be destroyed or materially damagedend of the election of either party, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair that the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant occurs within ninety sixty (9060) days after the occurrence of such casualtydamage or destruction. Upon the exercise of such termination, and this Lease shall terminate as be deemed null and void except for the parties obligations expressly surviving the termination.
G. The provisions of the date of such notice. If Landlord should not elect to terminate this Lease, including this Section 18 constitute an express agreement between Landlord shall proceed and Tenant with reasonable diligence respect to any and at its sole cost and expense to rebuild and repair all damage to, or destruction of, all or any part of the Premises; provided, however, that if and any Holder (defined below) Law with respect to any rights or obligations concerning damage or destruction in the absence of an Encumbrance (defined below) requires that express agreement between the insurance proceeds be applied under such Encumbrance as a result of parties, and any such casualtysimilar or successor Laws now or hereinafter in effect, Landlord shall have no obligation application to rebuild and this Lease shall terminate upon notice or any damage or destruction to Tenant. So long as the casualty does not result from all or any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet part of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlPremises.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 3 contracts
Samples: Master Lease Agreement (Cracker Barrel Old Country Store, Inc), Master Lease Agreement (Cracker Barrel Old Country Store, Inc), Agreement for Purchase and Sale of Real Property (Cracker Barrel Old Country Store, Inc)
Fire or Other Casualty. 13.1 Tenant immediately In the event that the Premises or any part thereof shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , Tenant shall give prompt written notice thereof to Landlord. In the event the Building shall be damaged or destroyed by fire or other casualty, and substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or in the event any mortgagee under a mortgage or deed of trust covering the Building should require that the insurance proceeds payable as a result of any fire or other casualty and be applied against the mortgage debt, Landlord does not elect to may terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue by notifying Tenant in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice writing of such election to Tenant termination within ninety (90) days after the occurrence date of notification to Landlord of such casualty, damage and the Monthly Rental Payment and Additional Rent shall be abated during the unexpired portion of this Lease shall terminate as of effective with the date of such noticedamage; provided, however, Tenant’s obligation to pay any and all Additional Rent under this Lease shall continue and shall cover all periods up to the date of such damage. If Landlord should elects not elect to terminate this Lease, Landlord shall, within ninety (90) days after notification from Tenant of such damage, commence to rebuild or repair the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition it was in immediately prior to the happening of the casualty. Landlord shall not be required to rebuild, repair, or replace any part of the furniture, equipment, or other personal property or any fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant within the Building or the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or inviteesrelated facilities. If the Building is to be rebuilt or repaired, Landlord shall allow Tenant a reduction fair and reasonable diminution of Base Rent during the time and to the Building is extent the Premises are unfit for occupancy, which reduction Tenant’s intended use. Landlord shall not be based upon the proportion of square feet of the Building unfit liable for occupancy any inconvenience or annoyance to Tenant or injury to the total square feet business of Tenant resulting in the Buildingany way from any damage or repair thereof. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or, the Premises, therein shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building; provided, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable forhowever, any damage insurance payments to Tenant’s fixtures, signsTenant for loss of any furniture, furnishings, equipment fixtures, equipment, alterations, additions or personal improvements which were to become the property within of Landlord upon the Building.
13.4 expiration or earlier termination of this Lease shall be prorated. Tenant agrees shall receive that during any period of reconstruction or repair portion of the Building, Tenant will continue the operation of its business within the Building insurance proceeds allocable to the extent practicablemonths remaining in the Lease Term, and Landlord shall receive the portion allocable to the months remaining in the useful life of the item lost.
Appears in 3 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement (Mavenir Systems Inc), Commercial Lease Agreement (Mavenir Systems Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than One Hundred Thousand Dollars ($100,000.00) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than 180 days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require more than 180 days to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 7.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder exceed Five Hundred Thousand Dollars (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control$500,000.00).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Moody National REIT I, Inc.), Agreement of Purchase and Sale (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any partial damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed Leased Premises by fire or other casualty and Landlord does not elect insured against by Landlord, Tenant shall give immediate notice thereof to terminate this Lease as hereinafter providedLandlord, Landlord who shall proceed thereupon cause damage to all property owned by it to be repaired with reasonable diligence and speed at its the sole cost and expense to rebuild and repair of Landlord, due allowance being made for reasonable delay which may arise by reason of adjustment of loss under insurance policies on the Buildingpart of Landlord and/or Tenant, and this Lease for reasonable delay on account of "labor troubles" or any other cause beyond Landlord's control, and to the extent that the Leased Premises are rendered untenantable the rent shall continue in full force and effect. If proportionately xxxxx from the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence date of such casualty, provided the damage above mentioned occurred without the fault or neglect of Tenant, Tenant's servants, employees, agents or visitors. If such partial damage is due to the fault or neglect of Tenant, or Tenant's servants, employees, agents, or invitees, the damage shall be repaired by Landlord to the extent of Landlord's insurance coverage, but there shall be no apportionment or abatement of rent. In the event the damage shall be so extensive to the whole Building as to render it uneconomical, in Landlord's opinion, to restore for its present uses and Landlord shall decide not to repair or rebuild the Building, this Lease Lease, at the option of Landlord, shall terminate be terminated upon written notice to Tenant and the rent shall, in such event, be paid to or adjusted as of the date of such notice. If Landlord should not elect to terminate this Leasedamage, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) terms of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate expire by lapse of time and conditional limitation upon the third day after such notice is mailed, and Tenant shall thereupon vacate the Leased Premises and surrender the same to Tenant. So long as the casualty does not result Landlord, but no such termination shall release Tenant from any willful liability to Landlord arising from such damage or negligent action or inaction from any breach of the obligations imposed on Tenant or Tenant’s agents, employees, customers, contractorshereunder, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy from any obligations accrued hereunder prior to such termination. Notwithstanding anything contained in this Section 17 to the total square feet in contrary, if any damage causes the Building. Any insurance which may Premises to be carried by untenable and if Landlord or Tenant against loss determines, in good faith that the repair or damage restoration work cannot be completed within one hundred and twenty (120) days of the date of occurrence causing such damage, then Landlord, or Tenant provided Tenant shall not otherwise be in default hereunder, shall have the option, exercisable by fifteen (15) days advance written notice thereof to the Building other given no later than thirty (30) days following such determination, to cancel and terminate this Lease as of the date of such loss, whereupon all rent due hereunder shall be for the sole benefit adjusted as of the party carrying date of such insurance damage and under its sole control.
13.3 Tenant shall thereupon vacate the Premises and surrender the same to Landlord’s obligation to repair , but no such termination shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available release Tenant from any liability to Landlord for arising from any obligations accrued hereunder prior to such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingtermination.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Digitalnet Holdings Inc), Lease Agreement (Digitalnet Holdings Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged Premises or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building Buildings shall be destroyed or materially damageddamaged and Landlord is unable to restore the Premises or the Buildings to an acceptable condition within a reasonable amount of time, then Landlord either party may elect either to terminate this Lease as hereinafter provided or by notice to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant other within ninety thirty (9030) days after the occurrence of such the casualty, and this Lease shall terminate as of the date of such noticethe casualty. If Landlord should not elect to terminate neither party terminates this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; providedPremises or the Building, howeveras the case may be, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantcontinue in full force and effect. So long as If the casualty does not result from any willful is due wholly or negligent action in part to an act or inaction omission of Tenant or Tenant’s agents, employees, customers, invitees or contractors, Tenant shall pay to Landlord any deductible under Landlord’s insurance policies. Notwithstanding the foregoing, if any Holder requires that the insurance proceeds be used to retire a debt, or inviteesif any Lessor should terminate a Master Lease as a result of any such casualty, then Landlord may elect not to rebuild and this Lease shall terminate upon delivery to Tenant of a notice to that effect. Landlord’s obligation to rebuild and repair under this Paragraph 17 shall in all events be limited to restoring the Premises to substantially the condition same were in immediately preceding the casualty, excluding all signs, fixtures, equipment or furniture of Tenant and any alterations, additions or improvements to the Premises made by Tenant, whether prior to or after the Commencement Date. Tenant agrees that promptly after completion of such work by Landlord, Tenant shall proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore all signs, furniture, equipment, fixtures and other improvements which may have been placed by Tenant within the Premises. Provided that the casualty did not occur by reason of any negligence or willful misconduct of Tenant or Tenant’s agents, employees, invitees or contractors, Landlord shall allow Tenant a reduction diminution of Base Rent Basic Rental during the time the Building is Premises are unfit for occupancy, which reduction diminution shall be based upon the proportion of square feet of the Building which are unfit for occupancy to the total square feet in the BuildingPremises. Any Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair . Tenant shall be limited to responsible for obtaining fire and extended coverage insurance for full replacement cost upon all improvements and fixtures installed in the restoration Premises at Tenant’s expense, if any, and the contents of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingPremises.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Building Lease Agreement (Vivint Solar, Inc.), Office Building Lease Agreement (Vivint Solar, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to promptly notify Landlord of any damage caused to the Building Premises resulting from fire or any other casualty. If the Premises shall be damaged by fire or other casualty.
13.2 If , Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord's reasonable control, and subject to all other terms of this Article 12, restore the base building and its common areas exclusive of the Leasehold Improvements. Such restoration shall be to substantially the same condition prior to the casualty, except for modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Building or any other modifications to the common Areas deemed desirable by Landlord, provided that access to the Premises and any common restrooms serving the Premises shall not be materially impaired. Upon the occurrence of any damage to the Premises, upon notice (the “Landlord Repair Notice") to Tenant from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under item (2) of Section 11 (A) above of this Lease, and Landlord shall repair any injury or damage to the Leasehold Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, as assigned by Tenant, the cost of such repairs shall be damaged or destroyed paid by fire or other casualty and Tenant to Landlord prior to Landlord's commencement of repair of the damage. In the event that Landlord does not elect deliver the Landlord Repair Notice within sixty (60) days following the date the casualty becomes known to terminate this Lease as hereinafter providedLandlord, Landlord shall proceed with reasonable diligence and Tenant shall, at its sole cost and expense expense, repair any injury or damage to rebuild the Leasehold Improvements and repair shall return such Leasehold Improvements to their original condition. Whether or not Landlord delivers a Landlord Repair Notice, prior to the Buildingcommencement of construction, Tenant shall submit to Landlord, for Landlord's review and approval, all plans, specifications and working drawings relating thereto, and this Lease Landlord shall continue select the contractors to perform such improvement work. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in full force and effect. If any way from such damage or the Building repair thereof; provided, however, if such fire or other casualty shall be destroyed have damaged the Premises or materially damageda portion thereof or Common Areas necessary to Tenant's occupancy, then Landlord may elect either shall allow Tenant a proportionate abatement of Rent during the time and to terminate the extent and in the proportion that the Premises or such portion thereof are unfit for occupancy for the purposes permitted under this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualtyLease, and this Lease are not occupied by Tenant as a result thereof, provided that such abatement of Rent shall be allowed only to the extent Landlord is reimbursed from the proceeds of rental interruption insurance purchased by Landlord as part of Operating Expenses; provided further, however, if the damage or destruction is due to the negligence or willful misconduct of Tenant or any of its agents, employees, contractors, invitees or guests, then Tenant shall be responsible for any reasonable, applicable insurance deductible (which shall be payable to Landlord upon demand) and there shall be no rent abatement. In the event that Landlord shall not deliver the Landlord Repair Notice, Tenant's right to rent abatement pursuant to the preceding sentence shall terminate as of the date of such notice. If which is reasonably determined by Landlord to be the date Tenant should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy completed repairs to the total square feet Premises assuming Tenant used reasonable due diligence in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlconnection therewith.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Lease Agreement (Technest Holdings Inc), Office Lease Agreement (Technest Holdings Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be Leased Premises or Complex (or a portion of) are damaged or destroyed in whole or in part by fire or other casualty and Landlord does not elect to terminate during the term of this Lease as hereinafter providedhereof, the Landlord shall proceed will repair and restore the same to good tenantable condition with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effectdispatch. If the Building Leased Premises (a) by reason of such occurrence is rendered wholly untenable, or (b) should be damaged as a result of a risk which is not covered by Landlord’s insurance, or (c) should be damaged in whole or in part during the last two (2) years of the Lease term or if the Lease term is less than two (2) years, Tenant, at Landlord’s sole option, shall vacate and surrender the Leased Premises to Landlord, at Landlord’s sole option, and Rent herein provided for shall xxxxx entirely in case the entire Leased Premises are untenantable and pro rata for the portion rendered untenantable, in case a part only is untenantable, until the same shall be destroyed or materially damaged, then Landlord may elect either restored to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premisesa tenantable condition; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the Tenant fails to adjust its own insurance proceeds be applied under such Encumbrance or to remove its damaged goods, wares, equipment or property within a reasonable time, and as a result thereof the repairing and restoration is delayed, there shall be no abatement of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancyperiod of such resulting delay, which reduction and providing further that there shall be based upon no abatement of Rent if such fire or other cause damaging or destroying the proportion of square feet Leased Premises shall result from the negligence or willful act of the Building unfit for occupancy Tenant, its employees, officers, agents, guests, invitees, licensees, assignees, subtenants, equipment suppliers or legal representatives or any other person claiming by or under Tenant. In the event Landlord elects to repair the total square feet in the Building. Any insurance which may be carried damage insurable under Landlord’s policies, any abatement of Rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises has been repaired. Further, if the Tenant shall use any part of the Leased Premises or Tenant against loss or damage to Complex for storage during the Building period of repair, a reasonable charge shall be for made therefor against the sole benefit Tenant, provided further that in case the Leased Premises, or the building of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair which they are a part, shall be limited to the restoration of the Building, and further shall be limited destroyed to the extent of more than one-half of the value thereof, the Landlord may at its option terminate this Lease forthwith by a written notice to the Tenant. Landlord will retain all insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, from the fire or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingother casualty.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Zomedica Pharmaceuticals Corp.), Commercial Lease Agreement (Zomedica Pharmaceuticals Corp.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In the event that substantially all of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall should be damaged or destroyed by fire fire, tornado or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair or in the Building, and this Lease shall continue in full force and effect. If event the Premises or the Building shall should be destroyed so damaged that rebuilding or materially damagedrepairs cannot, then in the reasonable judgment of Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant be completed within ninety one hundred eighty (90180) days after the occurrence date of such casualtydamage, and Landlord or Tenant may terminate this Lease, in which event, this Lease shall terminate effective as of the date of such noticedamage. If In the event the Building or the Premises should be damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can, in the reasonable judgment of Landlord, be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but Landlord should or Tenant does not elect to terminate this Lease, then in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other tenants within the Building or the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction diminution of Base Rent Adjusted Rental during the time the Building is Premises are unfit for occupancy, which reduction diminution shall be based upon the proportion of square feet of the Building which are unfit for occupancy to the total square feet in the BuildingPremises, unless in Tenant’s reasonable judgment the portion of the Premises unfit for occupancy is critical to Tenant’s continued operations. Any In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire the mortgage debt, then Landlord, at Landlord’s option, may elect not to rebuild and this Lease shall terminate upon Tenant’s receipt of a written notice from Landlord to that effect. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 . Upon any termination of the Lease hereunder, any and all prepaid rents, expenses or other monies paid in advance by Tenant to Landlord shall be immediately refunded. Notwithstanding the foregoing provisions of this Paragraph 15, Tenant shall not have the right to terminate this Lease if Landlord shall, within the applicable 180 day period, make available to Tenant space within the Building comparable to that portion of the Premises damaged or destroyed and Landlord’s obligation to repair responsibility for diminution of Adjusted Rental shall be limited to the restoration expire from and after Landlord’s furnishing of the Buildingsuch comparable, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property replacement space within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice Condemnation. In the event that prior to Landlord October 6, 2003, a portion of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be Total Assets are destroyed or materially damageddamaged (as described in Section 18.2 hereof), then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair if condemnation proceedings are threatened or commenced against all or a portion of the Building. If Landlord elects to terminate this Lease it Real Estate, Seller shall promptly give Purchaser written notice of such election to Tenant within ninety (90) days after the occurrence of such casualtydamage, and this Lease destruction or condemnation proceeding. Purchaser shall terminate as of then have the date right, exercisable by giving notice of such notice. If Landlord should not elect decision to Seller within ten (10) Business Days after receiving such written notice from Seller of such damage, destruction or condemnation proceedings, to terminate this LeaseAgreement, Landlord in which case neither party shall proceed have any further rights or obligations hereunder and the Deposit (and the Closing Extension Fee, if paid by Purchaser), together with reasonable diligence and at its sole cost and expense interest thereon, shall be returned to rebuild and repair the PremisesPurchaser; provided, however, that in no event shall the Closing Date be extended by reason thereof. If Purchaser elects within such ten (10) Business Day period to accept the Total Assets in their then condition, after deducting all reasonable expenses of Seller actually incurred in repairing damage, if any, all proceeds of insurance (other than any Holder (defined belowbusiness interruption insurance applicable to periods prior to the Transfer Time) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result or Seller's share of any such casualtycondemnation awards (but exclusive of awards for business interruption applicable for periods prior to the Transfer Time) or any claim against a third party believed to be responsible for loss or damage shall be paid or assigned to Purchaser at Closing with no reduction in the Assets Purchase Price or Gaming Assets Purchase Price. In the event that, Landlord prior to Closing, there is damage to the Total Assets, or any single component of the Total Assets, which does not constitute material damage (as described in section 18.2 hereof) Purchaser shall not have the right to terminate the Agreement by reason thereof and Seller will pay to Purchaser at Closing the cost of all repairs or replacements (unless Seller shall have no obligation elected to rebuild and this Lease shall terminate upon notice repair or replace all damaged or destroyed property to TenantPurchaser's reasonable satisfaction prior to Closing). So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction Any payment to be made by Seller shall be based upon on any bids or other advice from one or more qualified contractor, architect or engineer reasonably acceptable to Purchaser and Seller. In the proportion event of square feet of condemnation Purchaser shall not have the Building unfit for occupancy right to the total square feet terminate this Agreement by reason thereof and all condemnation awards payable to Seller by reason thereof shall be paid to Purchaser at Closing with no reduction in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restorationAsset Purchase Price. In no the event of a condemnation, Purchaser shall Landlord be obligated have the right to rebuild, pursue additional damages or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within an additional award from the Buildingcondemning authority.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Union Plaza Hotel & Casino Inc), Purchase and Sale Agreement (Union Plaza Hotel & Casino Inc)
Fire or Other Casualty. 13.1 In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately shall deliver written give notice thereof to Landlord of any damage caused to Landlord. If the Building Leased Premises is partially damaged by fire or other casualty.
13.2 If , whether or not such casualty is an insured or insurable risk, so as to render the Leased Premises untenantable in whole or in part, the rental provided for shall axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as determined by Landlord, and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction results in the Leased Premises being untenantable in whole or in substantial part for a period reasonably estimated by a responsible contractor selected by Landlord to be one hundred twenty (120) days or longer after Landlord’s insurance settlement, or in the event of total or substantial damage or destruction of the Leased Premises or the remainder of the Building from any cause and if Landlord shall decide not to rebuild, then in either event all rent owed up to the time of such destruction or termination shall be damaged or destroyed paid by fire or other casualty Tenant and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and thenceforth this Lease shall continue in full force cease and effectcome to an end. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give Tenant written notice of such election to Tenant its decisions, estimates or elections hereunder within ninety sixty (9060) days after the occurrence receipt by Landlord of such casualty, and this Lease shall terminate as notice of the date of such noticesettlement from Landlord’s insurance carrier. If Landlord should not elect to terminate Notwithstanding anything contained in this Lease, Landlord shall proceed with reasonable diligence only be obligated to restore or rebuild: (i) the structural components and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration common areas of the Building, ; and further shall be limited to (ii) the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingCovered Tenant Improvements.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Wintegra Inc), Office Lease Agreement (Wintegra Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 (a) If the Building Premises or any part thereof shall be damaged or destroyed by fire or other casualty insured by Landlord and Landlord does not elect Tenant shall have given prompt written notice thereof to terminate this Lease as hereinafter providedLandlord, Landlord shall (subject to the subsections 19 (b) or (c) hereof) proceed with reasonable diligence to repair or cause to be repaired such damage (but in no event shall Landlord be obligated to expend an amount in excess of the net proceeds of insurance made available) and at its sole cost and expense to rebuild and repair if the BuildingPremises, or any part thereof, shall be rendered untenantable by reason of such damage, and this Lease such damage shall continue in full force and effect. If not be due to the Building fault of Tenant, its agents, contractors, employees, guests, invitees or licensees, the Annual Basic Rental, or an amount thereof apportioned according to the number of square feet of floor space of the Premises so rendered untenantable (if less than the entire Premises shall be destroyed or materially damagedso rendered untenantable), then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair shall be abated for the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of period from the date of such notice. If Landlord should not elect damage to terminate this Lease, Landlord the date when the damage shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premiseshave been repaired as aforesaid; provided, however, that if Landlord shall make available to Tenant during the period of repair, other space in the Center reasonably suitable for the temporary carrying on of Tenant's business, there shall be no such abatement of Annual Basic Rental. If Landlord or any Holder (defined below) mortgagee of an Encumbrance (defined below) requires that the Center shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the agents, contractors, employees, guests, invitees or licensees of Tenant, the cost of repairing such damage shall be applied under such Encumbrance as a result paid by Tenant and there shall be no abatement of rent.
(b) Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant's improvements, alterations, stock in trade, furniture or furnishings or on any fixtures or equipment removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same.
(c) Notwithstanding subparagraphs (a) and (b) of this Section 19, if:
(i) the Center shall be so damaged by such fire or other casualty that substantial alteration or reconstruction of the Center shall, in Landlord's opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or
(ii) the Premises are totally or substantially damaged or rendered wholly or substantially untenantable, or
(iii) the Premises shall be damaged in whole or in part by such fire or other casualty during the last one year of the term or any extension thereof which has been exercised prior to the date of such casualty, or
(iv) the proceeds of insurance made available to Landlord shall have no obligation are insufficient to rebuild pay for the costs of repairing the damage, and Landlord elects not to repair such damage, then and in any such event, Landlord may, at its option, by giving written notice to Tenant within forty-five (45) days after the date of such damage, terminate this Lease and Tenant's estate hereunder, as of the date of such termination specified in such notice. The effect of such termination shall terminate upon be the same as if the date specified in the notice were the date hereinbefore set for the end of the Term and the Annual Basic Rental and additional rental hereunder shall be apportioned as of such date.
(d) Notwithstanding anything contained herein to Tenant. So long as the casualty does contrary the Rent will be abated proportionately during any period in which, by reason of any damage or destruction not result from any occasioned by the negligence or willful or negligent action or inaction misconduct of Tenant or Tenant’s agents, employees, customers, contractors, 's employees or invitees, Landlord shall allow Tenant there is a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue substantial interference with the operation of its the business within the Building of Tenant. The abatement will be proportional to the extent practicablearea of the Premises that Tenant may be required to discontinue for the conduct of its business. The abatement will continue for the period commencing with the destruction or damage and ending with the completion by the Landlord of the work, repair, or reconstruction that Landlord is obligated to do.
Appears in 2 contracts
Samples: Lease Agreement (United Bancshares Inc /Pa), Lease Agreement (United Bancshares Inc /Pa)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than One Hundred Thousand Dollars ($100,000.00) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than 180 days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require more than 180 days to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 7.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible plus any amount not covered by insurance. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder exceed Five Hundred Thousand Dollars (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control$500,000.00).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Agreement of Purchase and Sale (Moody National REIT II, Inc.), Agreement of Purchase and Sale (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the Building by fire or other casualty.
13.2 If event that the Building shall Premises should be damaged or totally destroyed by fire fire, tornado or other casualty and or in the event the Premises or the Building should be so damaged that rebuilding or repairs cannot be completed within 180 days after the date of such damage, either Landlord does not elect or Tenant may at its option terminate this lease by delivering written notice thereof to the other party within twenty (20) days following such damage, in which event the rent shall be abated during the unexpired portion of this lease effective with the date of such damage. In the event the Premises should be damaged by fire, tornado or other casualty covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within 180 days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease as hereinafter providedlease, in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Premises and shall proceed with reasonable diligence to restore the Premises and at its sole cost Building to substantially the same condition in which they were immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and expense to rebuild and repair other improvements, except Tenant improvements made by Landlord, which may have been placed by Tenant or other tenants within the BuildingBuilding or the Premises, and this Lease or related facilities. In the event that the Premises are totally untenantable, Landlord shall continue in full force and effectxxxxx the rent during the time Premises are unfit for occupancy. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should Premises are not elect to terminate this Leasetotally untenantable, Landlord shall proceed with reasonable diligence and at its sole cost and expense allow Tenant a fair diminution of rent during the time the Premises are partially unfit for occupancy. In the event any mortgagee under a deed of trust, security agreement or mortgage elects pursuant to rebuild and repair the Premises; provided, however, a right granted therein that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy given promptly to the total square feet in the BuildingTenant after Landlord has been notified by mortgage. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building Project or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Annual Report, Office Lease Agreement (Sonus Networks Inc)
Fire or Other Casualty. 13.1 Tenant immediately If the Leased Premises, or any other portion of the Building, shall deliver written notice to Landlord of any damage caused to be damaged by fire, the Building by fire elements, unavoidable accident or other casualty.
13.2 If , but the Building shall be damaged Leased Premises are not thereby rendered untenantable in whole or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter providedin part, Landlord shall proceed with reasonable diligence and promptly at its sole cost and own expense cause such damage to rebuild and repair the BuildingInitials: [ /s/ ] [ /s/ ] Landlord Tenant be repaired, and this Lease the rent shall continue in full force and effectnot be abated. If by reason of such occurrence, the Building Leased Premises shall be destroyed rendered untenantable only in part, Landlord shall promptly at its own expense cause the damage to be repaired, and the rent meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenantable. If by reason of such occurrence (a) the Leased Premises shall be rendered wholly untenantable or materially (b) the damage is not covered by Landlord's insurance or (c) at 25% of the leasable area of the building is damaged, then Landlord may elect either within 90 days after said occurrence not to terminate reconstruct the destroyed premises in which event this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it tenancy hereby created shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate cease as of the date of said occurrence, the rental to be adjusted as of such date. All of the above notwithstanding, if Landlord, in its absolute discretion, shall desire, within a reasonable time after the occurrence of any such accident or casualty (even though the Leased Premises may not have been affected by the same) to demolish, rebuild or reconstruct the Building, then, upon written notice from Landlord to Tenant, this Lease shall terminate on a date to be specified in such notice, and all rent payable hereunder shall be adjusted as of the time of the occurrence of any such accident or casualty. If Landlord and Tenant respectively waive and release each other from any and all rights of recovery, claims, losses and/or damages arising or resulting from any act or omission of either with respect to the Leased Premises to the extent that such loss or damage should not elect to terminate have been covered under their respective insurance policies in accordance with this LeaseLease Agreement. Furthermore, Landlord shall proceed with reasonable diligence and at its sole cost and expense Tenant agree to rebuild and repair the Premises; provided, however, that if waive any Holder (defined below) right of an Encumbrance (defined below) requires that the insurance proceeds be applied under subrogation on behalf of any party in whom such Encumbrance right may otherwise exist or accrue as a result of any such casualty, of the aforesaid incidents. Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice not be liable in any event for interruption to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss 's business or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlTenant's property.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Lease Agreement (Bay National Corp), Office Lease Agreement (Bay National Corp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Requirements, and for delays beyond the control of Landlord, including a “force majeure” (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant’s property or any alterations or additions made by or on behalf of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant’s visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, be damaged or destroyed by terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any abatement as aforesaid) shall be adjusted to the termination date and Tenant shall thereupon promptly vacate the Premises. After the occurrence of a fire or other casualty which involves the Building generally or which renders the Premises or a portion thereof untenantable, Landlord shall promptly furnish to Tenant an estimate of the time necessary to repair and Landlord rebuild the Building and/or the Premises, as applicable (such estimated time for completion of the repair and restoration of the Building is hereinafter referred to as the “Estimated Time”). If at least fifty percent (50%) of the Premises is rendered untenantable as the result of the fire or other casualty, and if the Estimated Time exceeds one hundred eighty (180) days, Tenant may, but only within twenty (20) days after Tenant’s receipt of the notice of Estimated Time, terminate this Lease by written notice to Landlord. If Tenant does not elect so terminate, this Lease (subject to the provisions set forth herein), shall remain in effect regardless of whether the actual rebuild time differs from the Estimated Time; provided, however, in the event the rebuild is not completed within thirty (30) days after the expiration of the Estimated Time (calculated from the date Tenant received the notice of the Estimated Time from Landlord), Tenant shall have the further right to terminate this Lease as hereinafter providedby written notice to Landlord, but only within twenty (20) days after the expiration of such thirty (30) day period and further provided that if Landlord completes the rebuild within thirty (30) days after receiving Tenant’s termination notice, such termination shall proceed with reasonable diligence be negated and at its sole cost deemed null and expense to rebuild and repair the Building, void and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Lease (Celator Pharmaceuticals Inc), Office Lease (Celator Pharmaceuticals Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than One Hundred Thousand Dollars ($100,000.00) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than 180 days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require more than 180 days to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 7.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible plus any amount not covered by insurance. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. In the event of such termination, the Exxxxxx Money shall be refunded by the Escrow Agent to Purchaser. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder exceed Five Hundred Thousand Dollars (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control$500,000.00).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Agreement of Purchase and Sale (Moody National REIT I, Inc.), Agreement of Purchase and Sale (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice In the event of damage to Landlord or destruction of any damage caused the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Building Premises, caused by fire or other casualty.
13.2 , Client shall provide immediate notice thereof to Landlord, and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be terminated by Landlord or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restoration. If (i) the damage is of such nature or extent, in the judgment of Landlord’s architect, that more than two hundred ten (210) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and restore the part of the Premises or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord’s sole judgment, it is uneconomic to restore or repair the Premises or the Building, as the case may be, Landlord shall be damaged or destroyed by fire or other casualty so advise Client promptly; and Landlord does not elect or Client, for a period of ten (10) days thereafter, shall have the right to terminate this Lease by written notice to the other, as hereinafter providedof the date specified in such notice, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building which termination date shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety no later than thirty (9030) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should In the event of such fire or other casualty, if this Lease is not elect terminated pursuant to terminate the terms of this LeaseSection 17, and if (i) sufficient casualty insurance proceeds are available for use for such restoration or repair, and (ii) this Lease is then in full force and effect, Landlord shall proceed with reasonable diligence promptly and diligently to restore the Premises to its substantially similar condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Client or any other Client may have installed unless Client, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Client shall, at its sole cost and expense to rebuild and repair expense, insure the value of all leasehold improvements, fixtures, equipment or other property located in the Premises; provided, however, that if any Holder (defined below) for the purpose of an Encumbrance (defined below) requires that providing funds to Landlord to repair and restore the insurance proceeds be applied under such Encumbrance as a result Premises to its substantially similar condition prior to occurrence of the damage. If Client does not assure or agree to assure payment of the cost or restoration or repair of any such casualtyalteration, fixtures or additions as aforesaid, Landlord shall have no obligation the right to rebuild determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of this Lease shall terminate upon notice not be impaired in any way by, and Landlord shall have no liability as a result of, the failure of Landlord to Tenantcomplete repairs and restoration of the Premises or of the Building within two hundred ten (210) consecutive days after commencement of work, even if Landlord had in good faith notified Client that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. So long as In the casualty does case of damage to the Premises not result from caused by the negligence or willful misconduct of the Client or any willful or negligent action or inaction of Tenant or Tenant’s its agents, employees, customers, contractors, employees or invitees, Landlord shall allow Tenant and which is of a reduction of Base Rent during nature or extent that Client’s continued occupancy is substantially impaired, the time the Building is unfit for occupancy, which reduction rent otherwise payable by Client hereunder shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord equitably abated or Tenant against loss or damage to the Building shall be adjusted for the sole benefit duration of the party carrying such insurance and under its sole control.
13.3 impairment as determined by Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event event, however, shall any damages be payable by Landlord to Client in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Client shall be obligated responsible to rebuild, or otherwise be liable for, any damage to Tenantinsure and/or repair all of Client’s fixtures, signs, furnishings, equipment or personal property within located in the BuildingPremises.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (2U, Inc.), Lease Agreement (2U, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the event that the Building by fire or other casualty.
13.2 If the Building shall should be damaged or totally destroyed by fire fire, tornado or other casualty and or in the event the Premises or the Building should be so damaged that rebuilding or repairs cannot be completed within one hundred twenty (120) days after the date of such damage, Landlord or Tenant may at its option terminate this lease, in which event the rent shall be abated during the unexpired portion of this lease effective with the date of such damage. In the event the Building or the Premises should be damaged by fire, tornado, or other casualty covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred twenty (120) days after the date of such damage, or if the damage should be more serious but Landlord does not elect to terminate this Lease as hereinafter providedlease, in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair restore the BuildingBuilding and/or Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of the furniture, equipment, fixtures, and this Lease shall continue in full force and effect. If other improvements which may have been placed by Tenant or other Tenants within the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the BuildingPremises. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair allow tenant a fair diminution of rent during the Premises; providedtime the Premises are unfit for occupancy. In the event any mortgagee under a deed of trust, however, that if any Holder (defined below) of an Encumbrance (defined below) requires security agreement or mortgage on the Building should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long Except as the casualty does not result from hereinafter provided, any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Pervasive Software Inc), Lease Agreement (Pervasive Software Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the event that the Building by fire or other casualty.
13.2 If the Building shall should be damaged or totally destroyed by fire fire, tornado or other casualty and or in the event the premises or the Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord may at its option terminate this lease, in which event the rent shall be abated during the unexpired portion of this lease effective with the date of such damage. In the event the Building or the premises should be damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but Landlord does not elect to terminate this Lease as hereinafter providedlease, in either such event Landlord shall within sixty (60) days after the date of such damage commence to rebuild or repair the Building and/or the premises and shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If restore the Building shall be destroyed or materially damaged, then Landlord may elect either and/or premises to terminate this Lease as hereinafter provided or substantially the same condition in which it was immediately prior to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice happening of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease except that Landlord shall terminate as not be required to rebuild, repair or replace any part of the date of such noticefurniture, equipment, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building or the premises. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair allow Tenant a fair diminution of rent during the Premises; providedtime the premises are unfit for occupancy. In the event any mortgagee under a deed of trust, however, security agreement or mortgage on the Building should require that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long Except as the casualty does not result from hereinafter provided, any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver If the Building is totally destroyed by fire, tornado or other casualty or if the Premises or the Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord may at its option terminate this Lease by written notice to Landlord Tenant, in which event the Rent shall be abated during the unexpired portion of any damage caused to this Lease effective from the Building by fire or other casualty.
13.2 date of such damage. If the Building shall be or the Premises are damaged or destroyed by fire fire, tornado or other casualty and covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but Landlord does not elect to terminate this Lease as hereinafter providedLease, in either such event Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed commence rebuilding or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant repairing within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord damage and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the related casualty, and at its sole cost and expense from the date of such casualty until the date Landlord has completed such restoration, Rent shall xxxxx in such proportion as the Premises have been made untenantable. If Landlord elects to rebuild and or repair the Premises; providedBuilding and/or Premises as provided herein, but Landlord fails to substantially complete said restoration or repair within twelve (12) months after the date of such damage, Tenant shall have the right to terminate this Lease upon ten (10) days' prior written notice thereof to Landlord. Landlord shall not be required, however, that if to rebuild, repair or replace any Holder (defined below) part of an Encumbrance (defined below) requires the furniture, equipment, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building on the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If, following casualty of any magnitude, any mortgagee under a deed to secure debt, security agreement or mortgage on the Building should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long Except as the casualty does not result from hereinafter provided, any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Accord Networks LTD), Lease Agreement (Accord Networks LTD)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged Premises or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damageddamaged and Landlord is unable to restore the Premises or the Building to an acceptable condition within a reasonable amount of time, then Landlord either party may elect either to terminate this Lease as hereinafter provided or by notice to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant other within ninety thirty (9030) days after the occurrence of such the casualty, and this Lease shall terminate as of the date of such noticethe casualty. If Landlord should not elect to terminate neither party terminates this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; providedPremises or the Building, howeveras the case may be, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantcontinue in full force and effect. So long as If the casualty does not result from any willful is due wholly or negligent action in part to an act or inaction omission of Tenant or Tenant’s agents, employees, customers, invitees or contractors, Tenant shall pay to Landlord any deductible under Landlord’s insurance policies. Notwithstanding the foregoing, if any Holder requires that the insurance proceeds be used to retire a debt, or inviteesif any Lessor should terminate a Master Lease as a result of any such casualty, then Landlord may elect not to rebuild and this Lease shall terminate upon delivery to Tenant of a notice to that effect. Landlord’s obligation to rebuild and repair under this Paragraph 17 shall in all events be limited to restoring the Premises to substantially the condition same were in immediately preceding the casualty, excluding all signs, fixtures, equipment or furniture of Tenant and any alterations, additions or improvements to the Premises made by Tenant, whether prior to or after the Commencement Date. Tenant agrees that promptly after completion of such work by Landlord, Tenant shall proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore all signs, furniture, equipment, fixtures and other improvements which may have been placed by Tenant within the Premises. Provided that the casualty did not occur by reason of any act or omission of Tenant or Tenant’s agents, employees, invitees or contractors, Landlord shall allow Tenant a reduction diminution of Base Rent Basic Rental during the time the Building is Premises are unfit for occupancy, which reduction diminution shall be based upon the proportion of square feet of the Building which are unfit for occupancy to the total square feet in the BuildingPremises. Any Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair . Tenant shall be limited to responsible for obtaining fire and extended coverage insurance for full replacement cost upon all improvements and fixtures installed in the restoration Premises at Tenant’s expense, if any, and the contents of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingPremises.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Building Lease Agreement (Sento Corp), Office Building Lease Agreement (Omniture, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged Subleased Premises are destroyed in whole or destroyed in part by fire or other casualty at any time during the Sublease and if after such damage or destruction, Sublessee, in its reasonable judgment, is not able to use Subleased Premises to substantially the same extent and for substantially the same purposes as Sublessee used the Subleased Premises before the fire or other casualty, Sublessee simultaneously shall give to Sublessor and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with written notice describing in reasonable diligence and at its sole cost and expense to rebuild and repair detail the Building, and this Lease shall continue in full force and effectdestruction. If the Building damage is not the result of negligence on the part of Sublessee, its agents, employees, or invitees and the Landlord terminates the Lease, this Sublease shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Buildingautomatically terminate. If Landlord elects to terminate this Lease it restore or repair the damage so that the Subleased Premises are substantially the same as before the damage, the Sublease shall give written notice of such election continue in effect in accordance with its terms, except that if Sublessor receives any abatement in rent, Sublessee shall receive an abatement in its Rental equal to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such noticesame percentage abatement received by Sublessor. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as damage is a result of the negligence of Sublessee or any such casualtyof its agents, Landlord employees or invitees, then this Sublease shall have continue in full effect in accordance with its terms with no obligation abatement in the Rental. Sublessee shall furthermore be liable either to rebuild and this Lease shall terminate upon notice to Tenant. So long as Sublessor or Landlord, at Sublessor's election, for all costs incurred in repairing or replacing the casualty does not result from any willful or damage caused by the negligent action or inaction of Tenant or Tenant’s Sublessee, its agents, employees, customers, contractors, or invitees. SUBLESSEE ALSO AGREES TO INDEMNIFY SUBLESSOR FOR ANY AND ALL CLAIMS MADE AGAINST SUBLESSOR BY LANDLORD OR ANY OTHER PARTY, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancyWHETHER SOUNDING IN CONTRACT, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlTORT, OR ANY OTHER LEGAL DOCTRINE, WHICH CLAIMS ARISE IN ANY MANNER FROM THE DAMAGE CAUSED BY THE SUBLESSEE'S, ITS AGENTS', EMPLOYEES', REPRESENTATIVES OR INVITEES' NEGLIGENCE.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Sublease Agreement (Quintus Corp), Sublease Agreement (Quintus Corp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the Building by fire or other casualty.
13.2 If event that the Building shall Premises should be damaged or totally destroyed by fire fire, tornado or other casualty and or in the event the Premises or the Building should be so damaged that rebuilding or repairs cannot be completed within 180 days after the date of such damage, either Landlord does not elect or Tenant may at its option terminate this lease by delivering written notice thereof to the other party within twenty (20) days following such damage, in which event the rent shall be abated during the unexpired portion of this lease effective with the date of such damage. In the event the Premises should be damaged by fire, tornado or other casualty covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within 180 days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease as hereinafter providedlease, in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition in which they were immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other tenants within the BuildingBuilding or the Premises, and this Lease or related facilities. In the event that the Premises are totally untenantable, Landlord shall continue in full force and effectxxxxx the rent during the time Premises are unfit for occupancy. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should Premises are not elect to terminate this Leasetotally untenantable, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair allow Tenant a fair diminution of rent during the Premises; providedtime the Premises are partially unfit for occupancy. In the event any mortgagee under a deed of trust, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the security agreement or insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building Project or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation . Notwithstanding anything to repair the contrary contained herein in the event that either Landlord or Tenant terminates this lease, pursuant to a right granted in this Paragraph 17, any unapplied Prepaid Rent shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage refunded to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Annual Report, Office Lease Agreement (Sonus Networks Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building 11.01 Damage by fire or other casualty.
13.2 casualty to the Building and to the core and shell of the Premises (excluding the tenant improvements and betterments and Tenant’s personal property) shall be repaired at the expense of Landlord (“Landlord’s Restoration Work”),. Landlord shall not be required to repair or restore any of Tenant’s property or any alteration, installation or leasehold improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell of the Premises, the Premises are rendered untenantable or inaccessible, the Rent shall xxxxx in proportion to the portion of the Premises not usable by Tenant from the date of such fire or other casualty until Landlord’s Restoration Work is substantially completed. Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work, Tenant’s sole remedy being the right to an abatement of Rent, as provided above. Tenant shall cooperate with Landlord in connection with the performance by Landlord of Landlord’s Restoration Work. If the Building shall be damaged or destroyed Premises are rendered wholly untenantable by fire or other casualty and if Landlord shall decide not to restore the Premises, or if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it (whether or not the Premises have been damaged), Landlord may within ninety (90) days after such fire or other cause give written notice to Tenant of its election that the term of this Lease shall automatically expire no less than ten (10) days after such notice is given, provided that Landlord shall also terminate leases covering more than fifty (50%) percent of the rentable square feet of office space in the Building. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof.
11.02 In the event that the Premises has been damaged or destroyed and this Lease has not been terminated in accordance with the provisions of this Article, Tenant shall (i) cooperate with Landlord in the restoration of the Premises and shall remove from the Premises as promptly as reasonably possible all of Tenant’s salvageable inventory, movable equipment, furniture and other property and (ii) repair the damage to the tenant improvements and betterments and Tenant’s personal property and restore the Premises with reasonable diligence promptly following the date upon which the core and shell of the Premises shall have been substantially repaired by Landlord, and shall thereafter diligently prosecute same to completion.
11.03 Notwithstanding anything contained herein to the contrary, in the event that all or substantially all, or a material portion of the Premises are rendered untenantable or inaccessible due to fire or other casualty and Tenant cannot reasonably and does not use and occupy the entire Premises for the uses permitted hereunder as a result thereof, and provided that Landlord does not elect to terminate this Lease as hereinafter providedin accordance with the provisions of this Article, then Landlord shall proceed with reasonable diligence notify Tenant of Landlord’s good faith estimate of the period necessary for Landlord to restore the core and at its sole cost and expense to rebuild and repair shell of the Building, and this Lease shall continue in full force and effectPremises. If the Building shall be destroyed or materially damaged, then time estimated by Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild substantially restore the core and repair shell of the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety Premises is greater than three hundred sixty five (90365) days after the occurrence of such fire or casualty, and this Lease Tenant shall terminate as have the option, within thirty (30) days of the date such notice is given to Tenant, to elect by notice to Landlord to terminate this Lease on a date not less than ten (10) nor more than thirty (30) days after the date Tenant’s notice is given, time being of the essence. Provided that Tenant has not timely and properly exercised its right to terminate this Lease as set forth above, in the event Landlord has not substantially restored the core and shell of the Premises within three hundred sixty-five (365) days after such fire or casualty (subject to causes beyond Landlord’s reasonable control) then, and in such event, Tenant may elect to cancel this Lease upon giving written notice to Landlord within thirty (30) days after the end of such notice. If three hundred sixty-five (365) day period and the Term shall expire on the date set forth therein, as if such date were the Expiration Date, which date shall be not less than thirty (30) days after the date such notice is given.
11.04 Notwithstanding anything contained herein to the contrary, in the event that a material portion of the Premises is rendered wholly untenantable or inaccessible due to fire or other casualty during the last twelve (12) months of the Term, and Tenant cannot and does not use or occupy such material portion of the Premises as a result thereof, and provided that Landlord should does not elect to terminate this LeaseLease in accordance with the provisions of this Article, then Tenant may elect to cancel this Lease upon written notice to Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder within thirty (defined below30) of an Encumbrance (defined below) requires that the insurance proceeds be applied under days after such Encumbrance as a result of any such fire or other casualty, Landlord shall have no obligation to rebuild and the term of this Lease shall terminate upon notice to Tenant. So long as expire on the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, date set forth therein which reduction shall be based upon not less than ten (10) or greater than thirty (30) days after the proportion of square feet date such notice is given, provided that Tenant surrenders to Landlord possession of the Building unfit for occupancy to Premises on or before the total square feet such date in the Building. Any insurance condition required by this Lease as if such date were the Expiration Date, in which may be carried event Tenant shall remain liable for any and all obligations under this Lease through the date of such fire or other casualty and the representations, covenants and warranties of Articles 20 (Indemnification) and 40 (Brokers) of this Lease shall survive any such cancellation, as well as any other provisions of this Lease which, by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controltheir terms, survive cancellation.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Schrodinger, Inc.), Lease Agreement (Schrodinger, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written The Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property occurring between the Effective Date and the Closing Date of which the Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than sixty (60) days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but the Seller shall assign to Purchaser at the Closing all of the Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to the Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse the Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require sixty (60) days or more to repair, then Purchaser may terminate this Agreement by written notice given to the Seller within ten (10) days after the Seller has given Purchaser the notice of damage or casualty referred to in this Section 8.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing the Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible plus any amount not covered by insurance. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to the Seller within ten (10) days after the Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder exceed Five Hundred Thousand Dollars (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control$500,000.00).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Moody National REIT I, Inc.), Agreement of Purchase and Sale (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to If the Building or any part thereof shall be damaged by fire or other casualty.
13.2 If , Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged or destroyed by fire or other casualty that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage, in which event the rent hereunder shall be abated as of the date of such damage. If Landlord does not elect to terminate this Lease as hereinafter providedor if, in Landlord's sole opinion, substantial alteration or reconstruction of the Building is not required, Landlord shall proceed with reasonable diligence repair and at its sole cost restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant's furniture or furnishings or of fixtures and expense equipment owned or removable by Tenant under the provisions of the Lease. Notwithstanding the foregoing, Landlord's obligation to rebuild and repair the Building, and this Lease shall continue in full force and effect. If restore the Building shall be destroyed or materially damaged, then not require Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild expend for such repair and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that restoration work more than the insurance proceeds be applied under such Encumbrance actually received by the Landlord as a result of any such the casualty, . Landlord shall have no obligation not be liable for any inconvenience or annoyance to rebuild and this Lease shall terminate upon notice Tenant or injury to Tenantthe business of Tenant resulting in any way from such damage or the repair thereof. So long as If any other portion of the Building is damaged by fire or other casualty does not result resulting from any willful the fault or negligent action or inaction negligence of Tenant or any of Tenant’s 's agents, employees, customers, contractors, employees or invitees, Landlord the rent hereunder shall allow not be diminished and Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon liable to Landlord for the proportion cost of square feet the repair and restoration of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited caused thereby to the extent of such cost and expense is not covered by insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingproceeds.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Office Building Lease (Allstar Systems Inc), Office Building Lease (I Sector Corp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building 11.01 Damage by fire or other casualty.
13.2 casualty to the Building and to the core and shell of the Premises (excluding the Landlord’s Work (as defined in Article 22), Alterations, tenant improvements and betterments and Tenant’s personal property) shall be repaired at the expense of Landlord (“Landlord’s Restoration Work”), but without prejudice to the rights of subrogation, if any, of Landlord’s insurer to the extent not waived herein. Landlord shall not be required to repair or restore any of the Landlord’s Work, Tenant’s property or any alteration, installation or leasehold improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell of the Premises, the Premises are rendered untenantable, the Rent shall xxxxx in proportion to the portion of the Premises not usable by Tenant from the date of such fire or other casualty until Landlord’s Restoration Work is substantially completed. Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work, Tenant’s sole remedy being the right to an abatement of Rent, as provided above. Tenant shall cooperate with Landlord in connection with the performance by Landlord of Landlord’s Restoration Work. If the Building shall be damaged or destroyed Premises are rendered wholly untenantable by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, if Landlord shall proceed with reasonable diligence and at its sole cost and expense decide not to rebuild and repair restore the BuildingPremises, and this Lease shall continue in full force and effect. If or if the Building shall be destroyed so damaged that Landlord shall decide to demolish it or materially not to rebuild it (whether or not the Premises have been damaged), then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after such fire or other cause give written notice to Tenant of its election that the occurrence Term of this Lease shall automatically expire no less than ten (10) days after such notice is given. Upon any termination of the Lease under this Article 11, Tenant shall pay to Landlord, all insurance proceeds Tenant shall be entitled to with respect to Landlord’s Work, any Alterations, improvements or changes in the Premises. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance and also, provided that such a policy can be obtained without additional premiums. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof.
11.02 In the event that the Premises has been damaged or destroyed and this Lease has not been terminated in accordance with the provisions of this Article, Tenant shall (i) cooperate with Landlord in the restoration of the Premises and shall remove from the Premises as promptly as reasonably possible all of Tenant’s salvageable inventory, movable equipment, furniture and other property and (ii) repair the damage to the Landlord’s Work, Alterations, tenant improvements and betterments and Tenant’s personal property and restore the Premises within one hundred eighty (180) days following the date upon which the Landlord’s Restoration Work have been substantially completed by Landlord.
11.03 If, following such casualty, and Landlord does not terminate this Lease pursuant to Section 11.01 above and estimates that the time period to complete Landlord’s Restoration Work shall terminate as of be later than the date occurring eighteen (18) months after the date of such notice. If Landlord should not elect damage (or if the damage occurs during the last year of the Term hereof, if the estimated time period to complete Landlord’s Restoration Work is more than four (4) months) (as applicable, the “Restoration Outside Date”), then Tenant shall have the right to terminate this LeaseLease by giving notice (the “Casualty Termination Notice”) to Landlord not later than thirty (30) days following Tenant’s receipt of such estimate from Landlord. If the Landlord estimate states that Landlord’s Restoration Work shall be substantially completed not later than the Restoration Outside Date, and (2) Landlord’s Restoration Work is not substantially completed on or before the Restoration Outside Date (as such date shall be extended due to Unavoidable Delays), then Tenant, upon thirty (30) days notice to Landlord, shall have the right to terminate this Lease upon the expiration of said 30 days by giving written notice to Landlord shall proceed with reasonable diligence at any time after the Restoration Outside Date and at its sole cost and expense prior to rebuild and repair the Premisesdate on which Landlord’s Restoration Work is substantially completed; provided, however, that if any Holder (defined below) Landlord’s Restoration Work is substantially completed prior to the expiration of an Encumbrance (defined below) requires that said 30 day period, then the insurance proceeds Casualty Termination Notice shall be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild deemed null and void and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlcontinue.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 2 contracts
Samples: Lease Agreement (Yext, Inc.), Lease Agreement (Yext, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord From and after the Delivery Date, if any or all of any damage caused to the Building by fire or other casualty.
13.2 If the Building Premises shall be damaged or destroyed by fire or other casualty casualty, Tenant shall forthwith proceed to repair such damage and Landlord does restore the Premises to substantially their condition at the time of such damage or, at Tenant’s option, Tenant shall repair, rebuild and restore the Premises in accordance with such plans and specifications as are then generally in use by Tenant for the construction of Tenant’s prototypical stores and related structures so long as the repaired, rebuilt or replaced Premises will have a value not elect less than its value just prior to terminate this Lease as hereinafter providedsaid loss, Landlord shall proceed with reasonable diligence and except Tenant, at its sole cost and expense expense, shall repair and restore whatever fixtures, equipment and other personalty it had installed prior to the damage or destruction. Notwithstanding the foregoing, if the Premises shall be “substantially damaged” (as hereinafter defined) or destroyed by fire or other casualty at any time during the Lease Term, then Tenant shall have the right to terminate this Lease. If there shall be a fire or other casualty to Landlord’s Retail Facility (whether same shall be partially or substantially damaged) and Landlord does not rebuild Landlord’s Retail Facility, then either party shall have the right to terminate this Lease. In the case of damage or destruction to Landlord’s Retail Facility, Landlord shall provide Tenant written notice within a reasonable time as to whether it intends to rebuild Landlord’s Retail Facility. In connection with any termination right hereunder, each party agrees to give the other party written notice of termination not later than sixty (60) days after such damage or destruction (or in the case of damage or destruction to Landlord’s Retail Facility, Tenant shall provide such notice to Landlord within sixty (60) days of Tenant’s receipt of Landlord’s written notice as to whether Landlord intends to rebuild). Upon such termination, the parties shall be relieved of all liability hereunder except for indemnities that specifically survive termination or expiration of the Lease. The term “substantially damaged” as used in this Article, shall mean that the Premises or the rest of the improvements on the Real Property have been damaged to the extent that the cost of restoration of the Premises and/or the rest of the improvements on the Real Property (as the case may be) will exceed a sum constituting fifty percent (50%) of the total replacement cost of the Premises or the improvements on the Real Property (as the case may be). Should the Lease be terminated pursuant to this section, then Landlord shall be entitled to all insurance proceeds and repair the Building, right of recovery against insurers covering damage. Rent and all other charges specified in this Lease shall be abated or reduced proportionately during any period in which, by reason of such damage or destruction, there is interference with the operation of the business of Tenant in the Premises, having due regard to the extent to which Tenant may be required to discontinue its business in the Premises, and such abatement or reduction shall continue in full force for the period commencing with such destruction or damage and effectending with the completion of such work of repair and/or restoration. If In the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate event of the termination of this Lease as hereinafter provided or pursuant to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualtyArticle 10, this Lease, and this the Lease Term, shall terminate cease and come to an end as of the date of such noticedamage or destruction. If Landlord should not elect to terminate this LeaseAny Rent or other charges paid in advance by Tenant shall be promptly refunded by Landlord. It is further understood and agreed that, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agentselection, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction Lease Term shall be based upon the proportion of square feet of the Building unfit for occupancy extended by up to the total square feet number or days, if any, during which business shall not have been conducted in the Building. Any insurance which may be carried Premises by Landlord reason of such damage or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controldestruction.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice A. All proceeds (except business interruption insurance proceeds not allocated to Landlord Rent expenses) payable by reason of any damage caused property loss, damage, or destruction of or to the Building Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to a third-party escrow agent selected by Landlord and reasonably acceptable to Tenant (it being agreed that Landlord Mortgagee shall be deemed a reasonably acceptable escrow agent) (“Escrow Agent”), to act as escrow agent pursuant to this Lease, provided that all funds shall be held by Escrow Agent in an FDIC insured bank account located in the United States and such funds shall be held for the purpose of restoration of the Premises and made available to Tenant upon request pursuant to the procedures set forth in this Section 21 for the reasonable costs of preservation, stabilization, emergency restoration business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, shall be provided to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Premises shall belong to Tenant. Tenant shall have the right to prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 21.
13.2 B. Subject to customary requirements of any Landlord Mortgagee and the terms of this Section 21, Escrow Agent shall make available to Tenant the insurance proceeds for such repair and rebuilding of the Premises as it progresses (other than business interruption proceeds to be applied to Rent as aforesaid). Payments shall be made against certification of the architect responsible for the supervision of the repairs and rebuilding that the work had been performed substantially in conformance with the approved plans and specifications therefor and the value of the work in place is equal to not less than one hundred ten percent (110%) of the aggregate amount advanced by Landlord for the payment of such work. Prior to commencing the repairing and rebuilding, Tenant shall deliver to Landlord a schedule setting forth the estimated monthly draws for such work. Subject to the provisions of any applicable Landlord Mortgage, Landlord shall contribute to such payments, out of the insurance proceeds being held in trust by Landlord, an amount equal to the proportion that the total net amount so held by Landlord bears to the total estimated cost of repairing and rebuilding, multiplied by the payment by Tenant on account of such work. Landlord may, however, withhold ten percent (10%) from each payment until the work has been completed and unconditional lien releases and/or other proof has been furnished to Landlord that no lien or liability has attached, or will attach, to the applicable Building or the Property or to Landlord in connection with repairing, reconstructing and rebuilding.
C. If the Building Premises is damaged by fire or other casualty, whether or not from a risk covered by insurance, Tenant shall be damaged give Landlord prompt written notice thereof, and within thirty (30) days after the occurrence of the casualty, Tenant shall provide Landlord with a notice detailing Tenant’s good faith estimate, based on consultations with and supported by reports and recommendations of qualified architects and contractors, of the length of time (the “Estimated Repair Period”) that it will take following commencement of construction to complete the reconstruction, restoration and repair of the Premises, using customary construction techniques and assuming normal working conditions and work schedules, to reconstruct, restore or destroyed repair the Premises in accordance with the terms of this Section 21. In such event, Rent shall continue unabated. Tenant waives any statutory rights of termination which may arise by reason of any damage or destruction of the Premises but such waiver shall not affect any contractual rights granted to Tenant under this Section 21.
D. In the event of a fire or other casualty and this Lease is not terminated under and in accordance with Section 21.C above or Section 21.F below, Tenant shall, at its expense regardless of the amount of any such damage or destruction and whether or not the insurance proceeds attributable such damage or destruction made available to Tenant, if any, shall be sufficient for the purpose, cause the Premises to be repaired, restored and replaced in accordance with all Law, this Section 21.C, as expeditiously as practicable using reasonable diligence to a condition as nearly as practicable to that which existed immediately prior to occurrence of the fire or other casualty and otherwise in a good workmanlike manner, using new materials of like quality.
E. Except with respect to the termination of this Lease pursuant to Section 21.G herein, no damage or destruction of the Premises as a result of fire or any other hazard, risk or casualty whatsoever shall relieve Tenant from Tenant’s liability to pay the full Rent payable under this Lease.
F. The provisions of this Lease, including this Section 21 constitute an express agreement between Landlord does not and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
G. Notwithstanding the foregoing, if the Premises are substantially damaged (to the extent of seventy-five (75%) percent or more of the replacement cost, as certified by Tenant’s architect or engineer) or rendered wholly unusable, by fire or other casualty, within the last twenty-four (24) months of the Term, then in any such event, Tenant may elect to terminate this the Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give by written notice of such election to Tenant Landlord given within ninety (90) days after such fire or casualty. In such event, the occurrence date for the expiration of such casualty, and this Lease shall terminate as of be the date of such notice. If in which Landlord should not elect to terminate this Lease, Landlord shall proceed is paid by Tenant (whether with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds and/or its own funds) the sum equal to the replacement costs for the Building (excluding the replacement costs of Tenant’s Personal Property). Upon such date, the Term shall expire as fully and completely as if it were the Expiration Date. Any Rent owing shall be applied under paid up to such Encumbrance as a result termination date, and any payments of Rent made by Tenant that were on account of any period subsequent to such casualty, Landlord date shall have no obligation to rebuild and this Lease shall terminate upon notice be returned to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 a) If the Building shall be Tower, or access to it, is damaged or destroyed by fire a casualty covered by the insurance carried by OWNER, it shall be OWNER’s option whether or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and commence appropriate repairs (to be diligently prosecuted to completion entirely at its sole cost and expense OWNER’s expense). If OWNER decides to rebuild and repair the BuildingTower, and this Lease shall continue in full force and effect. If If, however, the Building Tower is damaged to the extent that OWNER decides not to repair it, OWNER shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give deliver written notice of such election to Tenant TENANT, within ninety thirty (9030) days after the occurrence of such casualty, and this Lease shall terminate or such longer time as it takes for OWNER’s insurance carrier to confirm whether the event resulted in a covered claim, of OWNER’s election not to repair, restore and/or reconstruct the date of such noticeTower but to designate a site on which TENANT may relocate in accordance with Paragraph 7.c. If Landlord should not elect to terminate this Leasebelow. If, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord any portion of the Leased Site becomes totally or partially unusable by TENANT, Rent shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent xxxxx during the time period of repair in the Building is unfit for occupancy, which reduction shall be based upon the same proportion of square feet of the Building unfit for occupancy to the total square feet in rent as the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage portion of the Leased Site rendered unusable bears to the Building shall be for the sole benefit entirety of the party carrying such insurance and under its sole controlLeased Site.
13.3 Landlordb) If OWNER (i) undertakes the repair, restoration and/or reconstruction of the Tower(s) or of any access thereto, but fails to complete such repair, restoration and/or reconstruction within forty-five (45) days after the casualty, (ii) notifies TENANT of OWNER’s obligation intention not to repair shall be limited to restore and/or reconstruct the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuildTower, or otherwise be liable for(iii) fails to deliver to TENANT the written notice required under Paragraph 7.a., any damage then TENANT may immediately cancel this Lease by giving written notice of its election to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingcancel to OWNER.
13.4 Tenant c) OWNER agrees that during any period of reconstruction repair, restoration and/or reconstruction, OWNER will exercise its best efforts to designate a site TENANT may use to place temporary transmission and reception facilities, provided such site is available. The exact site to which TENANT may relocate will be determined by OWNER, and it may be upon any portion of OWNER’s Property (or repair of other property owned or controlled by OWNER), provided that TENANT reasonably approves the Buildingsite as equally suitable for TENANT’s intended uses. In the event the Parties cannot reasonably agree on a mutually acceptable alternative location on the Property, Tenant will continue TENANT shall have the operation of its business within the Building right to the extent practicableterminate this Lease immediately upon written notice to OWNER without incurring any further financial liability to OWNER for such early termination.
Appears in 1 contract
Samples: Ground and Tower Lease Agreement
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice If the building is damaged by fire or any other casualty to Landlord such an extent that the cost of any damage caused restoration, as reasonable estimated by Landlord, will equal or exceed fifty (50%) percent of the replacement value of the building(exclusive of foundations) just prior to the Building by occurrence of the damage, then Landlord may, within sixty (60) days of the date of the fire or other casualty.
13.2 , terminate the lease by notice in writing to Tenant. Said termination shall be effective on the last day of the month in which notice is given or within ten (10) days of the date notice is given, whichever date is later. Tenant shall surrender possession of the demised Premises on the effective date of termination of the lease and prepaid and unpaid rent and additional rent shall be apportioned as of said date. If the Building cost of restoration as reasonably estimated by Landlord shall be damaged amount to less than fifty (50%) percent of said replacement value of the building, or destroyed by fire or other casualty and if despite the cost Landlord does not elect to terminate this Lease as hereinafter providedlease, Landlord shall proceed restore the building with reasonable diligence and at its sole cost and expense promptness, subject to rebuild and repair the BuildingForce Majeure, as hereinafter defined, and this Lease neither Landlord nor Tenant shall continue in full force and effect. If have the Building shall be destroyed or materially damaged, then Landlord may elect either right to terminate this Lease lease. Landlord shall not be required to restore the fixtures and improvements owned or installed by Tenant. In the event the demised Premises are rendered totally unusable as hereinafter provided a result of fire or other casualty, Landlord shall not be required to proceed to rebuild and restore or repair the Buildingdemised Premises but shall have the sole choice or option to do so and shall notify Tenant of Landlord's choice or option within sixty (60) days of the fire or other casualty. If In the event Landlord elects not to terminate this Lease it restore or repair the demised Premises, all rights and obligations of the Landlord and Tenant hereunder shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, cease and this Lease shall terminate as of the date day of such noticefire or other casualty and prepaid or unpaid rent shall be immediately adjusted as of such date. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair In any case in which the Premises; provided, however, that if any Holder (defined below) use of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of demised Premises is affected by any such casualtydamage, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction there shall be based upon either an abatement or an equitable reduction in rent depending on the proportion of square feet of the Building unfit period for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent the demised premises are not reasonably useable for the purposes for which they are leased hereunder. If the damage results from the fault of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuildTenant, or otherwise be liable forTenant's agents, any damage to Tenant’s fixturesservants, signs, furnishings, equipment invitees or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Buildinglicensees, Tenant will continue the operation shall not be entitled to any abatement or reduction of its business within the Building rent, except to the extent practicableextent, if any, that Landlord receives the proceeds of rent insurance in lieu of rent.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord If, during the term of this Lease, or any damage caused to renewal or extension thereof, the Building by fire or other casualty.
13.2 If the Building shall be is so damaged or destroyed by fire or other casualty and Landlord does that the Premises are rendered unfit for occupancy (whether or not elect to terminate the Premises are damaged), then, at Landlord’s option, the Term of this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon written notice of such election to Tenant from Landlord given within ninety thirty (9030) days after the occurrence of such casualtydamage, and this Lease shall terminate as of the date of the occurrence of such damage. In the event Landlord elects not to terminate this Lease pursuant to the previous sentence, Landlord shall provide Tenant with good faith estimate of the time needed to repair such damage within sixty (60) days of such damage occurring. If the time to repair the damage exceeds two hundred and seventy (270) days, Tenant shall have the right to terminate the Lease as of the date of the occurrence of the damage. In the event of termination by either party, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If neither Landlord should not elect nor Tenant elects to terminate the Term of this Lease, Landlord, subject to reasonable delays for insurance adjustments and to delays caused by matters beyond Landlord’s reasonable control, will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Landlord shall proceed with reasonable diligence may enter and at its sole cost and expense to rebuild and repair possess the Premises for that purpose; while the Tenant is deprived of the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Fixed Rent during the time the Building is unfit for occupancy, which reduction shall be based upon suspended in proportion to the proportion number of square feet of the Building unfit for occupancy to Premises rendered untenantable. If the total square feet in the Building. Any insurance which may be carried by Landlord Premises or Tenant against loss or damage to the Building shall be damaged so that such damage does not render the Premises unfit for the sole benefit occupancy, Landlord will repair whatever portion, if any, of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration Premises or of the Building, Building serving the Premises which may have been damaged and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue in possession and rent will not be apportioned or suspended. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the operation gross negligence of its business within Tenant, those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and Tenant shall pay, as additional rent upon demand, the Building cost of any repairs, made or to be made, of such damage and of any restorations, made or to be made, as a result of such damage, (b) Landlord shall have no duty to repair or replace any personal property, or any of Tenant’s fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Tenant Improvements or TI Work, (c) Landlord shall have no liability to Tenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs and (d) Landlord or Tenant shall have the right to terminate this Lease upon giving written notice to the extent practicableother party at any time within thirty (30) days after the date of the damage if the Premises is damaged by fire or other casualty during the last twelve (12) months of the Term unless Tenant, having the right to renew the Term pursuant to an express provision contained in this Lease, has effectively extended the Term for a term in excess of one (1) year following the occurrence of the fire or other casualty.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building Demised Premises shall be damaged or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it if Tenant shall give written prompt notice to Landlord of such election to Tenant within ninety (90) days after the occurrence of damage, Landlord, at Landlord's expense, shall repair such casualty, and this Lease shall terminate as of the date of such noticedamage. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyHowever, Landlord shall have no obligation to rebuild repair any damage to, or to replace, Tenant's personal property or any other property or effects of Tenant, including (without limitation) furnishings and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction equipment of Tenant or its employees, agents and clients. If the Demised Premises shall be rendered untenantable, not due to Tenant’s agentsacts or omissions, employeesand by reason of any such damage, customersand Tenant no longer occupies the Demised Premises, contractors, or invitees, Landlord the rent shall allow Tenant xxxxx for the period from the date of such damage to the date when the restoration of such damage shall have been substantially completed; and if only a reduction portion of Base Rent during the time the Building is unfit for occupancy, which reduction Demised Premises (less than 50%) shall be based upon so rendered untenantable (“Insubstantial Casualty”) and Tenant no longer occupies such untenantable portion, the rent shall xxxxx for such period in the proportion of square feet which the area of the Building unfit for occupancy part of the Demised Premises so rendered untenantable bears to the total square feet area of the Demised Premises. With respect to such Insubstantial Casualty in the Building. Any insurance which may be carried by event that Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to not substantially complete the restoration of the BuildingDemised Premises required on account of such casualty within 12 months from the casualty, Tenant shall have the right to terminate the Leaase upon 30 days written notice to Landlord. Notwithstanding the foregoing, if the raised floor area-server room or the telecommunication room are damaged by fire or other casualty, Tenant shall have same rights as if there was a Substantial Casualty to the Demised Premises were rendered substantially untenantable. Within sixty (60) days of the date of such fire or other casualty, Landlord shall furnish Tenant with the opinion of a reputable independent architect or contractor reasonably satisfactory to Landlord and Tenant specifying the time necessary to substantially restore the building and/or the Demised Premises to its condition existing prior to the fire or other casualty. If (i) (a) fifty (50%) percent or more of the Demised Premises are damaged or rendered untenantable by fire or other casualty (“Substantial Casualty”), and further shall (b) in the opinion of the architect or contractor the building and/or the Demised Premises cannot be limited restored to its condition existing prior to the extent fire or other casualty within one hundred eighty (180) days of insurance proceeds available the fire or other casualty (whether or not any specified percentage of the Demised Premises are damaged or rendered untenantable) or (ii) the Demised Premises are damaged or rendered untenantable by fire or other casualty at any time during the last twelve (12) months of the term (whether or not any specified percentage of the Demised Premises are damaged or rendered untenantable), then, provided Tenant was not responsible for the casualty, Tenant shall have the right to terminate this lease by notice given within sixty (60) days of the date of such fire or other casualty or within thirty (30) days of the date the architect's opinion was given or was required to have been given pursuant to the above, as the case may be, such termination having the same force and effect as if the date of such termination were the date set forth above for the expiration of the term of this lease. In addition, if Tenant does not so elect to terminate this lease and if the Demised Premises, the common areas of the building and the systems serving the Demised Premises shall not be restored to their condition existing prior to the fire or other casualty within one hundred eighty (180) days of the date of the fire or other casualty, then Tenant may at any time thereafter, until such restoration is completed, terminate this lease by written notice to Landlord with the same force and effect as if the date of termination were the date set forth above for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair expiration of the Building, Tenant will continue the operation term of its business within the Building to the extent practicablethis lease.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately Wyndham shall deliver written give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to a Property costing more than Fifty Thousand Dollars ($50,000.00) to repair and occurring between the Building shall be Effective Date and the Closing Date of which Owner or Wyndham has knowledge. If, prior to Closing, a Property is damaged or destroyed by fire or other casualty which is insured (without regard to deductibles) to an extent as would not have a Material Adverse Effect on the affected Property, then no party shall have the right to terminate its obligations under this Agreement with respect to such affected Property by reason thereof and Landlord the Closing shall take place without abatement of the Purchase Price, but Owner and Operating Lessee (or its Affiliate who is the insured) shall assign to Purchaser at Closing all of Owner’s and Operating Lessee’s (or such Affiliate’s) interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) that may be payable to Owner or Operating Lessee (or such Affiliate) on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Owner or Operating Lessee (or such Affiliate) for actual expenditures of restoration, plus Owner shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price, to the extent such deductibles have not been previously expended or are otherwise required to reimburse Owner or Operating Lessee (or such Affiliate) for actual expenditures of restoration. If any such damage due to fire or other casualty is insured and is to such an extent as would have a Material Adverse Effect on the affected Property, then, at Purchaser’s option, such affected Property may be excluded from this Agreement and, subject to the Price Threshold Termination Option, the Purchase Price shall be reduced by the Applicable Reduction. Should Purchaser nevertheless elect to proceed to Closing with respect to such affected Property, notwithstanding the amount of the insured loss, the Closing shall take place without abatement of the Purchase Price and at Closing Owner and Operating Lessee (or its applicable Affiliate who is the insured) shall assign to Purchaser all of Owner’s and Operating Lessee’s (or such Affiliate’s) interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, in each case, for the period proceeding the Closing Date) that may be payable to Owner or Operating Lessee (or such Affiliate) on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or otherwise required to reimburse Owner for actual expenditures of restoration and Owner shall grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible, to the extent such deductible has not been previously expended or is otherwise required to reimburse Owner or Operating Lessee (or such Affiliate) for actual expenditures of restoration. If, prior to Closing, any Property is damaged by fire or other casualty which is uninsured and would cost more than $500,000.00 to repair, then, at Purchaser’s option, such affected Property may be excluded from this Agreement and, subject to the Price Threshold Termination Option, the Purchase Price shall be reduced by the Applicable Reduction. If the uninsured casualty would not have a Material Adverse Effect on the affected Property but the estimated amount to repair such casualty is more than $500,000.00, Owner, at its option, may elect to provide Purchaser with a credit to the Purchase Price at Closing for the estimated amount to repair such casualty (as mutually determined by Purchaser and Owner in good faith, provided, that if Purchaser and Seller fail to agree upon such estimate then such estimate shall be determined by an architect or engineer, as appropriate, designated by Owner and reasonably acceptable to Purchaser), in which event Purchaser shall proceed to Closing and the Purchase Price shall be reduced by the estimated amount to repair such casualty. If Purchaser does not elect to terminate this Lease exclude such affected Property with respect to an uninsured casualty as hereinafter providedaforesaid, Landlord or if any uninsured casualty would cost not more than $500,000.00 to repair, then the Closing shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingtake place as provided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by such estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlexceed $500,000.00.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wyndham International Inc)
Fire or Other Casualty. 13.1 Tenant immediately If the Demised Premises shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 , Tenant shall give prompt notice to Landlord of such damage and Landlord, at Landlord's expense, shall repair such damage. For purposes hereof, damage to the Demised Premises shall be deemed to include instances wherein the Demised Premises have been rendered untenantable or inaccessible on account of a fire or other casualty occurring elsewhere in the Building. However, Landlord shall have no obligation to repair any damage to, or to replace, Tenant's Personal Property or any other property or effects of Tenant. If the Building entire Demised Premises shall be rendered untenantable by reason of any such damage, the Fixed Rent shall xxxxx 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 Fixed Rent shall xxxxx for such period in the proportion which the area of the part of the Demised Premises so rendered untenantable bears to the total 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 Tenant or any person or persons claiming through or under Tenant, then the amount by which the Fixed Rent shall xxxxx shall be 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. The provisions of this Article 10 shall be considered an express agreement governing any instance of damage or destruction to the Building or the Demised Premises by fire or other casualty, and any law now or hereafter in force providing for such a contingency in the absence of express agreement shall have no application. Notwithstanding the foregoing provisions of this Section, if, prior to or during the Demised Term, (i) the Demised Premises shall be totally damaged or destroyed rendered wholly untenantable by fire or other casualty and Landlord does not elect to terminate this Lease occurring at such time as hereinafter providedless than one (1) year remains in the Demised Term, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If or (ii) the Building shall be destroyed so damaged by fire or materially damagedother casualty that, then Landlord may elect either to terminate this Lease as hereinafter provided in Landlord's opinion, substantial alteration, demolition, or to proceed to rebuild and repair reconstruction of the Building. If Landlord elects to terminate this Lease it Building shall give written notice be required (whether or not the Demised Premises shall have been damaged or rendered untenantable), then, in any of such election events, Landlord, at Landlord's option, may give to Tenant Tenant, within ninety (90) days after the occurrence of such fire or other casualty, and a thirty (30) days' notice of termination of this Lease and, in the event such notice is given, this Lease and the Demised Term shall terminate come to an end and expire (whether or not said term shall have commenced) upon the expiration of said thirty (30) days with the same effect as of if the date of expiration of said thirty (30) days were the Expiration Date, the Fixed Rent shall be apportioned as of such notice. If date and any prepaid portion of Fixed Rent for any period after such date shall be refunded by Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Liberty Financial Companies Inc /Ma/)
Fire or Other Casualty. 13.1 Tenant immediately In the event that before or during the term of this Lease, the Premises shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If casualty which in the opinion of Landlord does not render the Premises or a part thereof untenantable Landlord will, at its option (subject to the other provisions of this Section 8.0), repair the same with reasonable dispatch upon receipt of written notice of the damage from Tenant, and there shall be no abatement of the rent. In the event that before or during the term of this Lease the Premises or the Building shall be damaged or destroyed by fire or other casualty which in the opinion of the Landlord renders the Building, the Premises or any part of the Building or Premises untenantable, Landlord within twenty (20) days of notice of such fire or casualty or of receipt of written notice from Tenant of such damage (whichever shall last occur) shall have the right to and shall either (i) serve written notice upon Tenant of Landlord's intent to repair said damage or (ii) if in Landlord's opinion said damage renders so much of either of the Premises or of the Building untenantable that repair would not be advisable, serve written notice upon Tenant that this Lease is terminated. If Landlord does not shall elect to terminate this Lease aforesaid, such termination shall be effective immediately upon service of such notice by Landlord upon Tenant if the term shall not have commenced or on the date specified in such notice if during the term. In the Exhibit 10.17 event of such termination the rent shall be apportioned and paid up to the time of such fire or other casualty if the Premises are rendered wholly untenantable as hereinafter providedaforesaid by such fire or other casualty or up to the specified date of termination if the Premises are not rendered wholly untenantable by such fire or other casualty. Any obligation of Tenant to Landlord for any sum of money due under any provisions of this Lease shall survive any such termination of this Lease by Landlord. If, on the other hand, Landlord shall elect to repair such damage, such repairs shall be commenced within forty-five (45) days of notice to Tenant of such election and the Landlord shall diligently proceed with reasonable diligence and at such restoration, however, Landlord's obligation to repair or rebuild shall be limited to the availability of insurance proceeds. During the period of repair the total amount of the rent provided for in Article 2.0 of this Lease shall be reduced to an amount which in Landlord's opinion bears the same ratio to the rent provided for in said Article 2.0 as the portion of the Premises then available for use bears to the entire Premises. Upon completion of such repair, the rent shall thereafter be paid as if no fire or other casualty had occurred. Notwithstanding the foregoing, in the event that before or during the term of this Lease the Premises or the Building shall be damaged by fire or other casualty which shall have been occasioned by the act of Tenant or of its sole cost and expense servants, agents, visitors, invitees or licensees, (i) there shall be no apportionment or abatement of the rent and, (ii) Landlord shall have the right but shall have no obligation to rebuild and repair the Premises or the Building, and this Lease (iii) Tenant shall continue reimburse and compensate Landlord within five (5) days of rendition of any statements to Tenant by Landlord for any expenditures made by Landlord in full force and effectmaking any such repairs. If the Building Any such actions shall be destroyed or materially damaged, then without prejudice to any other rights and remedies of Landlord may elect either and without prejudice to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice any rights of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result subrogation of any such casualtyinsurer of Landlord. The other provisions of this Article 8.0 notwithstanding, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice replace or repair any property in the Building or on the Premises belonging to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or to anyone claiming through or under Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event nor shall Landlord be obligated have any obligation hereunder to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction replace or repair of any property on the Building, Premises which Landlord may require Tenant will continue to remove from the operation of its business within the Building to the extent practicablePremises.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any partial damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed Premises by fire or other casualty and Landlord does not elect insured against by Landlord, Tenant shall give immediate notice (either oral or written) thereof to terminate this Lease as hereinafter providedLandlord, Landlord who shall proceed thereupon cause damage to all property owned by it to be repaired with reasonable diligence and speed at its sole cost and expense to rebuild and repair of Landlord, due allowance being made for reasonable delay which may arise by reason of adjustment of loss under insurance policies on the Buildingpart of Landlord and/or Tenant, and this Lease for reasonable delay on account of “labor troubles” or any other cause beyond Landlord’s control, and to the extent that the Premises are rendered untenantable the rent shall continue in full force and effect. If proportionately xxxxx from the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence date of such casualty, provided the damage above mentioned occurred without the fault or neglect of Tenant, Tenant’s servants, employees, agents or visitors. If such partial damage is due to the fault or neglect of Tenant, or Tenant’s servants, employees, agents, or invitees, the damage shall be repaired by Landlord to the extent of Landlord’s insurance coverage, but there shall be no apportionment or abatement of rent. In the event the damage shall be so extensive to the whole Building as to render it uneconomical, in Landlord’s opinion, to restore for its present uses and Landlord shall decide not to repair or rebuild the Building, this Lease Lease, at the option of Landlord, shall terminate be terminated upon written notice to Tenant and the rent shall, in such event, be paid to or adjusted as of the date of such noticedamage, and the terms of this Lease shall expire by lapse of time and conditional limitation upon the third day after such notice is mailed, and Tenant shall thereupon vacate the Premises and surrender the same to Landlord, but no such termination shall release Tenant from any liability to Landlord arising from such damage or from any breach of the obligations imposed on Tenant hereunder, or from any obligations accrued hereunder prior to such termination. If Landlord should estimates that it will take (i) at least 180 days from the date of the casualty to complete all repairs required to restore the areas of the Building which do not elect have raised flooring or (ii) 120 days from the date of the casualty to complete in the case of the Second Floor Key Area, Tenant shall have the right to terminate this Lease, Lease by giving Landlord written notice of termination within thirty (30) days after receipt of Landlord’s notice of the completion time. Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of notify Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy estimated time required to complete the total square feet in repairs on or before that date which is forty-five (45) days after the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit date of the party carrying such insurance and under its sole controlcasualty.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of (a) If the Leased Premises or any damage caused to the Building part thereof are damaged by fire or other casualty.
13.2 , Tenant shall give prompt notice thereof to Landlord. If the Building shall be is so damaged or destroyed by fire or other casualty that, in Landlord’s reasonable opinion and discretion, substantial alteration or reconstruction of the Building is required or desirable (whether or not the Leased Premises are damaged) or if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of the fire or other casualty be used to retire the mortgage debt, Landlord does not elect to may, at its sole option, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written by giving Tenant notice of such election to Tenant termination within ninety sixty (9060) days after the occurrence date of such casualty, and the damage. If Landlord terminates this Lease under this Section, the Rent shall terminate axxxx as of the date of such notice. the damage.
(b) If Landlord should does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence shall, within seventy-five (75) days after Landlord’s receipt of insurance proceeds relating to the damage, commence to repair and at restore the Building (except that Landlord is not responsible for delays outside its sole cost control) to substantially the same condition in which it was immediately prior to the casualty. Landlord is not required to rebuild, repair, or replace any part of Tenant’s furniture or furnishings or fixtures and expense equipment removable by Tenant under the provisions of this Lease. Landlord is not liable for any inconvenience or annoyance to rebuild and repair Tenant or any Tenant Party or injury to the Premisesbusiness of Tenant resulting in any way from casualty damage or the repairs; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time and to the Building is extent the Leased Premises are unfit for occupancy, Landlord shall either furnish Tenant with comparable office space at prevailing market rates or a fair diminution of Rent, the choice of which reduction is at Landlord’s sole discretion.
(c) If the damages are caused by the negligence or willful misconduct of Tenant or any Tenant Party, Tenant shall be based upon the proportion of square feet pay to Landlord on demand as Additional Rent any damages in excess of the Building unfit for occupancy to the total square feet in the Buildingamount paid by insurance proceeds received by Landlord. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be or to the Leased Premises is for the sole benefit of the party carrying such the insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Sigmatel Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice 18.1 In the event of damage to Landlord or destruction of any damage caused to the Premises or the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed caused by fire or other casualty (“Event of Casualty”), Landlord shall undertake to make repairs and Landlord does not elect to terminate restorations with reasonable diligence, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided, or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord shall proceed a sufficient amount of such proceeds to cover the cost of such repairs and restorations. Landlord shall, within forty-five (45) days after Landlord becomes aware of the Event of Casualty, provide Tenant with reasonable diligence and at its sole cost and expense a good faith estimate of the time required to rebuild and repair the damage to the Premises or the Building, as the case may be. If, in Landlord’s reasonable judgment, the damage is of such nature or extent that (a) more than two hundred (270) days after the Event of Casualty would be required (with normal work crews and this Lease shall continue in full force normal work hours) to repair and effect. If restore the Building shall be destroyed Premises or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this , or (b) less than one (1) year remains on the then current Lease it shall give written notice of such election to Tenant within Term and more than ninety (90) days after the occurrence Event of such casualtyCasualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, and this Lease then the Premises or the Building, as the case may be, shall terminate as of be deemed “substantially damaged.” If the date of such notice. If Premises or the Building are deemed substantially damaged, Landlord should not may elect to terminate this Lease by giving Tenant written notice of such termination within sixty (60) days after the Event of Casualty. In addition, if the Premises or the Building are substantially damaged, and if as a result of the same the Premises are rendered untenantable for the Permitted Use, then Tenant may elect to terminate this Lease by giving Landlord written notice of such termination within sixty (60) days after the Event of Casualty. If either party elects to terminate this Lease as set forth above, then the Lease Term shall expire thirty (30) days after the date such written notice is given, Base Rent and Additional Rent shall be equitably abated in accordance with Section 18.3 below, and Tenant shall thereafter vacate the Premises and surrender the same to Landlord in accordance with the terms, covenants and conditions of this Lease.
18.2 In the event this Lease is not terminated pursuant to the terms of Section 18.1 above and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such repair and restoration, Landlord shall proceed with reasonable diligence diligently to repair and restore the Premises or the Building, as the case may be (including Landlord’s Work, if any) to substantially the same condition in which it was immediately prior to the casualty occurrence, subject to Legal Requirements. Landlord shall not be obligated to repair or restore (a) any Tenant’s Work or Alterations to the Premises in excess of Landlord’s Work, even if such work was performed by Landlord’s Contractors (and regardless of whether or not Tenant is required to remove or leave the same on the Premises at its sole cost the expiration or earlier termination of this Lease), or (b) any of Tenant’s Property, unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
18.3 When Landlord’s repair and expense restoration work has been completed, Tenant shall complete the restoration of (a) all of Tenant’s Work and Alterations and (b) all of Tenant’s Property which are necessary to rebuild and repair permit Tenant’s re-occupancy of the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, . Landlord shall have no obligation not be liable for any inconvenience or annoyance to rebuild Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Base Rent and this Lease Additional Rent shall terminate upon notice to be equitably abated from the date of the damage or destruction until the Premises has been substantially restored for any portion of the Premises that is unusable by Tenant. So long as Notwithstanding the foregoing, if such casualty does not result from any willful was due to the act or negligent action or inaction omission of Tenant or Tenant’s agentsAgents, employees, customers, contractors, such abatement or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance made only if and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of any proceeds of rental interruption insurance proceeds available to actually received by Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building and allocated to the extent practicablePremises.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged Leased Premises, or destroyed by fire or any other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair portion of the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed Complex or materially damagedGarage shall, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have through no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction fault of Tenant or Tenant’s 's agents, servants, employees, customers, contractors, visitors or inviteeslicensees, be damaged by fire, the elements, unavoidable accident or other casualty, but the Leased Premises are not thereby rendered untenantable in whole or in part, Landlord shall allow promptly at its own expense cause such damage to be repaired, and rent shall not be abated; if by reason of such occurrence, the Leased Premises shall be rendered untenantable only in part, Landlord shall promptly at its own expense cause the damage to be repaired, and rent meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenantable. If by reason of such occurrence the Leased Premises shall be rendered wholly untenantable, Landlord shall promptly at its own expense cause such damage to be repaired and the rent meanwhile shall be abated in whole, unless within sixty (60) days after said occurrence Landlord shall give Tenant written notice that it has elected not to reconstruct the destroyed premises in which event, this Lease and tenancy hereby created shall cease as of the date of said occurrence, the rental to be adjusted as of such date. All of the above notwithstanding, if Landlord, in its absolute discretion, shall desire, within a reduction reasonable time after the occurrence of Base Rent during any such accident or casualty (even though the Leased Premises may not have been affected by the same) to demolish, rebuild or reconstruct the Building Complex, then, upon written notice from Landlord to Tenant, this Lease shall terminate on a date to be specified in such notice, and all rent payable hereunder shall be adjusted as of the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy occurrence of any such accident or casualty. Landlord and Tenant respectively waive and release each other from any and all rights of recovery, claims, losses and/or damages arising or resulting from any act or omissions of either with respect to the total square feet in Leased Premises to the Building. Any insurance which may be carried by Landlord or Tenant against extent that such loss or damage should have been recovered under their respective insurance policies in accordance with this Lease Agreement. Furthermore, Landlord and Tenant agree to the Building shall be for the sole benefit waive any right of subrogation in behalf of any party in whom such right may otherwise exist or accrue as a result of any of the party carrying such insurance and under its sole controlaforesaid incidents.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Full Service Lease Agreement (Telecommunication Systems Inc /Fa/)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building Leased Premises shall be damaged or destroyed ---------------------- by fire or other casualty normally covered by policies of fire and extended coverage insurance, but are not thereby rendered untenable in whole or in part, Landlord does shall, to the extent insurance proceeds are available from the Association's casualty insurance or any other available Please Initial: -------------- Landlord: [SIGNATURE ILLEGIBLE] -------------------------- Tenant: [SIGNATURE ILLEGIBLE] ---------------------------- insurance, cause such damage to be repaired, and the Base Rent and Additional Rent payable hereunder shall not xxxxx. In the event that the Leased Premises shall be damaged by fire or other casualty covered in full under the fire and extended coverage insurance carried by Landlord, and less than fifty percent (50%) thereof is rendered untenantable, Landlord shall, to the extent insurance proceeds are available from the Association's casualty insurance or any other available insurance, forthwith proceed to repair such damage, and restore the Leased Premises, not including any of Tenant's trade fixtures and/or leasehold improvements, to at least substantially their condition prior to the time of such damage (subject, however, to changes required by zoning and building laws then in existence) and the Base Rent due in respect of the size of the Leased Premises payable hereunder meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenantable, but only if such casualty is not caused by Tenant or its agents, employees or invitees. If fifty percent (50%) or more of the Leased Premises shall be rendered untenantable by reason of such occurrence, Landlord shall, to the extent insurance proceeds are available, cause such damage to be repaired and the Base Rent and Additional Rent due in respect of the size of the Leased Premises meanwhile shall be abated proportionately, provided Tenant or its agents, employees or invitees did not cause such casualty. In the alternative, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within sixty (60) days from said occurrence to elect not to reconstruct the destroyed Leased Premises and to terminate this Lease as hereinafter providedor, Landlord shall proceed with reasonable diligence and at its sole cost and expense in the case of Tenant, to rebuild and repair the Building, and cancel this Lease shall continue and in full force and effect. If the Building shall be destroyed or materially damagedsuch event, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it tenancy hereby created shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate cease as of the date of the said occurrence, the Base Rent Additional Rent to be adjusted as of such noticedate. If Landlord should not elect to terminate this Leaserepair, Landlord such repairs shall proceed with reasonable diligence be completed within one hundred and at its sole cost and expense to rebuild and repair twenty (120) days after the Premises; provided, however, that if any Holder (defined below) date of an Encumbrance (defined below) requires that payment of the insurance proceeds be applied under in respect of such Encumbrance loss, subject to delays beyond Landlord's reasonable control such as a result labor disputes, acts of any such casualtyGod, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent supply shortages, and action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during by the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restorationAssociation. In no event shall Landlord be obligated to rebuild, expend for such repairs or otherwise restoration an amount in excess of the insurance proceeds recovered and Landlord shall not be required to commence repairs or restoration unless and until such time as Landlord recovers the insurance proceeds. Landlord shall not be liable forfor delays occasioned by adjustment of losses with insurance carriers or by any other cause so long as Landlord shall proceed in good faith and with due diligence. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, any its agents and employees, for loss or damage to Tenant’s fixtures's contents, signsfurniture, furnishings' fixtures and any other property removable by Tenant under the provisions of this Lease to the extent that the same are covered by Tenant's insurance, equipment Please Initial -------------- Landlord: [SIGNATURE ILLEGIBLE] --------------------- Tenant: [SIGNATURE ILLEGIBLE] --------------------- notwithstanding that such loss or personal property within damage may result from the Building.
13.4 negligence or fault of Landlord, its agents or employees. Tenant agrees shall insure against all such losses as hereinabove provided. Tenant acknowledges that during the structural and certain other portions of the Leased Premises are insured by the Association and that Landlord and the Leased Premises are subject to the provisions of the Condominium Documents and the requirements of the Association respecting casualty insurance, repairs, and reconstruction. Landlord shall cooperate with Tenant in good faith to deal with the Association respecting casualty to the Leased Premises but Landlord shall not be obligated to bring any period of reconstruction lawsuits against the Association nor shall Landlord be liable for any action or inaction by the Association respecting insurance, casualty, or repair of the Building, Tenant will continue Leased Premises or any other portion of the operation of its business within the Building to the extent practicableCondominium.
Appears in 1 contract
Samples: Lease Agreement (Tamboril Cigar Co)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to 11.1.1. If the Premises or the Building are damaged in whole or in part by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by any fire or other casualty and Landlord does not elect (a "casualty"), the Tenant shall immediately give notice thereof to terminate the Landlord. Unless this Lease is terminated as hereinafter providedprovided herein, Landlord the Landlord, at its own expense (except for any insurance deductibles, which shall proceed be deemed Operating Expenses), and proceeding with reasonable due diligence and at its sole cost all reasonable dispatch, but subject to delays beyond the reasonable control of Landlord, shall repair and expense reconstruct the same so as to rebuild restore the Premises (but not any alterations or additions made by or for Tenant or any trade fixtures, equipment or personal property of Tenant) to substantially the same condition they were in prior to the casualty, subject to zoning and repair the Building, and this Lease shall continue building laws then in full force and effect. If Notwithstanding the Building shall be destroyed or materially damagedforegoing, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated either to rebuild, repair or otherwise rebuild if the damage or destruction results from an uninsured casualty or if the costs of such repairing or rebuilding exceeds the amount of the insurance proceeds (net of all costs and expenses incurred in obtaining same) received by Landlord on account thereof. Landlord shall not be liable forfor any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If such damage or destruction occurs as a result of the negligence or the intentional acts of Tenant or Tenant's employees, any damage agents, contractors or invitees, and the proceeds of insurance which are actually received by Landlord are not sufficient to Tenant’s fixtures, signs, furnishings, equipment or personal property within pay for the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of all of the Buildingdamage, Tenant will continue shall pay, at Tenant's sole cost and expense, to Landlord upon demand, the operation difference between the cost of its business within repairing the Building to damage and the extent practicableinsurance proceeds received by Landlord.
Appears in 1 contract
Samples: Lease (Workgroup Technology Corp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of 21.1 Should the Premises (or any damage caused to the Building by fire or other casualty.
13.2 If the Building shall part thereof) be damaged or destroyed by fire or other casualty insured under the standard fire and casualty insurance policy with approved standard extended coverage endorsement applicable to the Premises, Landlord does shall, except as otherwise provided herein, and to the extent it recovers proceeds from such insurance, repair and/or rebuild the same with reasonable diligence. Landlord's obligation hereunder shall be limited to the building and improvements originally provided by Landlord at the Commencement Date of the term of this Lease. Landlord shall not elect be obligated to terminate repair, rebuild or replace any property belonging to Tenant or any improvements to the Premises furnished by Tenant. If there should be a substantial interference with the operation of Tenant's business in the Premises as a result of such damage or destruction which requires Tenant to temporarily close its business to the public, the Rent shall abatx xxx only to the extent of the proceeds actually received by Landlord under its rent insurance policy. Unless this Lease is terminated by Landlord as hereinafter provided, Landlord shall proceed with reasonable diligence and Tenant shall, at its sole cost and expense expense, repair, restore, redecorate and refixture the Premises and restock the contents thereof in a manner and to rebuild at least a condition equal to that existing prior to such damage or destruction, except for the building and repair the Buildingimprovements to be reconstructed by Landlord as above set forth, and this Lease shall continue the proceeds of all insurance carried by Tenant on the property, decorations and improvements' as well as fixtures and contents in full force and effect. If the Building Premises shall be destroyed held in trust by Tenant for such purposes. Tenant agrees to commence such work within ten (10) days after the date of such damage or materially damageddestruction or the date Landlord completes any reconstruction required to be completed by it pursuant to the above, then whichever date is later, and Tenant shall diligently pursue such work to its completion. Tenant further agrees that all such work required of it shall be done within a period of sixty (60) days after it is required to commence such work.
21.2 Notwithstanding anything to the contrary contained in the preceding subsection A or elsewhere in this Lease, Landlord at its option, may elect either to terminate this Lease as hereinafter provided or on thirty (30) days notice to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant Tenant, given within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of any damage or destruction if: (1) the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance Premises are damaged or destroyed as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does a risk which is not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractorscovered by Landlord's insurance, or invitees(2) the Premises be damaged and the cost to repair the same shall be more than twenty-five (25%) percent of the cost of replacement thereof, Landlord shall allow Tenant a reduction of Base Rent or (3) the Premises are damaged during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet last two (2) years of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord term, or Tenant against loss or damage to (4) the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited damaged to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, twenty-five (25%) percent or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair more of the Building, Tenant will continue then monetary value thereof (whether the operation of its business within the Building to the extent practicablePremises are damaged or not).
Appears in 1 contract
Samples: Lease Agreement (Stoneridge Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be building is so damaged or destroyed by fire or other casualty and Landlord does that the Premises are rendered unfit for occupancy (whether or not elect to terminate the premises are damaged), then, at either party's option, the term of this Lease as hereinafter providedLease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon written notice of from such election to Tenant party given within ninety (90) 30 days after the occurrence of such casualtydamage, and this Lease shall terminate as of the date of the fire or other casualty. In such case, Tenant shall pay the rent apportioned to the time of such termination, and Landlord may enter upon and repossess the Premises without further notice. If Landlord should not elect neither party elects to terminate the term of this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and will repair the Premises; provided, however, building to the extent that if any Holder (defined below) of an Encumbrance (defined below) requires that the Landlord receives insurance proceeds be applied under such Encumbrance as a result there for, and Landlord may enter and possess the Premises for that purpose. While Tenant is deprived of any such casualtythe Premises, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction rent shall be based upon suspended in proportion to the proportion number of square feet of the Building premises rendered untenantable. If the Premises or the building shall be damaged to that such damage does not render the premises unfit for occupancy to the total square feet in the Buildingoccupancy. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit will repair whatever portion of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration Premises or of the Buildingbuilding that may have been damaged, and further shall Tenant will continue in possession, and rent will be limited apportioned or suspended to the extent that the Premises are partially untenantable as a result of the damage. In the event Landlord elects to repair or rebuild the Premises pursuant to this paragraph, Tenant agrees to furnish Landlord with all insurance proceeds available which Tenant recovers for damage to Landlord any Standard Building Finishes and Work, excluding improvements paid for such restorationby Tenant. In no event The reconstruction of the Premises beyond Standard Building Finishes and Work shall Landlord be obligated to rebuildTenant's sole responsibility, at Tenant's option. Despite any other provisions of this article 7.B., if any damage is caused by or results from the gross negligence or intentional act of Tenant, those claiming under Tenant, or otherwise Tenant's employees, or invitees, rent shall not be liable forsuspended or apportioned, and Tenant shall pay, as additional rent upon demand, the cost of any damage repairs, made or to Tenant’s fixturesbe made, signs, furnishings, equipment or personal property within the Buildingas a result of such damage.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building 11.01 Damage by fire or other casualty.
13.2 casualty to the Building and to the core and shell of the Premises (excluding the tenant improvements and betterments and Tenant's personal property) shall be repaired with due diligence at the expense of Landlord (“Landlord's Restoration Work”), but without prejudice to the rights of subrogation, if any, of Landlord's insurer to the extent not waived herein. Landlord shall not be required to repair or restore any of Tenant's property or any alteration, installation or leasehold improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell of the Premises, the Premises are rendered untenantable, the rent shall axxxx in proportion to the portion of the Premises not usable by Tenant from the date of such fire or other casualty until Landlord' s Restoration Work is substantially completed. Landlord shall not be liable to Tenant for any delay in performing Landlord's Restoration Work, Tenant's sole remedy being the right to an abatement of Rent, as provided above. Tenant shall cooperate with Landlord in connection with the performance by Landlord of Landlord's Restoration Work. If the Building shall be damaged or destroyed Premises are rendered wholly untenantable by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, if Landlord shall proceed with reasonable diligence and at its sole cost and expense decide not to rebuild and repair restore the BuildingPremises, and this Lease shall continue in full force and effect. If or if the Building shall be destroyed so damaged that Landlord shall decide to demolish it or materially not to rebuild it (whether or not the Premises have been damaged), then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after such fire or other cause give written notice to Tenant of its election that the occurrence term of this Lease shall automatically expire no less than ten (10) days after such notice is given. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and this Lease to the extent that such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall terminate as be in force only if both releasers' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance and also, provided that such a policy can be obtained without additional premiums. Tenant hereby expressly waives the provisions of Section 227 of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence Real Property Law and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires agrees that the insurance proceeds be applied under such Encumbrance as a result foregoing provisions of any such casualty, Landlord this Article shall have no obligation to rebuild govern and control in lieu thereof.
11.02 In the event that the Premises has been damaged or destroyed and this Lease has not been terminated in accordance with the provisions of this Article, Tenant shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, (i) cooperate with Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the BuildingPremises and shall remove from the Premises as promptly as reasonably possible all of Tenant's salvageable inventory, movable equipment, furniture and other property and (ii) repair the damage to the tenant improvements and betterments and Tenant's personal property and restore the Premises within one hundred eighty (180) days following the date upon which the core and shell of the Premises shall have been substantially repaired by Landlord.
11.03 In the event that the Premises and/or access thereto are rendered substantially untenantable or unusable, as the case may be, due to fire or other casualty during the last year of the Term of this Lease and/or Landlord has not restored or repaired the Premises or access thereto, as the case may be, within one hundred and eighty (180) days after such fire or casualty then, and further in such event, Tenant may elect to cancel this Lease upon written notice to Landlord within thirty (30) days after the end of such one hundred and eighty (180) day period and the term of this Lease shall expire on the date set forth therein which shall be limited to not less than ten (10) days after the extent of insurance proceeds available date such notice is given (the "Cancellation Date") provided that Tenant surrenders to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair possession of the Building, Tenant will continue Premises on or before the operation of its business within the Building to the extent practicableCancellation Date.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 22.1 If the Building shall be Premises (or any part thereof) are damaged or destroyed by fire any insured casualty, Landlord shall, except as otherwise provided herein, and to the extent it recovers proceeds from such insurance, repair and/or rebuild the same with reasonable diligence. Landlord's obligation hereunder shall be limited to the building and improvements originally provided by Landlord at the Commencement Date of the Term. Landlord shall not be obligated to repair, rebuild or other casualty replace any property belonging to Tenant or any improvements to the Premises furnished by Tenant. If there should be a substantial interference with the operation of Tenant's business in the Premises as a result of such damage or destruction which requires Tenant to temporarily close its business to the public, the Minimum Rent shall xxxxx. Unless this Lease is terminated by Landlord or Tenant as herein provided, Tenant shall, at its cost and expense, repair, restore, redecorate and refixture the Premises and restock the contents thereof in a manner and to at least a condition equal to that existing prior to such damage or destruction, except for the building and improvements to be reconstructed by Landlord does not elect as above set forth, and the proceeds of all insurance carried by Tenant on the property, decorations and improvements as well as fixtures and contents in the Premises shall be held in trust by Tenant for such purposes. Tenant agrees to commence such work within ten (10) days after the date of such damage or destruction or the date Landlord completes any reconstruction required to be completed by it pursuant to the above, whichever date is later, and Tenant shall diligently pursue such work to its completion.
22.2 Notwithstanding anything to the contrary contained in the preceding subsection 22.1 or elsewhere in this Lease, Landlord or Tenant at their respective options, may terminate this Lease as hereinafter providedon thirty (30) days notice to the other party, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant given within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of any damage or destruction if: (1) the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance Premises are damaged or destroyed as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does a risk which is not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractorscovered by Landlord's insurance, or invitees(2) the Premises are damaged and the cost to repair the same shall be more than fifty (50%) percent of the cost of replacement thereof, Landlord shall allow Tenant a reduction of Base Rent or (3) the Premises are damaged during the time last three (3) years of the Building term, or (4) the building of which the Premises is unfit for occupancy, which reduction shall be based upon a part is damaged to the proportion extend of square feet fifty (50%) percent or more of the then monetary value thereof (whether the Premises are damaged or not) or (5) if any or all of the buildings or Common Areas of the Building unfit for occupancy are damaged (whether or not the Premises are damaged) to the total square feet such an extent that, in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to sole judgment of Landlord, the Building shall cannot be for the sole benefit of the party carrying such insurance and under its sole controloperated as an integral unit.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Stoneridge Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to (a) If the Building and/or Premises are damaged by fire or any other cause to such extent that the same cannot be restored, as reasonably estimated by Lxxxxxxx, within one hundred twenty (120) days after the date of such damage or destruction, then Landlord shall, no later than the sixtieth (60th) day following the damage, give Tenant notice of Landlord’s election either to (a) restore the Building and Premises or (b) terminate this Lease. In the event Landlord elects to terminate this Lease, the Lease shall terminate on the earlier of the date of such notice or the date upon which Txxxxx surrenders possession of the Premises. In such event, the Rent and other charges due hereunder shall be apportioned as of the date of such casualty.
13.2 , and any Rent paid for any period beyond said date shall be repaid to Tenant. If the Building time of restoration as estimated by Landlord shall be damaged less than one hundred twenty (120) days, or destroyed by fire or other casualty and if Landlord does not elect to terminate this Lease Lease, as hereinafter hereinabove provided, Landlord shall proceed with reasonable diligence restore the Building and at its sole cost and expense to rebuild and repair the BuildingPremises, and this Lease Tenant shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either have not right to terminate this Lease except as hereinafter provided or herein provided. Tenant shall, in such event, restore fixtures and improvements owned by Tenant to proceed to rebuild and repair the Buildingoriginal condition. If Notwithstanding the foregoing, however, if the time of restoration as reasonably estimated by Landlord elects exceeds one hundred twenty (120) days, Tenant shall have the right to terminate this Lease it shall give upon written notice of such election given to Tenant Landlord within ninety thirty (9030) days after the occurrence date of such casualty, and this Lease Landlord’s notice of the estimated restoration period. Landlord shall terminate as deliver notice of the estimated restoration period within sixty (60) days after the date of the casualty.
(b) In any such noticecase in which use of the Premises is affected by any damage thereto, there shall be an abatement or an equitable reduction in Rent, depending on the period for which, and the extent to which, the Premises is not reasonably usable for the purposes for which it is leased hereunder. If Landlord should not elect to terminate this Leasethe damage results from the fault of Tenant, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s 's agents, employeesservants, customersvisitors or licensees, contractors, Tenant shall not be entitled to any abatement or invitees, Landlord shall allow Tenant a reduction of Base Rent during up to the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet amount of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried deductible paid by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlLandlord.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Office Lease Agreement (Cognition Therapeutics Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In the event of any damage caused to the Building by a fire or other casualty.
13.2 casualty in the Leased Premises, Tenant shall immediately give written notice thereof to Landlord. If greater than sixty percent (60%) of the Leased Premises or greater than thirty percent (30%) of any portion of the Building shall be is damaged or destroyed by fire or other casualty and Landlord’s architect determines that the repair of such casualty will take more than 180 days to restore or repair, Landlord does shall notify Tenant within one hundred eighty (180) days from the date of such damage or destruction, Landlord shall have the right, but not elect the duty, to terminate this Lease as hereinafter providedor to repair the Leased Premises with reasonable dispatch, subject to delays resulting from adjustment of the loss and any other cause beyond Landlord’s reasonable control. Landlord shall proceed provide Tenant with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of notice from the date of such noticedamage or destruction as to whether Landlord shall terminate this Lease or repair the Leased Premises or the Building. If sixty percent (60%) or less of the Leased Premises or thirty percent (30%) or less of the Building is damaged or destroyed or Landlord should not elect elects to terminate this Leaserestore or repair the damage or destruction, Landlord shall proceed with reasonable diligence commence and at its sole cost thereafter pursue diligently and expense to rebuild as expeditiously as practicable, the restoration and repair of the damage or destruction to the Building and/or the Leased Premises, as the case may be, using standard working methods and procedures, provided, however, that for purposes of this Section 8.03, Landlord shall not be obligated to commence any repair or restoration unless and until insurance proceeds are actually received by Landlord. Landlord, subject to Force Majeure and Tenant delays, shall substantially complete the restoration and repair within one hundred eighty (180) days after Landlord receives the insurance proceeds; provided, however, that if any Holder Landlord is proceeding diligently and has not completed the restoration within one hundred eighty (defined below180) of days, then Landlord shall have an Encumbrance additional sixty (defined below60) requires that days or as soon thereafter as is reasonably possible to complete such restoration. Landlord covenants and agrees to use its commercially reasonable efforts to obtain the insurance proceeds be applied from the insurer in the most expeditious manner practicable under such Encumbrance as a result of any such casualtythe circumstances. Anything in this Lease to the contrary notwithstanding, Landlord shall have no obligation to rebuild and this Lease not be required, but rather it shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or be Tenant’s agentsduty, employeesto repair or replace any of the following: (i) furniture, customersfurnishings or other personal property which Tenant may be entitled to remove from the Leased Premises and (ii) any installations in excess of those improvements made to the Leased Premises by Landlord or at Landlord’s expense. Until Landlord’s repairs are completed, contractorsRent shall be abated in proportion to the portions of the Leased Premises, or inviteesif any, which are untenantable. Notwithstanding anything contained in this Section, Landlord shall allow Tenant a reduction of Base Rent during only be obligated to restore or rebuild the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy Leased Premises to improvements made to the total square feet in the Building. Any insurance which may be carried Leased Premises by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 at Landlord’s obligation to repair shall be limited to the restoration of the Buildingexpense, and further Landlord shall not be limited required to expend more funds than the extent amount received by Landlord from the proceeds of any insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingcarried by Landlord.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Trans1 Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to 11.1 If the Building Premises are damaged in whole or in part by fire or other casualty, then Landlord shall oversee the restoration of the Premises (but not any improvements or alterations made to the Premises by Tenant) to a kind and quality substantially similar to that which existed immediately prior to the damage or destruction. Restoration shall be commenced within a reasonable time and, subject to matters beyond Landlord's reasonable control, shall be completed without delay. All insurance proceeds received by Landlord under the provisions of this Lease, less any cost of such recovery, shall be held in trust and applied by Landlord to the payment of such restoration as it progresses.
13.2 If 11.2 If, at any time within 18 months before the Building shall be end of the Term, the Premises are so completely destroyed or damaged or destroyed by fire or other casualty casualty, regardless of whether covered by insurance, so as to render it unfit for Tenant's intended use, and Landlord does repair or restoration is not elect to economically feasible, either party may terminate this Lease as hereinafter providedby giving notice to the other party no less than 30, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingbut not more than 60, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of following the date of such noticedamage or destruction. If the Lease is so terminated, all basic and additional rent shall be apportioned to the date of termination and all insurance proceeds shall belong to Landlord.
11.3 If the Lease is not so terminated and the proceeds of insurance are insufficient to pay the full cost of repair or restoration, Tenant shall pay the deficiency to Landlord, within a reasonable period after demand for the same. Any excess insurance proceeds shall belong to Tenant.
11.4 Any disbursement of insurance proceeds by a holder of a deed of trust against the Premises shall be deemed to have been made by Landlord. If any holder of a deed of trust refuses to disburse any portion of insurance proceeds to which Tenant is entitled, Landlord should shall provide an equivalent sum from other sources.
11.5 Except as provided in 11.2, above, the fact that all or part of the Premises is destroyed or damaged shall not elect to terminate affect the provisions of this Lease and Tenant's obligations under this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair including the Premises; providedpayment of basic rent, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Buildingadditional rent, and further other charges shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingcontinue without abatement.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord If the Leased Premises, or any other portion of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other casualty including areas of ingress and Landlord does not elect to terminate this Lease as hereinafter providedegress, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingshall, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have through no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction fault of Tenant or Tenant’s 's agents, servants, employees, customers, contractors, visitors or inviteeslicensees, be damaged by fire, the elements, unavoidable accident or other casualty, but the Leased Premises are not thereby rendered untenantable in whole or in part, Landlord shall allow Tenant a reduction promptly at its own expense cause such damage to be repaired, and the rent shall not be abated; if by reason of Base Rent during such occurrence, the time the Building is unfit for occupancy, which reduction Leased Premises shall be based upon rendered untenantable only in part, Landlord shall promptly at its own expense cause the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building Leased Premises to be repaired substantially to the condition at the Date of Possession, (but not for Tenant Improvements that are not a part of Landlord's Work unless Tenant pays Landlord for the cost thereof) and the rent meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenantable; if by reason of such occurrence the Leased Premises shall be rendered wholly untenantable, Landlord shall promptly at is own expense cause such damage to be repaired substantially to the condition at the Date of Possession, (but not for Tenant Improvements that are not a part of Landlord's Work unless Tenant pays Landlord for the sole benefit cost thereof) and the rent meanwhile shall be abated in whole, unless within sixty (60) days after said occurrence Landlord shall give Tenant written notice that it has elected not to reconstruct the destroyed Leased Premises in which event, this Agreement and the tenancy hereby created shall cease as of the party carrying date of said occurrence, the rental to be adjusted as of such insurance and under date. All of the above notwithstanding, if Landlord, in its sole control.
13.3 Landlord’s obligation absolute discretion, shall desire, within a reasonable time after the occurrence of any such accident or casualty (even though the Leased Premises may not have been affected by the same) to repair shall be limited to the restoration of demolish, rebuild or reconstruct the Building, then, upon written notice from Landlord to Tenant, this Agreement shall terminate on a date to be specified in such notice, and further all rent payable hereunder shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair adjusted as of the Building, Tenant will continue time of the operation occurrence of its business within the Building to the extent practicableany such accident or casualty.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to i. If the Premises or the Building are damaged in whole or in part by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by any fire or other casualty (a “casualty”), the Tenant shall immediately give notice thereof to the Landlord. Unless this Lease is terminated as provided herein, the Landlord, at its own expense (except for any insurance deductibles, which shall be deemed Operating Expenses), and proceeding with due diligence and all reasonable dispatch, but subject to delays beyond the reasonable control of Landlord, shall repair and reconstruct the same so as to restore the Premises (but not any alterations or additions made by or for Tenant or any trade fixtures, equipment or personal property of Tenant) to substantially the same condition they were in prior to the casualty, subject to zoning and building laws then in effect. Notwithstanding the foregoing, in no event shall Landlord does be obligated either to repair or rebuild if the damage or destruction results from an uninsured casualty or if the costs of such repairing or rebuilding exceeds the amount of the insurance proceeds (net of all costs and expenses incurred in obtaining same) received by Landlord on account thereof. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage.
ii. The Landlord shall, within 45 days after the occurrence of a casualty, provide Tenant with a good faith estimate of the time required to repair the damage to the Premises or the Building, as provided herein; if such estimate is for a period of more than 270 days from the occurrence of the casualty (or during the last 18 months of the Term, for a period of more than 90 days), the Premises shall be deemed “substantially damaged”. If the Premises or the Building are substantially damaged, Landlord may elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give by giving Tenant written notice of such election to termination within 60 days of the date of such casualty; and if the Premises or the Building are substantially damaged, and if as a result the Premises are rendered untenantable for the Permitted Use, then Tenant may terminate this Lease by giving Landlord written notice of such termination within ninety (90) 60 days after of the date of such casualty. Landlord shall exercise its rights hereunder in good faith. In addition, if Landlord commences restoration of the Premises and such restoration is not complete within 270 days from the occurrence of such casualty, and Tenant may terminate this Lease upon not less than thirty (30) days notice by giving Landlord written notice of such termination within 30 days after the expiration of said 270-day period; provided however, it Landlord substantially completes such restoration within such thirty (30) — day period such termination shall terminate be void and of no further force or effect.
iii. For so long as such damage results in material interference with the operation of Tenant’s use of the date of such notice. If Landlord should not elect Premises which material interference causes Tenant to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense be unable to rebuild and repair use the Premises; provided, howeverthe Fixed Rent and additional rent payable by Tenant shall axxxx or be reduced proportionately for the period, that commencing on the day following such material interference and continuing until the Premises has been substantially restored. Notwithstanding the foregoing, if any Holder (defined below) of an Encumbrance (defined below) requires that such casualty was due to the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful fault or negligent action or inaction neglect of Tenant or Tenant’s employees, contractors or agents, employees, customers, contractors, such abatement or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance made only if and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of any proceeds of rental interruption insurance proceeds available actually received by Landlord and allocated to Landlord the Premises.
iv. If the Premises are damaged by a casualty, and the Lease is not terminated as provided herein, the Tenant, at its own expense, and proceeding with all reasonable dispatch, shall repair and reconstruct all of the improvements, alterations and additions made to the Premises by or for such restoration. In no event shall Landlord be obligated to rebuildTenant [TO BE DETERMINED: , or otherwise be liable for, any damage to including the Tenant’s Improvements], and any trade fixtures, signs, furnishings, equipment or personal property within the Buildingof Tenant which shall have been damaged or destroyed.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to CASUALTY INSURANCE ------------------------------------------------------
SECTION 8.01. SUBSTANTIAL DESTRUCTION OF THE BUILDING OR THE LEASED PREMISES. If either the Building by fire or other casualty.
13.2 If the Leased Premises should be substantially destroyed or damaged (which as used herein, means destruction or material damage to at least 50% of the Building shall be damaged or destroyed the Leased Premises) by fire or other casualty insured under the fire and extended coverage insurance provided by Landlord does not elect to in accordance with Section 8.03 hereof, then Landlord or Tenant may, at its option, terminate this Lease by giving written notice of such termination to the other party within thirty (30) days after the date of such casualty. In such event, rent shall be apportioned to and shall cease as hereinafter providedof the date of such casualty. if neither party exercises this option, then the Leased Premises shall be reconstructed and restored, at Landlord's expense, to substantially the same condition as they were prior to the casualty; provided however, that Landlord's obligation hereunder shall be limited to the reconstruction of the base building improvements in accordance with EXHIBIT B and such of the Tenant Finish Improvements as were originally required to be made by Landlord at Landlord's cost; and further provided that if Tenant has made any additional improvements pursuant to Section 7.03, Tenant shall proceed with reasonable diligence and at its sole reimburse Landlord for the cost and expense to rebuild and repair of reconstructing the Buildingsame. In the event of such reconstruction, rent shall be abated from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effecteffect for the balance of the Lease Term. If Notwithstanding anything contained herein to the Building contrary, in the event Landlord does not elect to terminate the Lease hereunder, Landlord shall be destroyed or materially damageduse commercially reasonable efforts to complete such restoration within two hundred forty (240) days from the date of casualty and, then Landlord may elect either if the Leased Premises remain untenantable for the use permitted hereunder after such two hundred forty (240) day period, Tenant shall have the right to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon ten (10) days prior written notice of such election to Landlord given by Tenant within ninety ten (9010) days after the occurrence of such casualty, and this Lease shall terminate as expiration of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder two hundred forty (defined below240) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlday period.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 11.1 Tenant immediately shall deliver written notice covenants and agrees, except as provided herein, that in the event of damage to Landlord any building or improvement on the Premises, or destruction of the whole or any damage caused part thereof, by any cause whatsoever, Tenant will, entirely at its own expense and without cost to the Building by fire Landlord, proceed promptly and diligently to restore the building, improvements and Premises to the equivalent condition or other casualty.
13.2 If the Building shall status that they were required to be damaged kept before such destruction or destroyed by fire or other casualty damage, and Landlord does not elect to terminate that this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should will not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premisesterminate; provided, however, that if any Holder (defined below) Tenant shall be entitled to an abatement of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of all monthly Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited and/or applicable Additional Rent to the extent of interference with Tenant's use of the Premises occasioned thereby.
11.2 All insurance proceeds available from perils insured against will be paid to or for the account of Tenant provided Tenant will have caused the damaged or destroyed building to be repaired or rebuilt as provided for in this Section and Section 8 of this Lease. Except as otherwise provided, however, and except to the extent Tenant will have caused or provided for a damaged or destroyed building to be fully repaired or reconstructed, all insurance proceeds in the hands of the Landlord for such restoration. In no event shall at the time of the termination of this Lease and all insurance proceeds thereafter received by the Landlord under any policy of casualty insurance, will be obligated to rebuild, or otherwise the sole and exclusive property of the Landlord.
11.3 Landlord will not be liable for, for (i) any damages to the Premises or any part thereof or (ii) for any damage to Tenant’s fixtures, signs, furnishings, equipment fixtures or personal property within the Building.
13.4 of Tenant if either is caused by fire or other casualty, except for damages caused by Landlord's negligence or misconduct, and Tenant does hereby expressly release Landlord of and from all liability for such damages. Tenant agrees that during any period all insurance policies will include a clause waiving all rights of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicablesubrogation against Landlord.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than Twenty-Five Thousand Dollars ($25,000) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord does would cost not elect more than two percent (2%) of the Purchase Price and require less than 180 days to repair, then neither party shall have the right to terminate its obligations under this Agreement to purchase or sell the Property by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures reasonably incurred for restoration (it being understood that any proposed restoration by Seller on account of any such casualty during the term of this Agreement shall require Purchaser’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed), plus Purchaser shall receive a credit against the Purchase Price in the amount of any deductibles under any policies related to such proceeds. If any such damage due to fire or other casualty would cost in excess of two percent (2%) of the Purchase Price or require more than 180 days to repair, then Purchaser may terminate its obligations under this Agreement to purchase the Property by written notice given to Seller within ten (10) business days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 8.1 (provided Purchaser shall be entitled to a delay in the Closing as required to give effect to such ten (10) business day period, and any failure to respond within such required period, shall be deemed to be Purchaser’s election to terminate this Lease as hereinafter providedAgreement in accordance with this Section 8.1), Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair in which case the Building, and this Lease shall continue in full force and effect. If the Building Deposit shall be destroyed or materially damaged, then Landlord may promptly returned to Purchaser and the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair Closing notwithstanding the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as amount of the date insured loss or the time required for repairs, the Closing shall take place without abatement of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence the Purchase Price and at its sole cost and expense Closing, Seller shall assign to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that Purchaser the insurance proceeds be applied under such Encumbrance as and grant to Purchaser a result of any such casualty, Landlord shall have no obligation credit against the Purchase Price equal to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet amount of the Building unfit for occupancy applicable deductible under any policies related to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlproceeds.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Braemar Hotels & Resorts Inc.)
Fire or Other Casualty. 13.1 Tenant immediately If the Leased Premises or any part thereof shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , Lessee shall give prompt notice thereof to Lessor. In case the Building building shall be so damaged or destroyed by fire or other casualty and Landlord does that substantial alteration or reconstruction of the building, shall in Lessor's sole opinion, be required (whether or not elect the Leased Premises shall have been damaged by such fire or other casualty) or in the event any mortgage under a mortgage or deed of trust covering the building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, Lessor may, at its option, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence lease and at its sole cost the terms and expense to rebuild and repair the Building, and this Lease shall continue estate hereby granted by notifying Lessee in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice writing of such election to Tenant termination within ninety sixty (9060) days after the occurrence date of such casualtydamage, and this Lease in which event the rent hereunder shall terminate be abated as of the date of such noticedamage. If Landlord should Lessor does not thus elect to terminate this Leaselease, Landlord Lessor shall within sixty (60) days after the date of such damage commence to repair and restore the building and shall proceed with reasonable diligence and at to restore the building (except that Lessor shall not be responsible for delays outside its sole cost and expense control) to rebuild and repair substantially the Premises; provided, however, that if any Holder (defined below) same condition in which it was immediately prior to the happening of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord except that Lessor shall have no obligation not be required to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agentsrebuild, employees, customers, contractorsrepair, or invitees, Landlord replace any part of Lessee's furniture or furnishings or of fixtures and equipment removable by lessee under the provisions of this lease. Lessor shall allow Tenant a reduction not be liable for any inconvenience or annoyance to Lessee or injury to the business of Base Rent Lessee resulting in any way from such damage in the repair thereof; except that during the time and to the Building is extent that the Leased Premises are unfit for occupancy, Lessor shall, at its option, either furnish Lessee with comparable office space at prevailing market rates or a fair diminution of rent, the choice of which reduction shall will be based upon Lessor's sole discretion. If the proportion damages are caused by the negligence of square feet Lessee, its agents, servants, employees, contractors, patrons, guests, licenses, or invitees there will be no abatement of rent and Lessee will be liable for any damages in excess of the Building unfit for occupancy to the total square feet in the Buildingamount paid by insurance proceeds received by Lessor. Any insurance which may be carried by Landlord Lessor or Tenant Lessee against loss or damage to the Building building or to the Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the (a) If a Building is partially damaged by fire or other casualty, subject to subsection (b) below, damages shall be repaired from the proceeds of insurance disbursed for that purpose within ninety (90) days (or as soon as is reasonably practicable) after the date of the casualty to a condition comparable to that existing immediately prior to such damage. During the period that those repairs are being made, unless the casualty was due to the fault of Tenant, the Rent and Additional Rent shall be abated in part from the date of the casualty based upon that percentage of the square footage of the Leased Premises in such partially-damaged Building that remain usable by Tenant. Any restoration work performed under this Paragraph 9 will be completed by a contractor (or contractors), and pursuant to plans and specifications, approved in writing by Landlord.
13.2 (b) If the Leased Premises in a Building shall be damaged or destroyed are rendered substantially untenantable by reason of a fire or other casualty and Landlord does casualty, so that they cannot elect be restored to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant condition previously existing within ninety (90) days after the occurrence date of the casualty, as reasonably determined by Landlord, or if sufficient insurance proceeds to restore such Leased Premises are not made available to Landlord, then Landlord will advise Tenant in writing of such circumstance as soon as is reasonably practicable after the casualty. Landlord and Tenant will attempt to resolve issues relating to restoration of such Leased Premises. However, and either party may terminate this Lease with respect to such Leased Premises during a period of thirty (30) days after the date of Landlord's notice contemplated in this Paragraph. All obligations of either party with respect to such Leased Premises pursuant to this Lease shall terminate cease as of the date that notice of termination is given, provided that Rent and Additional Rent will be abated as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease (JLK Direct Distribution Inc)
Fire or Other Casualty. 13.1 (A) Tenant immediately shall deliver written give prompt notice to Landlord in case of any fire or other damage caused to the Premises or the Building.
(B) If the Premises or the Building shall be damaged by fire or other casualty.
13.2 , Landlord, at Landlord's expense, but only to the extent of the net insurance proceeds available for such purpose, shall repair such damage. However, Landlord shall have no obligation to repair any damage to, or to replace, Tenant's leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made by Tenant. If the Building Premises shall be rendered untenantable by reason of any such damage, the Fixed Rent only shall xxxxx for the period from the date of such damage to the date when such damage shall have been repaired by Landlord, and if only a part of the Premises shall be so rendered untenantable, the Fixed Rent for such period shall xxxxx in the proportion which the part of the Premises rendered untenantable bears to the total Premises. However, if, prior to the date when all of such damage shall have been repaired by Landlord, any part of the Premises so damaged shall be rendered tenantable and shall be used or destroyed occupied by Tenant or Persons claiming through or under Tenant, then the amount by which the Fixed Rent shall xxxxx shall be equitably apportioned for the period from the date of any such use or occupancy to the date when Landlord shall have repaired all such damage. Notwithstanding the foregoing provisions of this paragraph, if prior to or during the Term, (i) the Premises shall be rendered wholly untenantable by fire or other casualty and Landlord does shall decide not elect to terminate this Lease as hereinafter providedrestore the Premises, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If or (ii) the Building shall be destroyed so damaged by fire or materially damagedother casualty that, then Landlord may elect in Landlord's opinion, substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Premises shall have been rendered untenantable), then, in either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election events, Landlord, at Landlord's option, may give to Tenant Tenant, within ninety (90) days after the occurrence of such fire or other casualty, and a five (5) day notice of termination and, if such notice is given, this Lease and the Term hereof shall terminate come to an end (whether or not said Term shall have commenced) upon the expiration of said five (5) days with the same effect as of if the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair expiration of said five (5) days were the Premises; provided, however, that if any Holder (defined below) expiration date of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.this
Appears in 1 contract
Samples: Sublease Agreement (Webmd Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord A. The parties hereto mutually agree that if at any time during the Lease Term the Leased Premises or any portion of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or are partially destroyed by fire or other casualty covered by the fire and Landlord does not elect extended coverage insurance to terminate this Lease as hereinafter providedbe carried by Lessee under the terms hereof, Landlord then Lessor shall proceed with reasonable diligence repair and at its sole cost restore the Leased Premises and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building as soon as it is reasonably practicable (but shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant commence same within ninety sixty (9060) days complete same in no event more than seven (7) months after the occurrence of such casualty, and this Lease shall terminate as of the date of the casualty, subject to force majeure matters), to substantially the same condition in which the Leased Premises and the Building were before such noticedamage. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; providedProvided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires Lessor reasonably determines that the insurance proceeds Leased Premises are completely destroyed or so badly damaged that repairs cannot be applied under such Encumbrance as a result of any such casualtycommenced within sixty (60) days and completed within seven (7) months thereafter, Landlord shall have no obligation to rebuild and then this Lease shall be terminable as the date of the occurrence of the damage or destruction by either party hereto serving written notice upon the other. Notwithstanding the foregoing, if the casualty occurs after the first three (3) months of the Lease term, and Lessee cannot reasonably use the Premises for the purpose provided herein, or if Lessor does not commence reconstruction within sixty (60) days and/or thereafter complete such reconstruction within seven (7) months after the date of casualty, Lessee at its option may terminate upon this Lease by written notice to TenantLessor. So long as Notwithstanding the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agentsforegoing, employees, customers, contractors, or invitees, Landlord Lessor shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall only be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation obligated to repair shall be limited to the restoration of the Building, and further shall be limited Leased Premises to the extent of the insurance proceeds money available to Landlord Lessor for such restorationrepairs.
B. If the Leased Premise are completely destroyed or so damaged by fire or other casualty covered by the fire and extended coverage insurance to be carried by Lessee under the terms hereof that it cannot reasonably be used by Lessee for the purposes herein provided and this Lease is not terminated as above provided, then there shall be a total abatement or rent until the Leased Premises are made usable. In no the event the Leased Premises are partially destroyed or damaged by fire or other hazard so that the Leased Premises can be only partially used by Lessee for the purposes herein provided, then there shall Landlord be obligated a partial abatement in the rent corresponding to rebuildthe time and extent to which the Leased Premises cannot be used by Lessee.
C. Notwithstanding anything to the contrary contain herein, if the Leased Premises shall be completely destroyed or damaged by fire or other casualty resulting from the intentional acts or gross negligence of Lessee, or otherwise the agents or employees of Lessee, then such damage shall be liable forrepaired by and at the expense of Lessee, any damage to Tenant’s fixturesafter application of all insurance recovered under the direction and supervision of Lessor, signs, furnishings, equipment or personal property within the Buildingand rent shall continue without abatement.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed 11.01 Damage by fire or other casualty to the Building (excluding leasable areas thereof) and to the core and shell of the Premises (excluding the tenant improvements and betterments and Tenant’s personal property) shall be repaired at the expense of Landlord does (“Landlord’s Restoration Work”), but without prejudice to the rights of subrogation, if any, of Landlord’s insurer to the extent not elect to terminate this Lease as hereinafter provided, waived herein. Landlord shall proceed not be required to repair or restore any of Tenant’s property or any alteration, installation or leasehold improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell of the Premises or Building Systems serving the Premises, the Premises are rendered Untenantable, the Fixed Annual Rent and Recurring Additional Rent shall xxxxx in proportion to the portion of the Premises not usable by Tenant from the date of such fire or other casualty until Landlord’s Restoration Work is substantially completed. Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work, Tenant’s sole remedy being the right to an abatement of Rent, as provided above. Tenant shall cooperate with reasonable diligence and at its sole cost and expense to rebuild and repair Landlord as may be reasonably required in connection with the Building, and this Lease shall continue in full force and effectperformance by Landlord of Landlord’s Restoration Work. If (1) all or any portion of the Building shall be destroyed is damaged and the estimated time (as determined by a third-party contractor) to complete such restoration is twelve (12) months or materially damagedgreater or (2) a casualty occurs during the last twelve (12) months of the Term and forty-percent (40%) or more of the Premises is Untenantable as a result of the applicable casualty, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after such fire or other casualty give written notice to Tenant of its election that the occurrence of Term shall automatically expire no less than ten (10) days after such notice is given. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of that such insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, is in force and collectible (or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building would have been in force if maintained by a party as required by this Lease) and to the extent practicablepermitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or anyone claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. “Untenantable” or “Untenantability” means that the Premises (or the applicable portion thereof) cannot be used in a manner consistent with a Class A office building, and that the Premises (or the applicable portion thereof) is not being used, in either case, for the conduct of business.
Appears in 1 contract
Samples: Lease Agreement (UiPath, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written agrees to give prompt notice to Landlord of any damage caused to or destruction of the Building Leased Premises by fire or other casualty.
13.2 If . If, during the Lease Term, or any renewal or extension thereof, the Building shall be and/or the Leased Premises are so damaged or destroyed by fire or other casualty that in Landlord's sole determination the Leased Premises are rendered unfit for occupancy, then, at Landlord's option and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon written notice of such election thereof to Tenant within ninety (90) days after Tenant, the occurrence of such casualty, and this Lease Term shall terminate as of the date of the occurrence of such noticedamage, and Tenant shall pay to Landlord Rent apportioned to the date of termination, and Landlord may enter upon and repossess the Leased Premises without further notice to Tenant. If Landlord should does not elect to terminate this Leasethe Lease Term as aforesaid, then Landlord shall proceed repair and restore the Building and/or the Leased Premises and Landlord may enter and possess the Leased Premises for that purpose, and if Tenant is deprived of the Leased Premises during such repairs and restoration, then Annual Fixed Rent only shall be equitably reduced, apportioned or suspended during the period of time for such repairs and restoration. Notwithstanding anything herein contained, Tenant may cancel and terminate this Lease in the event that "substantial Completion" of the Leased Premises would, in Landlord's reasonable judgment, take more than 365 days from the date of casualty, provided that Landlord has not previously supplied Tenant with reasonable diligence comparable space elsewhere in the Office Park. If, during the Lease Term, or any renewal or extension thereof, the Premises and/or the Building are so damaged by fire or other casualty that such damage does not render the Premises unfit for occupancy, then Landlord will promptly and at its sole cost in a good and expense workmanlike manner repair whatever portion, if any, of the Premises or of the Building which may have been damaged, and during such repairs Tenant with Landlord's consent, and the consent of applicable insurance companies and governmental authorities, may continue in possession of the Premises and Annual Fixed Rent and the Additional Rent will not be reduced, apportioned or suspended, except proportionately to rebuild the areas of the Premises which has been damaged and repair reasonably cannot be utilized by Tenant until the Premises; providedrepairs are completed. Notwithstanding any other provisions of this Section, however, that if any Holder (defined below) damage is caused by or results from, the negligence of an Encumbrance (defined below) requires that Tenant, those claiming under Tenant, or their employees, servants, officers, contractors or invitees, respectively, Rent shall not be reduced, suspended or apportioned and Tenant shall pay, as Additional Rent hereunder upon demand by Landlord, the insurance proceeds cost of any repairs and/or restorations, made or to be applied under such Encumbrance made, as a result of such damage to the extent such repairs are not covered by the insurance Tenant is required to maintain pursuant to Section 17 of this Lease and are not covered by Landlord's insurance on the Building, including any applicable Landlord deductibles. Tenant acknowledges notice from Landlord that (i) while Landlord shall maintain appropriate insurance on the Building, which will extend to those components of the Improvements which become part thereof, Landlord shall not obtain insurance of any kind on Tenant's alterations or improvements as may be made by Tenant as referenced in Section 9, or upon any of Tenant's fixtures, equipment and furniture, (ii) it is Tenant's obligation to obtain such insurance at Tenant's sole cost and expense, and (iii) Landlord shall not be obligated to repair any damage thereto or replace the same unless such damage is caused by the intentional act or gross negligence of Landlord, its agents or employees. If in the event of any damage to the Leased Premises and/or the Building, the available insurance proceeds are insufficient to repair and/or restore the Building and/or Leased Premises, or if any mortgagee of the Building shall not permit the application of adequate insurance proceeds for repair and/or restoration, or if the casualty not be of the type insured against under standard fire policies with extended type coverage, the Lease Term shall, at the option of Landlord and upon written notice to Tenant, terminate as of the date of the occurrence of such casualty, Tenant shall pay to Landlord shall have no obligation Rent apportioned to rebuild the date of termination, and this Lease shall terminate Landlord may enter upon and repossess the Leased Premises without further notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately If the Premises or any part thereof shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged or destroyed by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or in the event any mortgagee under a first mortgage or first deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, Landlord does not elect to may, at its opinion, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost the term and expense to rebuild and repair the Building, and this Lease shall continue estate hereby granted by notifying Tenant in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice writing of such election to Tenant termination within ninety sixty (9060) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If damage or determination by such Landlord should does not thus elect to terminate this Lease, Landlord shall within sixty (60) days after the date of such damage commence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall not be responsible for delays outside its control and the time period within which Landlord is obligated to commence and/or complete such repairs shall be extended by a period equal to such delay) to substantially the same condition in which it was immediately prior to the happening of the fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of Tenant's furniture or furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease or any additions or improvements to the Demised Premises made by Tenant at its sole cost and Tenant's expense, but such work shall not exceed the scope of the work done by Landlord at Landlord's expense in originally improving the Building nor shall Landlord in any event be required to rebuild and repair the Premises; provided, however, that if any Holder (defined below) spend for such work an amount in excess of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance actually received by Landlord as a result of the fire or other casualty plus any such casualtydeductible amounts thereunder. In addition, in the event of the occurrence of a casualty which is not insured under the casualty insurance requirements to be carried by Landlord pursuant to the terms hereof, Landlord shall have no obligation the option to rebuild and terminate this Lease Lease. Landlord shall terminate upon notice not be liable for any inconvenience or annoyance to Tenant. So long as Tenant or injury to the casualty does not result from any willful or negligent action or inaction business of Tenant resulting in any way from such damage or Tenant’s agentsthe repair thereof, employeesexcept that, customers, contractors, or inviteessubject to the provisions of the next sentence, Landlord shall allow Tenant a reduction fair diminution of Base Rent rent during the time and to the Building is extent the Premises are unfit for occupancy, which reduction shall be based upon . If the proportion of square feet Premises or any other portion of the Building unfit be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, servants, employees, licensees, or invitees, the rent hereunder shall not be diminished during the repair of such damage, and Tenant shall be liable to Landlord for occupancy the cost and expense of the repair and restoration of the Building caused thereby to the total square feet in the Buildingextent such cost and expense is not covered by insurance proceeds. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately If the premises are damaged by a casualty to such an extent as to render the premises untenantable in whole or in part, it shall deliver written notice be optional with the Landlord to Landlord rebuild or repair the same after the happening of any damage caused to such contingency. The Tenant shall give the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other Landlord immediate notice of such casualty and Landlord does not elect to terminate this Lease as hereinafter provided, the Landlord shall proceed with reasonable diligence and at its sole cost and expense exercise the option to rebuild and or repair by notifying the Tenant in writing of the Landlord's intention to rebuild or repair the Building, and this Lease shall continue in full force and effectpremises. If the Building Landlord has not exercised such option within twenty days following receipt of the notice of the casualty from the Tenant, or if the property cannot be reasonably rebuilt and repaired to make the premises substantially tenantable within ninety days after the Landlord has exercised such option, the Tenant shall be destroyed or materially damaged, then Landlord may elect either have the right to terminate this declare the Lease as hereinafter provided or to proceed to rebuild and repair terminated by written notice served upon the BuildingLandlord. If the Landlord elects to terminate this Lease it rebuild or repair, the Landlord shall give written notice of complete the work without unnecessary delay. If the Landlord exercises the option to rebuild or to repair the premises, during the period when such election to Tenant within ninety (90) days after work is being completed, the occurrence of such casualty, and this Lease rent shall terminate as be abated in the same ratio that the portion of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during premises rendered for the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building being unfit for occupancy shall bear to the total square feet in whole premises. If the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage casualty to the Building shall be leased premises renders the leased premises unusable for the sole benefit of purpose for which it was leased, then the party carrying rent shall completely xxxxx during the period when such insurance and under its sole controlwork is being completed.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to If the Building Premises are damaged by fire or other casualty., upon notice thereof given to Landlord by Tenant, the damages shall be repaired by and at the expense of Landlord, except as otherwise provided herein, and rent until such repairs shall be made shall be reduced in the proportion which the part of the Premises which is not usable by Tenant bears to the rentable space in the Premises. Landlord shall not be obligated to repair damage to or replace alterations, installations, or additions made by Tenant or any fixtures, furniture, furnishing, equipment or other property of Tenant. Such repairs and replacements shall be made by and at the expense of Tenant. If the Premises shall be so damaged that, in Landlord's opinion, substantial alterations, demolition or reconstruction shall be required, then Landlord may, not later than ninety (90) days following the damage, give Tenant notice in writing terminating this Lease. If Landlord elects to restore the Premises, then Landlord shall commence such restoration within ninety (90) days following the damage and shall complete such restoration within a reasonable time. If Landlord does not commence such repairs within ninety (90) days, Tenant shall have the right to terminate this Lease by giving written notice to Landlord anytime after said ninety (90)-days and prior to the date Landlord commences repairs. If Tenant so terminates this Lease, rent hereunder shall be due from Tenant to Landlord up to the date Tenant vacated the Premises-
13.2 If (i) the Premises or the Building shall be damaged as a result of a risk which is not covered by Landlord's insurance, or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If (ii) the Building shall be destroyed damaged to the extent of fifty percent (50%) or materially more of the cost of replacement thereof, whether or not the Premises shall be damaged, ; then in either such event Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written by notice of such election to Tenant given within ninety (90) days after such event and upon the occurrence date specified in such notice, which shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such casualtysaid notice, and this Lease shall terminate as of the date of such notice. If Landlord should not elect and come to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Buildingend, and further Tenant shall be limited vacate and surrender the Premises to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingLandlord.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease (Affymetrix Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than One Hundred Thousand Dollars ($100,000.00) to repair and occurring between the Effective Date and the Closing Date of which Seller has Knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (excluding the sum of any deductibles) and Landlord would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than 180 days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require more than 180 days to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 7.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible. If, prior to Closing, the Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damagedreduced by the estimated amount to repair such casualty, then Landlord may elect either not to exceed Five Hundred Thousand Dollars ($500,000.00). Notwithstanding anything in this Section 7.1 to the contrary, in no event shall Purchaser have any right to terminate this Lease Agreement pursuant to this Section 7.1 because Xxxxx MT failed to obtain and/or maintain the casualty insurance for the Property as hereinafter provided or to proceed to rebuild and repair required by the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as terms of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence Master Lease and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord Seller be obligated to rebuildpay or credit to Purchaser any deductibles or uninsured obligations if such obligations are those of Xxxxx MT under the Master Lease, or otherwise in which case Xxxxx MT, and not Seller shall be liable for, any damage responsible for paying such sums to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingPurchaser.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to If, during the Term, the Building is so damaged by fire or other casualty.
13.2 casualty that it is rendered unfit for occupancy, Landlord, subject to reasonable delays for insurance adjustments and to delays caused by matters beyond Landlord’s reasonable control, will repair whatever portion, if any, of the Building which may have been damaged and Landlord may enter and possess the Building for that purpose; while the Tenant is deprived of the Building, the Fixed Rent shall be suspended in proportion to the number of square feet of the Building rendered untenantable. If the Building shall be damaged so that such damage does not render the Building unfit for occupancy, Landlord will repair whatever portion, if any, of the Building which may have been damaged (including all damaged Tenant Work) and Tenant will continue in possession and rent will not be apportioned or destroyed suspended. If during the Term the Building is so damaged by fire or other casualty that Tenant is prevented (as reasonably determined by Tenant or Landlord) from carrying on business in the Building and it is reasonably anticipated by Tenant or Landlord does not elect that the damage or destruction will take in excess one hundred eighty (180) days to repair or restore or results in the taking of a substantial part of the Property as such term is defined in Article 25(b) of this Lease (a “Major Casualty”), Landlord shall have the right to terminate this Lease Lease, as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair will Tenant unless Tenant is the Building, and this Lease shall continue in full force and effectcause of the Major Casualty. If the Building shall be destroyed or materially damaged, then Landlord may elect either Such option to terminate this Lease as hereinafter provided must be exercised by Landlord or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give Tenant by written notice of such election to Tenant the other within ninety thirty (9030) days after the occurrence of such casualtythe Major Casualty. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the negligence of Tenant, those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and this Lease Tenant shall terminate pay, as additional rent upon demand, the cost of the date any repairs, made or to be made, of such notice. If Landlord should not elect damage and of any restorations, made or to terminate this Leasebe made, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of such damage, (b) Landlord shall have a duty to repair and replace Tenant Work at Landlord’s sole cost but shall have no duty to repair or replace any such casualtypersonal property, or any of Tenant’s equipment or any alterations, improvements or decorations made by Tenant after the Commencement Date, or any Direct Tenant Work (defined at Article 8(h) hereof), (c) Landlord shall have no obligation liability to rebuild Tenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs and (d) either Landlord or Tenant shall have the right to terminate this Lease upon giving written notice to Tenant. So long as the casualty does not result from other party at any willful or negligent action or inaction time within thirty (30) days after the date of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time damage if the Building is unfit for occupancy, which reduction shall be based upon damaged by fire or other casualty (whether or not such event constitutes a Major Casualty) during the proportion of square feet last six (6) months of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlTerm.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (MEDecision, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately In the event that before or during the term of this Lease, the Premises shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If casualty which in the opinion of Landlord does not render the Premises or a part thereof untenantable Landlord will, at its option (subject to the other provisions of this Section 8.0), repair the same with reasonable dispatch upon receipt of written notice of the damage from Tenant, and there shall be no abatement of the rent. In the event that before or during the term of this Lease the Premises or the Building shall be damaged or destroyed by fire or other casualty which in the opinion of the Landlord renders the Building, the Premises or any part of the Building or Premises untenantable, Landlord within twenty (20) days of notice of such fire or casualty or of receipt of written notice from Tenant of such damage (whichever shall last occur) shall have the right to and shall either (i) serve written notice upon Tenant of Landlord’s intent to repair said damage or (ii) if in Landlord’s opinion said damage renders so much of either of the Premises or of the Building untenantable that repair would not be advisable, serve written notice upon Tenant that this Lease is terminated. If Landlord does not shall elect to terminate this Lease aforesaid, such termination shall be effective immediately upon service of such notice by Landlord upon Tenant if the term shall not have commenced or on the date specified in such notice if during the term. In the event of such termination the rent shall be apportioned and paid up to the time of such fire or other casualty if the Premises are rendered wholly untenantable as hereinafter providedaforesaid by such fire or other casualty or up to the specified date of termination if the Premises are not rendered wholly untenantable by such fire or other casualty. Any obligation of Tenant to Landlord for any sum of money due under any provisions of this Lease shall survive any such termination of this Lease by Landlord. If, on the other hand, Landlord shall elect to repair such damage, such repairs shall be commenced within forty-five (45) days of notice to Tenant of such election and the Landlord shall diligently proceed with reasonable diligence and at such restoration, however, Landlord’s obligation to repair or rebuild shall be limited to the availability of insurance proceeds. During the period of repair the total amount of the rent provided for in Article 2.0 of this Lease shall be reduced to an amount which in Landlord’s opinion bears the same ratio to the rent provided for in said Article 2.0 as the portion of the Premises then available for use bears to the entire Premises. Upon completion of such repair, the rent shall thereafter be paid as if no fire or other casualty had occurred. Notwithstanding the foregoing, in the event that before or during the term of this Lease the Premises or the Building shall be damaged by fire or other casualty which shall have been occasioned by the act of Tenant or of its sole cost and expense servants, agents, visitors, invitees or licensees, (i) there shall be no apportionment or abatement of the rent and, (ii) Landlord shall have the right but shall have no obligation to rebuild and repair the Premises or the Building, and this Lease (iii) Tenant shall continue reimburse and compensate Landlord within five (5) days of rendition of any statements to Tenant by Landlord for any expenditures made by Landlord in full force and effectmaking any such repairs. If the Building Any such actions shall be destroyed or materially damaged, then without prejudice to any other rights and remedies of Landlord may elect either and without prejudice to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice any rights of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result subrogation of any such casualtyinsurer of Landlord. The other provisions of this Article 8.0 notwithstanding, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice replace or repair any property in the Building or on the Premises belonging to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or to anyone claiming through or under Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event nor shall Landlord be obligated have any obligation hereunder to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction replace or repair of any property on the Building, Premises which Landlord may require Tenant will continue to remove from the operation of its business within the Building to the extent practicablePremises.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately If the Leased Premises or any part thereof shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged or destroyed by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Landlords sole opinion, be required (whether or not the Leased Premises shall have been damaged by such fire or other casualty) or in the event any mortgagee under a mortgage or deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, Landlord does not elect to may, at its option, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost the term and expense to rebuild and repair the Building, and this Lease shall continue estate hereby granted by notifying Tenant in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice writing of such election to Tenant termination within ninety sixty (9060) days after the occurrence date of such casualtydamage, and this Lease in which event the rent hereunder shall terminate be abated as of the date of such noticedamage. If Landlord should does not thus elect to terminate this Lease, Landlord shall within seventy-five (75) days after the date of such damage commence to repair and restore the Building and shall proceed with reasonable diligence and at to restore the Building (except that Landlord shall not be responsible for delays outside its sole cost and expense control) to rebuild and repair substantially the Premises; provided, however, that if any Holder (defined below) same condition in which it was immediately prior to the happening of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, except that Landlord shall have no obligation not be required to rebuild rebuild, repair or replace any part of Tenant's furniture or furnishings or of fixtures and equipment removable by Tenant under the provisions of this Lease tease. Landlord shall terminate upon notice not be liable for any inconvenience or annoyance to Tenant. So long as tenant or injury to the casualty does not result from any willful or negligent action or inaction business of Tenant resulting in any way from such damage or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent the repair thereof; except that during the time and to the Building is extent that the Leased Premises are unfit for occupancy, the Landlord shall, at its option, either furnish the Tenant with comparable space at prevailing market rates or a fair diminution of rent, the choice of which reduction shall will be based upon at the proportion landlord's sole discretion, if the damages are caused by the negligence of square feet Tenant, its agents, servants, employees, contractors, patrons, guests, licensees, or invitees there will be no abatement of rent and Tenant will be liable for any damages in excess of the Building unfit for occupancy to the total square feet in the Buildingamount paid by insurance proceeds received by Landlord. Any insurance which may be carried by Landlord or Tenant will be liable for any damages in excess of the amount paid by or insurance proceeds received by Landlord. Any insurance which may be carried by Landlord Tenant against loss or damage to the Building or to the Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of (a) If the Leased Premises or any damage caused to the Building part thereof are damaged by fire or other casualty.
13.2 , Tenant shall give prompt notice thereof to Landlord. If the Building shall be Project or either of the Buildings is so damaged or destroyed by fire or other casualty and that substantial alteration or reconstruction of the Project or any Building is, in Landlord's sole opinion, required (whether or not the Leased Premises are damaged) or if any mortgagee under a mortgage or deed of trust covering the Project requires that the insurance proceeds payable as a result of the fire or other casualty be used to retire the mortgage debt, Landlord may, at its sole option, terminate this Lease by giving Tenant notice of termination within 60 days after the date of the damage. If Landlord does not elect terminate this Lease under this Paragraph 21(a), Landlord shall deliver to Tenant a non-binding estimate of the time needed to repair and restore the Project within 60 days after the date of the damage. If Landlord's estimate states that repair and restoration will not be completed within 270 days after the date of the damage, Tenant may terminate this Lease by giving Landlord notice of termination within 10 business days after the date Tenant receives Landlord's estimate. If Landlord or Tenant terminates this Lease under this Paragraph 27(a), the Rent abates as of the date of the damage.
(b) If this Lease is not terminated under Paragraph 21(a), Landlord shall within 75 days after the date of the damage commence to repair and restore the Project (except that Landlord is not responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the casualty. If Landlord commences restoration of the damage, Tenant shall assign to Landlord (or Landlord's designee) all net insurance proceeds payable to Tenant under the property insurance required under Paragraph 18 related to the Tenant Improvements and other improvements in the Leased Premises made by or on behalf of Tenant, and Landlord shall repair and replace the Standard Improvements, Tenant Improvements, and other improvements in the Leased Premises made by or on behalf of Tenant; except that if the cost of the repair and replacements for the Tenant Improvements and other improvements in the Leased Premises made by or on behalf of Tenant (based on Landlord's or its contractor's estimate of the cost) exceeds the insurance proceeds received by Landlord from Tenant's insurance carrier (which Tenant shall cause its insurance carrier to pay to Landlord), Tenant shall pay the shortfall to Landlord prior to Landlord's repair of the damage. No Landlord Party is liable for any inconvenience or annoyance to any Tenant Party or injury to the business of Tenant resulting in any way from casualty damage or the repairs (including any inconvenience, annoyance, or injury resulting solely or in part from negligence or strict liability, but not gross negligence, of any Landlord Party); except that during the time and to the extent the Leased Premises are unfit for occupancy, Landlord shall either furnish Tenant with comparable office space (including voice and data cabling and controlled access system) in the Project at the same Rent as payable under this Lease at Landlord's cost or a fair diminution of Rent, the choice of which is at Landlord's sole discretion.
(c) If Landlord commences the restoration or repair and the restoration or repair of the Standard Improvements or the Tenant Improvements located in the Leased Premises is not completed to the extent necessary so that Tenant can occupy the Leased Premises for normal business purposes within 270 days after the date of the damage (or any longer time period specified in Landlord's estimate under Paragraph 21(a)), then Tenant shall have the right, exercisable by notice to Landlord delivered no later than 15 business days after the last day of the 270-day period (or any longer time period specified in Landlord's estimate under Paragraph 21(a)), to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effectuntenantable portion of the Leased Premises or as to all of the Leased Premises if the untenantable portion of the Leased Premises is more than 50% of the Rentable Area of the Leased Premises by giving notice of termination to Landlord. If Tenant fails to give notice in the Building shall be destroyed manner and within the time period specified in the preceding sentence or materially damagedprior to completion, then Landlord may elect either Tenant's option to terminate this Lease as hereinafter provided is deemed irrevocably waived by Tenant.
(d) Subject to Paragraph 24, if the damages are caused by the negligence or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result willful misconduct of any such casualtyTenant Party, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited abates only to the extent of the amount of proceeds of Landlord's business interruption insurance received by Landlord related to the Leased Premises and Tenant shall pay to Landlord as additional Rent any damages to the Project in excess of the amount paid by insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingreceived by Landlord.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Office Lease (Data Return Corp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building Demised Premises shall be damaged or destroyed by fire or other casualty and Landlord does not elect Landlord, at Landlord’s expense, shall promptly repair such damage to terminate this Lease substantially the same condition as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense existed prior to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyHowever, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice repair any damage to, or to replace, Tenant. So long as the casualty does not result from ’s personal property or any willful other property or negligent action or inaction effect of Tenant except if such fire or Tenant’s casualty was caused by the willful misconduct of Landlord or its agents, contractors or employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during . If the time the Building is unfit for occupancy, which reduction entire Demised Premises shall be based upon rendered unusable by reason of any such damage, the rent and additional 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 unusable, the rent and additional rent shall axxxx for such period in the proportion of square feet which the area of the Building unfit part of the Demised Premises so rendered unusable bears to the total 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 usable and shall be used or occupied by Tenant or any person or persons claiming through or under Tenant, the amount by which the rent and additional rent shall axxxx shall be equitably apportioned for the period from the date of any such use or occupancy to the total square feet date when all such damage shall have been repaired. Tenant hereby expressly waives the provisions of Section 227 of the New York Real Property Law and of any successor law of like import then in force and Tenant agrees that the Buildingprovision of this Article shall govern and control in lieu thereof. Any insurance which may Notwithstanding the foregoing provisions of this Section, if, prior to or during the Demised Term (i) the Demised Premises shall be carried totally damaged or rendered wholly unusable by fire or other casualty, and if Landlord shall decide not to restore the Demised Premises, or Tenant against loss or damage to (ii) the Building shall be for the sole benefit so damaged by fire or other casualty that total alteration, demolition or reconstruction of the party carrying Building shall be required, (whether or not the Demised Premises shall be damaged or rendered unusable), then, in any such insurance and under its sole control.
13.3 events, Landlord, at Landlord’s obligation option, may give to repair Tenant within forty-five (45) days after such fire or other casualty, a thirty (30) days notice of termination of this lease and, in the event such notice is given, this Lease and the Demised Term shall come to an end and expire (whether or not said 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 and additional rent shall be limited apportioned and any prepaid portion of rent and additional rent for any period after such date of casualty shall be refunded by Landlord to Tenant. If such restoration is expected to take more than 365 days to complete, Tenant shall also have the restoration right to terminate. Furthermore, if the Demised Premises shall be so damaged by fire or other casualty during the last year of the Buildingterm of this lease, and further such that the entire Demised Premises or a material part thereof shall be limited rendered unusable, Tenant shall have the right to terminate this Lease upon giving thirty (30) days notice of termination and this Lease and the extent Demised Term shall come to an end and expire upon the expiration of insurance proceeds available to said thirty (30) days and the rent and additional rent shall be apportioned and any prepaid portion of rent and additional rent for any period after such date of casualty shall be refunded by Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord If, during the term of this Lease, or any damage caused to renewal or extension thereof, the Building by fire or other casualty.
13.2 If the Building shall be is so damaged or destroyed by fire or other casualty and Landlord does that the Premises are rendered unfit for occupancy (whether or not elect to terminate the Premises are damaged), then, at Landlord's and/or Tenant's option, the Term of this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon written notice of such election to from Landlord and/or Tenant within ninety given with thirty (9030) days after the occurrence of such casualtydamage, and this Lease shall terminate as of the date of the occurrence of such damage. In such case, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If Landlord should does not elect to terminate the Term of this Lease, Landlord, subject to reasonable delays for insurance adjustments and to delays caused by matters beyond Landlord's reasonable control, will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Landlord shall proceed with reasonable diligence may enter and at its sole cost and expense to rebuild and repair possess the Premises for that purpose; while the Tenant is deprived of the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base all Rent during the time the Building is unfit for occupancy, which reduction shall be based upon suspended in proportion to the proportion number of square feet of the Building unfit for occupancy to Premises rendered untenantable. If the total square feet in the Building. Any insurance which may be carried by Landlord Premises or Tenant against loss or damage to the Building shall be damaged so that such damage does not render the Premises unfit for the sole benefit occupancy, Landlord will repair whatever portion, if any, of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration Premises or of the Building, Building serving the Premises which may have been damaged and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue in possession and rent will not be apportioned or suspended. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the operation negligence of its business Tenant, those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and Tenant shall pay, as additional rent upon demand, the cost of any repairs, made or to be made, of such damage and of any restorations, made or to be made, as a result of such damage, (b) Landlord shall have no duty to repair or replace any personal property, or any of Tenant's fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Direct Tenant Work (defined at Article 8(h) hereof), (c) Landlord shall have no liability to Tenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs and (d) Landlord shall have the right to terminate this Lease upon giving written notice to Tenant at any time within thirty (30) days after the Building date of the damage if the Premises is damaged by fire or other casualty during the last six (6) months of the Term unless Tenant, having the right to renew the extent practicableTerm pursuant to an express provision contained in this Lease, has effectively extended the Term for a term in excess of one (1) year following the occurrence of the fire or other casualty.
Appears in 1 contract
Samples: Lease Agreement (Traffic.com, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately Seller shall deliver written give Buyer prompt ---------------------- notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than $100,000.00 to repair and occurring between the Date of this Agreement and the Closing. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is insured (without regard to deductibles) to an extent as would not cost more than $5,000,000.00 and Landlord does would not elect take longer than six (6) months to repair, and if the holders of the existing Mortgage and Mezzanine Loans will permit insurance proceeds to be used to repair and restore the Property, then the Closing shall take place without abatement of the purchase price, but Seller shall assign to Buyer at Closing all of Seller's interest in any insurance proceeds (except only, rent loss and business interruption insurance, and any similar insurance attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the purchase price, to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required to reimburse Owner for actual expenditures of restoration. If any such damage due to fire or other casualty is insured and is to such an extent as would cost more than $5,000,000.00 or would take longer than six (6) months to repair, or if such holders will not permit insurance proceeds to be used to repair and restore the Property then, at Buyer's option, Buyer may terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence Agreement and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building Escrow Deposit shall be destroyed or materially damaged, then Landlord may returned to Buyer. Should Buyer nevertheless elect either to terminate this Lease as hereinafter provided or to proceed to rebuild Closing, the Closing shall take place without abatement of the Purchase Price and repair the Building. If Landlord elects at Closing Seller shall assign to terminate this Lease it shall give written notice Buyer all of such election to Tenant within ninety Seller's interest in any insurance proceeds (90) days after the occurrence of such casualtyexcept only, rent loss and business interruption insurance, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Leaseany similar insurance, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; providedin each case, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy attributable to the total square feet in period preceding the Building. Any insurance which Closing Date) that may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.payable
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than Ten Thousand Dollars ($10,000) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost not more than Five Hundred Thousand Dollars ($500,000) and require less than 180 days to repair, then neither party shall have the right to terminate its obligations under this Agreement to purchase or sell the Property by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000) or require more than 180 days to repair, then Purchaser may terminate its obligations under this Agreement to purchase the Property by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 8.1, or on the Closing Date, whichever is earlier, in which case the Deposit shall be promptly returned to Purchaser and the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible. If, prior to Closing, any Property is damaged by fire or other casualty which is uninsured and would cost more than Twenty-Five Thousand Dollars ($25,000) to repair, then Purchaser may terminate its obligations under this Agreement to purchase the Property by written notice given to the Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the Deposit shall be promptly returned to Purchaser and the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement with respect to an uninsured casualty as hereinafter providedaforesaid, Landlord or if any uninsured fire or casualty would cost not more than One Hundred Thousand Dollars ($100,000) to repair, then the Closing shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingtake place as provided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of not to exceed One Hundred Thousand Dollars ($100,000). Notwithstanding the date of foregoing, if the estimated amount to repair such notice. If Landlord should uninsured casualty is not more than Five Hundred Thousand Dollars ($500,000) but more than Twenty-five Thousand Dollars ($25,000), Seller, at its option, may elect to terminate this Lease, Landlord shall proceed provide Purchaser with reasonable diligence and a credit to the Purchase Price at its sole cost and expense Closing for the estimated amount to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord in which event Purchaser shall have no obligation proceed to rebuild Closing and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction Purchase Price shall be based upon reduced by the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation estimated amount to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingcasualty.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Ashford Hospitality Trust Inc)
Fire or Other Casualty. 13.1 (A) Tenant immediately shall deliver written give prompt notice to Landlord in case of any fire or other damage caused to the Building Leased Premises.
(B) If (i) the Shopping Center buildings are damaged to the extent of more than twenty-five (25%) percent of the replacement cost, or (ii) the Leased Premises are damaged to the extent of more than fifty (50%) percent of the replacement cost, or (iii) the Leased Premises are damaged and Tenant is not operating for business as required by Article 9(C) at the time the damage occurs, or (iv) the Leased Premises are damaged and less than one (1) year of the Lease Term remains unexpired at the time of the fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other casualty and ; then in any of such events, Landlord does not elect to may terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written by notice of such election to Tenant within ninety (90) days after the occurrence of such casualtyevent, and on the date specified in the notice this Lease shall terminate as of the date of such noticeterminate. If Landlord should the damage renders the Leased Premises wholly or partially untenantable, there shall be a fair and equitable proportionate abatement of all Rent during that period. Unless this Lease is terminated as aforesaid, this Lease shall remain in effect.
(C) If this Lease is not elect terminated by Landlord, this Lease shall continue in full force and effect (Tenant waives any right conferred by any applicable law to terminate this LeaseLease based on the damage), and Tenant shall, immediately on notice from Landlord, remove its fixtures, other property and debris as required by Landlord, and then Landlord shall proceed with reasonable diligence rebuild the Leased Premises to the condition existing when the Leased Premises was originally delivered to Tenant; and at its sole cost on completion thereof Tenant shall restore Tenant's property and expense to rebuild and repair promptly reopen for business. Tenant shall use the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyrecovery on Tenant's insurance policies for restoration of improvements made by Tenant to the Leased Premises, Landlord shall have no obligation and for restoration and/or replacement of Tenant's equipment, trade fixtures and inventory, and to rebuild and this Lease shall terminate upon notice to Tenant. So long cover any business interruption loss.
(D) The "replacement cost" as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction used in (B) above shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried determined by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controla reputable contractor selected by Landlord.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Shopping Center Lease (Lafayette Community Bancorp)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the event that the Building by fire or other casualty.
13.2 If the Building shall should be damaged or totally destroyed by fire fire, tornado or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair or in the Building, and this Lease shall continue in full force and effect. If event the Leased Premises or the Building shall should be destroyed so damaged that rebuilding or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant repairs cannot be completed within ninety (90) days after the occurrence date of such casualtydamage, and either party hereto may terminate this Lease by delivering written notice of said termination to the other party within ten (10) days of such damage, in which event the Basic Rent and all other charges payable by Tenant hereunder shall terminate as be abated during the unexpired portion of this Lease effective with the date of such noticedamage. If Landlord In the event the Building or the Leased Premises should not elect be damaged by fire, tornado or other casualty covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within ninety (90) days after the date of such damage, or if the damage should be more serious but neither party elects to terminate this Lease, in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Building and/or the Leased Premises and shall proceed with reasonable diligence to restore the Building and/or Leased Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to expend in excess of available insurance proceeds or rebuild, repair or replace any part of the furniture, equipment, fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other occupants within the Building or the Leased Premises; provided. Landlord shall allow Tenant a fair diminution of rent during the time the Leased Premises are unfit for occupancy for their intended purpose. In the event any mortgagee under a deed of trust, however, that if any Holder (defined below) of an Encumbrance (defined below) requires security agreement or mortgage on the Building should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long Except as the casualty does not result from hereinafter provided, any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the Building by fire or other casualty.
13.2 If event that the Building shall Premises should be damaged or totally destroyed by fire fire, tornado or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair or in the Building, and this Lease shall continue in full force and effect. If event the Premises or the Building shall should be destroyed so damaged that rebuilding or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant repairs cannot be completed within ninety (90) days after the occurrence date of such casualtydamage, and either Landlord or Tenant may at its option terminate this Lease, in which event the rent shall be abated during the unexpired portion of this Lease shall terminate as of effective with the date of such noticedamage. If In the event the Premises should be damaged by fire, tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within ninety (90) days after the date of such damage, or if the damage should be more serious but neither Landlord should not elect nor Tenant elects to terminate this Lease, in either such event Landlord shall within, thirty (30) days after the date of such damage, commence to rebuild or repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition in which they were immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other Tenants within the Building or the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires or related facilities. In the event that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyPremises are totally untenantable, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantabatx xxx rent during the time the Premises are unfit for occupancy. So long as If the casualty does Premises are not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or inviteestotally untenantable, Landlord shall allow Tenant a reduction fair diminution of Base Rent rent during the time the Building is Premises are partially unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver If the Building is totally destroyed by fire, tornado or other casualty or if the Premises or the Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord may at its option terminate this Lease by written notice to Landlord Tenant, in which event the Rent shall be abated 13 <PAGE> during the unexpired portion of any damage caused to this Lease effective from the Building by fire or other casualty.
13.2 date of such damage. If the Building shall be or the Premises are damaged or destroyed by fire fire, tornado or other casualty and covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but Landlord does not elect to terminate this Lease as hereinafter providedLease, in either such event Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed commence rebuilding or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant repairing within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord damage and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the related casualty, and at its sole cost and expense from the date of such casualty until the date Landlord has completed such restoration, Rent shall xxxxx in such proportion as the Premises have been made untenantable. If Landlord elects to rebuild and or repair the Premises; providedBuilding and/or Premises as provided herein, but Landlord fails to substantially complete said restoration or repair within twelve (12) months after the date of such damage, Tenant shall have the right to terminate this Lease upon ten (10) days' prior written notice thereof to Landlord. Landlord shall not be required, however, that if to rebuild, repair or replace any Holder (defined below) part of an Encumbrance (defined below) requires the furniture, equipment, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building on the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If, following casualty of any magnitude, any mortgagee under a deed to secure debt, security agreement or mortgage on the Building should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long Except as the casualty does not result from hereinafter provided, any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written The Seller agrees to give Purchaser prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property occurring between the Effective Date and the Closing Date of which the Seller has knowledge. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is fully insured (without regard to deductibles) and Landlord would cost less than Two Hundred Fifty Thousand Dollars ($250,000.00) and require less than forty-five (45) days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but the Seller shall assign to Purchaser at the Closing all of the Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to the Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse the Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) or require forty-five (45) days or more to repair, then Purchaser may terminate this Agreement by written notice given to the Seller within ten (10) days after the Seller has given Purchaser the notice of damage or casualty referred to in this Section 8.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing the Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible plus any amount not covered by insurance. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice given to the Seller within ten (10) days after the Seller has given Purchaser the notice of damage or casualty or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder, except those which expressly survive a termination of this Agreement. If Purchaser does not elect to terminate its obligations under this Lease Agreement pursuant to the immediately preceding sentence, or if any uninsured fire or casualty would cost less than Five Hundred Thousand Dollars ($500,000.00) to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either reduced by the estimated amount to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder exceed Five Hundred Thousand Dollars (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control$500,000.00).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Moody National REIT I, Inc.)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Building Demised Premises by fire or other casualty.
13.2 If , Tenant shall promptly give notice thereof to Landlord. In case of damage to the Building shall be damaged Building, the Demised Premises or destroyed the Parking Facilities by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter providedcasualty, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingshall, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If unless Landlord elects to terminate this Lease as described below, and subject to the rights of Landlord's Mortgagees, thereupon undertake the repair and restoration of: (a) the Building, to substantially the same condition as existed prior to the casualty; provided that Landlord is not obligated to restore any portion of the Building or Parking Facilities not necessary for Tenant's use of the Demised Premises (hereinafter the "Excluded Area"); and (b) the Demised Premises, to substantially the condition in which Landlord was obligated to deliver the Demised Premises to Tenant on the Rental Commencement Date, at the expense of Landlord, subject to delays which may arise by reason of adjustment of loss under insurance policies and for delays beyond the reasonable control of Landlord; provided, however, that Landlord shall not be obligated to restore the Demised Premises if adequate insurance proceeds are not available to Landlord to complete such work. The Minimum Annual Rent payable by Tenant hereunder shall be equitably apportioned during the period of Landlord's repair and/or restoration of the Demised Premises in accordance with the portion of the Demised Premises which has been rendered untenantable. If Landlord elects to make such repairs, Tenant shall, within thirty (30) days after completion by Landlord of such repair and/or restoration, at Tenant's sole cost, and expense, commence to repair or restore the remainder of the Demised Premises to the condition it was in prior to such fire or casualty, (which work shall give be completed by Tenant within one hundred twenty (120) days of commencement.) In the event that Landlord, in Landlord's discretion, shall decide not to repair or rebuild the Demised Premises, the Building or the Parking Facilities, Landlord shall deliver written notice to Tenant of such its election to Tenant terminate this Lease within ninety (90) days after Landlord is notified of the occurrence of such casualty, and this Lease shall terminate as of the date of specified in such notice. If Landlord should notice which date shall not elect to terminate this Leasebe more than ninety (90) days thereafter, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if Rent (taking into account any Holder (defined belowapportionment as aforesaid) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy adjusted to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Buildingtermination date, and further Tenant shall be limited to thereupon promptly vacate the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the BuildingDemised Premises.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the control of Landlord, including a "force majeure" (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant's property or any alterations or additions made by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant's visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Demised Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall be damaged not permit the application of adequate insurance proceeds for repair or destroyed by fire or other casualty and Landlord does not elect to terminate restoration, this Lease as hereinafter providedshall, Landlord shall proceed with reasonable diligence and at its the sole cost and expense to rebuild and repair the Buildingoption of Landlord, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give exercisable by written notice of such election to Tenant given within ninety sixty (9060) days after Landlord is notified of the occurrence casualty and to the extent thereof, be terminated as of a date specified in such casualtynotice (which shall not be more than ninety [90] days thereafter), and this Lease the rent (taking into account any abatement as aforesaid) shall terminate as of be adjusted to the termination date of such noticeand Tenant shall thereupon promptly vacate the Demised Premises. If Landlord should not elect to terminate this LeaseFurthermore, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair in the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result case of any such casualty, Landlord shall have no obligation promptly furnish to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction Tenant an estimate of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time necessary to repair and restore the Building is unfit so as to permit the use of the Demised Premises for occupancy, which reduction shall be based upon the proportion use permitted hereunder. If such estimated period for completion of square feet the repair and restoration of the Building unfit for occupancy exceeds three hundred sixty-five (365) days from the date of the estimate, Tenant may, but only within twenty (20) days after Tenant's receipt of the estimate, terminate this Lease by written notice to Landlord. If Tenant does not so terminate, this Lease (subject to the total square feet provisions set forth herein), shall remain in effect regardless of whether the actual restoration time differs from the estimate; provided, however, in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to event the Building shall be for actual restoration time exceeds three hundred ninety-five (395) days from the sole benefit date of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Buildingestimate, Tenant will continue shall have the operation further right to terminate this Lease by written notice to Landlord, but only within twenty (20) days after the expiration of its business within the Building to the extent practicablesuch three hundred ninety-five (395) day period.
Appears in 1 contract
Samples: Office Lease (CTN Media Group Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord (A) If during the term of this lease or any damage caused to renewal or extension thereof, the Building by fire demised premises or other casualty.
13.2 If the Building shall be building of which the demised premises is a part is totally destroyed or is so damaged or destroyed by fire or other casualty not occurring through the fault or negligence of Tenant or those employed by or acting for Tenant (whether or not the demised premises are damaged) that the same cannot be repaired or restored within one hundred twenty (120) regular working days from the date of the happening of such damage, or if such damage or casualty is not included in the risks covered by Landlord's fire insurance with the usual extended coverage, then this lease shall absolutely cease and terminate and the rent shall xxxxx for the balance of the term. In such case, Tenant shall pay the rent apportioned to the date of damage and Landlord does not elect may enter upon and repossess the demised premises without further notice and with the right to break in and take possession.
(B) If the damage caused as above can be repaired or restored within one hundred twenty (120) regular working days and said damage and the cost of repairs and restoration are fully covered by the Landlord's insurance, Landlord may exercise either of the following options:
(i) Landlord shall have the option to restore the premises for that purpose and the rent shall be apportioned during the time Landlord is in possession, taking into account the proportion of the demised premises rendered untenantable and the duration of Landlord's possession; if a dispute arises as to the amount of rent due under this clause, Tenant agrees to pay the full amount claimed by Landlord and Tenant shall have the right to proceed by law to recover the excess payment, if any.
(ii) Landlord shall have the option to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give lease by giving written notice of such election termination to Tenant within ninety sixty (9060) days after said partial destruction; and upon the occurrence of such casualty, and this Lease shall terminate as of the date giving of such notice. , the lease shall expire by lapse of time after thirty (30) days and the Tenant shall vacate the demised premises.
(C) If Landlord should not elect to terminate this Leasethe damage caused as above is only slight, Landlord shall proceed with reasonable diligence repair whatever portion, if any, of the demised premises that may have been damaged by fire or other casualty insured as aforesaid, and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder rent accrued or accruing shall not be apportioned or suspended.
(defined belowD) of an Encumbrance (defined below) requires that If said damage by fire or other casualty was caused by the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction negligence of Tenant or Tenant’s agentshis agent, employees, customers, contractors, employees or invitees, Landlord Tenant shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall not be based upon the proportion of square feet entitled to any abatement or apportionment of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlrent.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately (a) If, during the term of this Lease, or any renewal or extension thereof, the Building is so damaged by fire or other casualty that the Premises are rendered unfit for occupancy (whether or not the Premises are damaged), Landlord shall deliver notice to Tenant of the estimated time to repair the damage within sixty (60) days after the date of such fire or other casualty (the “Repair Estimate”). If the Repair Estimate provides that the damage cannot be repaired within two hundred seventy (270) days from the casualty, then either Landlord or Tenant may terminate this Lease upon written notice to the other given within thirty (30) days after the Repair Estimate is delivered by Landlord to Tenant, which termination shall be effective as of any damage caused the date of the occurrence of such damage, and Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If neither Landlord or Tenant elects to terminate the Term of this Lease, Landlord, subject to reasonable delays for insurance adjustments and to delays caused by matters beyond Landlord’s reasonable control, will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Landlord may enter and possess the Premises for that purpose; while the Tenant is deprived of the Premises, the Fixed Rent shall be suspended in proportion to the number of square feet of the Premises rendered untenantable. Such restoration shall be to substantially the same condition prior to the casualty, except for modifications required by applicable laws or by Landlord’s lender. If the Premises or the Building shall be damaged so that such damage does not render any portion of the Premises unfit for occupancy, Landlord will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Tenant will continue in possession and rent will not be apportioned or suspended. Notwithstanding any other provisions of this Article 11, (a) Landlord shall have no duty to repair or replace any personal property, or any of Tenant’s fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Direct Tenant Work, (b) Landlord shall have no liability to Tenant for, and except as set forth in the next paragraph, Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs and (c) Landlord shall have the right to terminate this Lease upon giving written notice to Tenant at any time within thirty (30) days after the date of the damage if the Premises is damaged by fire or other casualty during the last six (6) months of the Term unless Tenant, having the right to renew the Term pursuant to an express provision contained in this Lease, has effectively extended the Term for a term in excess of one (1) year following the occurrence of the fire or other casualty.
13.2 If (b) Tenant shall have the Building shall be damaged or destroyed by fire or other casualty and Landlord does not elect right to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give by sending written notice of such election termination to Tenant Landlord within ninety (90) days after the occurrence of Outside Date (as hereinafter defined) if the repair work is not completed by such casualtydate, and this Lease shall terminate as of subject to force majeure. “Outside Date” means (i) if the Landlord estimated that the repair work would require less than two hundred seventy (270) consecutive dates to complete, the 360th day after the date of such notice. If casualty or (ii) if Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires estimated that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyrepair work would require more than two hundred seventy (270) consecutive days to complete, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during date which is ninety (90) days after the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet estimated completion date set forth in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlRepair Estimate.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Trevena Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of (a) If the Leased Premises or any damage caused to the Building part thereof are damaged by fire or other casualty.
13.2 , Tenant shall give prompt notice thereof to Landlord. If the Building shall be is so damaged or destroyed by fire or other casualty and that substantial alteration or reconstruction of the Building is, in Landlord's sole opinion, required, or if any mortgagee under a mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds payable as a result of the fire or other casualty be used to retire the mortgage debt, Landlord does not elect to may, in its sole discretion, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written by giving Tenant notice of such election to Tenant termination within ninety (90) 60 days after the occurrence date of such casualtythe damage, and this Lease shall terminate in which event the Rent abates as of the date of such notice. the damage.
(b) If Landlord should does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence within 90 days after the date of the damage commence to repair and at restore the Building (except that Landlord is not responsible for delays outside its sole cost control) to substantially the same condition in which it was immediately prior to the casualty. Landlord is not required to rebuild, repair, or replace any part of Tenant's furniture or furnishings or fixtures and expense equipment removable by Tenant under the provisions of this Lease. No Landlord Party is liable for any inconvenience or annoyance to rebuild and repair any Tenant Party or injury to the Premisesbusiness of Tenant resulting in any way from casualty damage or the repairs (INCLUDING ANY INCONVENIENCE, ANNOYANCE OR INJURY RESULTING SOLELY OR IN PART FROM THE NEGLIGENCE, BUT NOT THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OF ANY LANDLORD PARTY); provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time and to the extent the Building is unfit for occupancy, which Landlord shall grant to Tenant a fair reduction in Rent.
(c) If the damages are caused by the negligence or willful misconduct of any Tenant Party, Rent does not reduce and Tenant shall be based upon the proportion of square feet pay to Landlord on demand as additional Rent any damages in excess of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried amount paid by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingreceived by Landlord.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord If, during the term of this Lease, or any damage caused to renewal or extension thereof, the Building by fire or other casualty.
13.2 If the Building shall be is so damaged or destroyed by fire or other casualty and Landlord does that the Premises are rendered unfit for occupancy (whether or not elect to terminate the Premises are damaged), then, at Landlord’s option, the Term of this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give upon written notice of such election to Tenant from Landlord given within ninety thirty (9030) days after the occurrence of such casualtydamage, and this Lease shall terminate as of the date of the occurrence of such damage. In such case, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If Landlord should does not elect to terminate the Term of this Lease, Landlord shall proceed with Landlord, subject to reasonable diligence delays for insurance adjustments and at its sole cost and expense to rebuild and delays caused by matters beyond Landlord’s reasonable control, will repair whatever portion, if any, of the Premises; provided, however, that if any Holder (defined below) Premises or of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building serving the Premises which may have been damaged and Landlord may enter and possess the Premises for that purpose; while the Tenant is deprived of the Premises or while the Premises is unfit for occupancy, which reduction the Fixed Rent and all additional rent shall be based upon abated in proportion to the proportion number of square feet of the Building unfit for occupancy to Premises rendered untenantable. If the total square feet in the Building. Any insurance which may be carried by Landlord Premises or Tenant against loss or damage to the Building shall be damaged so that such damage does not render the Premises unfit for the sole benefit occupancy, Landlord will repair whatever portion, if any, of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration Premises or of the Building, Building serving the Premises which may have been damaged and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue in possession and rent will not be apportioned or abated. Notwithstanding any other provisions of this Article 11, (a) Landlord shall have no duty to repair or replace any personal property, or any of Tenant’s fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Direct Tenant Work but shall be required to repair or replace the operation work shown on the Tenant Construction Plans and Standard Tenant Work, (b) Landlord shall have no liability to Tenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs, provided, however, if Landlord shall fail to complete repairs within thirty (30) days of any date agreed to by Landlord for the completion of repairs (subject however to the right of Landlord to postpone such date due to delays constituting force majeure), Tenant may terminate this Lease, and (c) either Landlord or Tenant shall have the right to terminate this Lease upon giving written notice to the other party at any time within thirty (30) days after the date of the damage if the Premises is damaged by fire or other casualty during the last six (6) months of the Term unless Tenant exercises the Renewal Option (as hereinafter defined). Following a casualty Landlord shall advise Tenant within thirty (30) days of its business occurrence as to Landlord’s estimate of the time period which will be required to restore the Premises. If such estimated period exceeds one hundred eighty (180) days, Tenant shall have the right to terminate this Lease effective as of the date of the occurrence of the casualty so long as Tenant provides Landlord with written notice of termination within the Building to the extent practicablethirty (30) days of Tenant’s receipt of Landlord’s time estimate.
Appears in 1 contract
Samples: Lease Agreement (Ym Biosciences Inc)
Fire or Other Casualty. 13.1 (a) If the Leased Premises or any part thereof are damaged by fire or other casualty (a ‘Casualty”), Tenant immediately shall give prompt notice thereof to Landlord. If the Leased Premises or the Building is damaged by a Casualty, subject to the provisions of Section 7.03(b), Landlord shall, within sixty (60) days after such Casualty deliver to Tenant a good faith estimate (the “Damage Notice”) of the date on which the repair of the damage caused by such Casualty will be substantially completed (such date is herein called the “Estimated Restoration Completion Date”). If any portion of the Leased Premises is rendered untenantable by such Casualty (which shall include damage to the Building, but not the Leased Premises, which substantially interferes with the use of the Leased Premises for their intended purposes), then Base Rent and Additional Rent shall xxxxx as of the date of the Casualty with respect to such portion of the Leased Premises until the earlier of(i) substantial completion of repairs to the Leased Premises and elevator access and other services are available to the Leased Premises, or the Building (as applicable) for conduct of Tenant’s business or (ii) the date on which Tenant conducts business in such portion of the Leased Premises.
(b) If (i) a Casualty damages a material portion of the Building, and (ii) Landlord makes a good faith determination to demolish the remainder of the Building or Landlord’s Mortgagee requires any of the insurance proceeds be applied to the indebtedness secured by its Mortgage, then Landlord or Tenant may terminate this Lease by giving written notice of its election to terminate to the other party within thirty (30) days after the Damage Notice has been delivered to Tenant. In case of any such termination under this Section 7.03(b), Base Rent and Additional Rent shall xxxxx in full as of the date of the Casualty. Landlord will not have the right to terminate this Lease pursuant to this Section 7.03(b) unless Landlord also terminates the leases of all other Tenants in the Building.
(c) If the Leased Premises or the Building is damaged by Casualty, then
(i) if the Estimated Restoration Completion Date is later than one hundred eighty (180) days after the date of the Casualty, Tenant may terminate this Lease by delivering written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other casualty and Landlord does not elect its election to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair within thirty (30) days after the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election Damage Notice has been delivered to Tenant or, if no such notice is delivered by Landlord, within ninety (90) days after the occurrence Casualty; and
(ii) if Tenant does not or does not have the right to terminate this Lease pursuant to Section 7.03(c)(i) and such damage is not repaired by the Casualty Restoration Termination Date (defined below), Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate before the earlier of (A) ten days after the Casualty Restoration Termination Date (defined below) or (B) the completion of such casualtyrepairs. Any termination right of Tenant not timely exercised shall be deemed waived, time being of the essence with respect thereto. In case of any termination under Section 7.03(c) above, Base Rent and this Lease Additional Rent shall terminate xxxxx in full as of the date of such noticethe Casualty. In case of any termination under Section 7.03(c) above, the portion of the Base Rent for the portion of the Leased Premises affected thereby not theretofore abated shall xxxxx as of the date of termination. Unless Landlord and Tenant agree in writing otherwise, the “Casualty Restoration Termination Date” shall be thirty (30) days after the later of (i) one hundred eighty (180) days after the Casualty, or (ii) the Estimated Restoration Completion Date, not to exceed one hundred eighty (180) days.
(d) If Landlord should not elect neither party elects to terminate this LeaseLease following a Casualty, then Landlord shall , within a reasonable time after such Casualty, commence to repair the Building and the Leased Premises and shall proceed with reasonable diligence to restore the Building and at its sole cost and expense Leased Premises to rebuild and repair substantially the Premisessame condition as they existed immediately before such Casualty (including the work set out in the Work Letter attached hereto); provided, however, Landlord shall not be required to repair or replace any part of the furniture, equipment, fixtures, and other improvements (other than that if any Holder (defined belowset forth in the Work Letter attached hereto) which may have been placed by, or at the request of, Tenant or other occupants in the Building or the Leased Premises, and Landlord’s obligation to repair or restore the Building or Leased Premises shall be limited to the extent of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as paid for the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. question.
(e) Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be or to the Leased Premises is for the sole benefit of the party carrying such the insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Matinee Media CORP)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord keep all of any damage caused to its trade fixtures and personal property at the Building Premises at Tenant’s risk and shall be insured against loss by fire and other casualties at Tenant’s sole expense. If the Compo Beach Pavilion Space, the Halfway House or the Xxxxxxxxx Pavilion Space is partially damaged by fire or other casualty.
13.2 , the damage shall be repaired by the Town at the Town’s expense and the rent, until such repairs are completed, shall be abated in proportion to the percentage of the Premises that Tenant is unable to use while repairs are being made. If the Building Pavilion at Compo Beach, the Halfway House or the Xxxxxxxxx Pavilion is totally destroyed or the casualty results in the whole Compo Beach Pavilion Space, Halfway House or Xxxxxxxxx Pavilion Space being unusable by the Tenant, then the Town may elect not to repair or rebuild the destroyed or damaged building, provided that the Town shall be damaged make that decision and deliver Notice to Tenant within four (4) months. If the Town elects not to repair or destroyed by fire rebuild the Pavilion at Compo Beach, the Halfway House or other casualty and Landlord does not the Xxxxxxxxx Pavilion, then either party may elect to terminate this Lease as hereinafter providedwith respect to any or all of the Compo Beach Pavilion Space, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effectHalfway House or the Xxxxxxxxx Pavilion Space. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord a party elects to terminate this Lease it shall give written notice of such election with respect to Tenant within ninety (90) days after the occurrence of such casualtyCompo Beach Pavilion Space, the Halfway House and the Xxxxxxxxx Pavilion Space, then this Lease shall be terminated effective on the third (3rd) day after the party delivers Notice to the other party and Tenant shall vacate the Premises and surrender possession to Town as soon as reasonably possible. If either party elects to terminate this Lease with respect to the destroyed or damaged building (i. e., the Compo Beach Pavilion Space, the Halfway House or the Xxxxxxxxx Pavilion Space) but not the other buildings, then the rent due under this Lease shall be adjusted proportionately, provided that either party may terminate this Lease if an agreement on the rent adjustment is not reached within one (1) month after delivery of a letter specifying a dollar amount as the party’s last and final offer. If this Lease is terminated with respect to the Compo Beach Pavilion Space, the Halfway House or the Xxxxxxxxx Pavilion Space pursuant to this Paragraph and Tenant is not in default under this Lease, then Tenant’s liability for rent with respect to the Compo Beach Pavilion Space, the Halfway House or the Xxxxxxxxx Pavilion Space, as applicable, shall cease as of the date of such noticeday following the casualty. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and Notwithstanding anything in this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in contrary, the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 LandlordTown’s obligation to repair make repairs or rebuild the Premises shall be limited to the restoration amount of the Building, and further shall be limited available proceeds of fire or casualty insurance paid to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair Town on account of the Building, Tenant will continue the operation of its business within the Building to the extent practicablecasualty.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately Seller shall deliver written give Buyer prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to the Building shall be Property costing more than $100,000.00 to repair and occurring between the date of this Agreement and the Closing. If, prior to Closing, the Property is damaged or destroyed by fire or other casualty which is insured (without regard to deductibles) to an extent as would not cost (as to the damaged property) more than $8,000,000.00 and Landlord would not take longer than six (6) months to repair, and if the holders of the existing loans to Seller permit insurance proceeds to be used to repair and restore the Property, then the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Buyer at Closing all of Seller’s interest in any insurance proceeds (except only, rent loss and business interruption insurance, and any similar insurance attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration. If any such damage due to fire or other casualty is insured and is to such an extent as would cost more than $8,000,000.00 or would take longer than six (6) months to repair, or if such holders will not permit insurance proceeds to be used to repair and restore the Property then, at Buyer’s option, Buyer may terminate this Agreement and the Escrow Deposit shall be returned to Buyer. Should Buyer nevertheless elect to proceed to Closing, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Buyer all of Seller’s interest in any insurance proceeds (except only, rent loss and business interruption insurance, and any similar insurance, in each case, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, and Seller shall grant to Buyer a credit against the Purchase Price equal to the amount of the applicable deductible, to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required to reimburse Owner for actual expenditures of restoration. If, prior to Closing, the Property is damaged by fire or other casualty which is uninsured and would cost more than $8,000,000.00 to repair or would take longer than six (6) months to repair, then, at Buyer’s option, Buyer may terminate this Agreement and the Escrow Deposit shall be returned to Buyer. If Buyer does not elect to terminate this Lease Agreement with respect to such uninsured casualty in the immediately preceding sentence, or if any uninsured casualty would not cost more than $8,000,000.00 to repair and would not take longer than six (6) months to repair, then the Closing shall take place as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingprovided herein, and this Lease shall continue in full force and effect. If the Building Purchase Price shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair reduced by the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation estimated amount to repair shall be limited casualty not to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for exceed such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building$8,000,000.00.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Purchase and Sale Agreement (DiamondRock Hospitality Co)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Demised Premises or ---------------------- those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the reasonable control of Landlord, including a "force majeure". Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant's property or any alterations or additions made by Tenant. To the extent and for the time that the Demised Premises are thereby rendered untenantable, minimum rent and additional rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of type insured against under standard fire policies with extended type of coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, be damaged terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any abatement as aforesaid) shall be adjusted to the termination date (subject to any abatement thereof in accordance with the preceding sentence) and Tenant shall thereupon promptly vacate the Demised Premises. Notwithstanding the foregoing, Tenant shall be permitted to terminate this Lease in the event the Demised Premises have been rendered untenantable, inaccessible or destroyed unsafe for its intended use by fire or other casualty Tenant, and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of complete such election to Tenant restoration within ninety two hundred (90200) days after the occurrence of such casualty, and this Lease shall terminate as of from the date of such notice. If casualty (by giving Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and ten (10) days notice at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder expiration of such two hundred (defined below200) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlday period).
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the control of Landlord, including a "force majeure" event (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant's property or any alterations or additions made by or on behalf of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant's visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Demised Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall be damaged not permit the application of adequate insurance proceeds for repair or destroyed by fire or other casualty and Landlord does not elect to terminate restoration, this Lease as hereinafter providedshall, Landlord shall proceed with reasonable diligence and at its the sole cost and expense to rebuild and repair the Buildingoption of Landlord, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give exercisable by written notice of such election to Tenant given within ninety sixty (9060) days after Landlord is notified of the occurrence casualty and to the extent thereof, be terminated as of a date specified in such casualtynotice (which shall not be more than ninety [90] days thereafter), and this Lease the rent (taking into account any abatement as aforesaid) shall terminate as of be adjusted to the termination date of such noticeand Tenant shall thereupon promptly vacate the Demised Premises. If Landlord should not elect to terminate this LeaseFurthermore, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair in the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result case of any such casualty, Landlord shall have no obligation promptly furnish to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction Tenant an estimate of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time necessary to repair and restore the Building is unfit so as to permit the use of the Demised Premises for occupancy, which reduction shall be based upon the proportion use permitted hereunder. If such estimated period for completion of square feet the repair and restoration of the Building unfit for occupancy exceeds three hundred (300) days from the date of casualty, Tenant may, but only within twenty (20) days after Tenant's receipt of the estimate, terminate this Lease by written notice to Landlord. If Tenant does not so terminate, this Lease (subject to the total square feet provisions set forth herein), shall remain in effect regardless of whether the actual restoration time differs from the estimate; provided, however, in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to event the Building shall be for actual restoration time exceeds three hundred thirty (330) days from the sole benefit date of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Buildingcasualty, Tenant will continue shall have the operation further right to terminate this Lease by written notice to Landlord, but only within twenty (20) days after the expiration of its business within the Building to the extent practicablesuch three hundred thirty (330) day period.
Appears in 1 contract
Samples: Office and Cafeteria Lease (BioMed Realty Trust Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Requirements, and for delays beyond the control of Landlord, including a “force majeure” (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant’s property or any alterations or additions made by or on behalf of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant’s visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall be damaged not permit the application of adequate insurance proceeds for repair or destroyed by fire or other casualty and Landlord does not elect to terminate restoration, this Lease as hereinafter providedshall, Landlord shall proceed with reasonable diligence and at its the sole cost and expense to rebuild and repair the Buildingoption of Landlord, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give exercisable by written notice of such election to Tenant given within ninety sixty (9060) days after Landlord is notified of the occurrence casualty and to the extent thereof, be terminated as of a date specified in such casualtynotice (which shall not be more than ninety [90] days thereafter), and this Lease the rent (taking into account any abatement as aforesaid) shall terminate as of be adjusted to the termination date of such notice. If Landlord should not elect to terminate this Lease, Landlord and Tenant shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair thereupon promptly vacate the Premises; provided. Furthermore, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that in the insurance proceeds be applied under such Encumbrance as a result case of any such casualty, Landlord shall have no obligation promptly furnish to rebuild Tenant an estimate from a reputable contractor selected by Landlord of the necessary time for completion of the repair and this Lease shall terminate upon notice to Tenant. So long as restoration of the casualty does not result from any willful or negligent action or inaction Building (such estimated time for completion of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction the repair and restoration of Base Rent during the time the Building is unfit hereinafter referred to as the “Estimated Time”). If the Estimated Time exceeds one hundred eighty (180) days, Tenant may, but only within twenty (20) days after Xxxxxx’s receipt of the notice of the Estimated Time, terminate this Lease by written notice to Landlord. If Tenant does not so terminate, this Lease (subject to the provisions set forth herein) shall remain in effect regardless of whether the actual time for occupancy, which reduction shall be based upon completion of the proportion of square feet repair and restoration of the Building unfit for occupancy to differs from the total square feet Estimated Time; provided, however, in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to event the Building shall be for the sole benefit of the party carrying such insurance repair and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to Building is not completed within sixty (60) days after the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair expiration of the BuildingEstimated Time (calculated from the date Tenant received the notice of the Estimated Time from Landlord), Tenant will continue shall have the operation further right to terminate this Lease by written notice to Landlord, but only within twenty (20) days after the expiration of its business within the Building to the extent practicable.such sixty
Appears in 1 contract
Samples: Office Lease
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to In the Building by fire or other casualty.
13.2 If event that the Building shall premises should be damaged or totally destroyed by fire fire, tornado or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair or in the Building, and this Lease shall continue in full force and effect. If event the premises or the Building shall should be destroyed so damaged that rebuilding or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant repairs cannot be completed within ninety (90) days after the occurrence date of such casualtydamage, and either Landlord or Tenant may at its option terminate this Lease lease in which event the rent shall terminate as be abated during the unexpired portion of this lease effective with the date of such noticedamage. If In the event the premises should be damaged by fire, tornado or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within ninety (90) days after the date of such damage, or if the damage should be more serious but neither Landlord should not elect nor Tenant elects to terminate this Leaselease, in either such event Landlord shall within (30) days after the date of such damage commence to rebuild or repair the premises and shall proceed with reasonable diligence to restore the premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment , fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other Tenants within the Premises; providedproject or the premises. Landlord shall allow Tenant a fair diminution of rent during the time the premises are unfit for occupancy. In the event any mortgages under a deed of trust, however, that if any Holder (defined below) of an Encumbrance (defined below) requires security agreement or mortgage on the premises should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building project or to the premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Agreement (Omega Research Inc)
Fire or Other Casualty. 13.1 Tenant immediately Subject to provisions of the next sentence, Landlord agrees that if before or during the term of this Lease the Leased Premises shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , not occasioned by the Building act of tenant or the servants, licensees, invitees or agents of Tenant, Landlord will cause the Leased Premises to be repaired with reasonable dispatch after actual notice to it of the damage, due allowance to be made for any delay resulting from any cause beyond Landlord's reasonable control; provided, however, that Landlord shall not be required to repair or replace any property which Tenant may be entitled to remove or which Landlord may require Tenant to remove from the Leased Premises pursuant to Paragraph 13, above; and provided further, that during the time, if any, that the Leased Premises are unfit for occupancy by Tenant, the Base Monthly Rental and additional rent shall xxxxx pro rata (based upon the amount of said Leased Premises being untenantable) without the Term Expiration of the Lease being extended. However, if Landlord in its sole discretion decides not to cause the Leased Premises to be repaired and restored, Landlord may terminate this Lease by notifying Tenant within a reasonable time after such damage of Landlord's election to terminate this lease, immediately if the Term shall not have commenced, or on a date to be specified in such notice if during the Term. In the event of the giving of such notice during the Term, this Lease shall expire and all interest of Tenant in the Leased Premises shall terminate on the date specified in such notice, and the Base Monthly Rental shall be damaged or destroyed by apportioned and paid up to the time of such fire or other casualty and Landlord does if the Leased Premises are damaged, or up to the specified date of termination if the Leased Premises are not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effectdamaged. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant Leased Premises is not repaired within ninety (90) days after actual written notice to Landlord of the occurrence of casualty (or such casualtylonger period as is reasonable required by Landlord to repair such damage), and Tenant may terminate this Lease shall terminate as of within fifteen (15) days by written notice to Landlord. Tenant fully assumes the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result risk of any such casualty, Landlord damage to all personal property of Tenant from time to time situated in the Leased Premises. Tenant shall have no obligation right or claim to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction part of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of any insurance proceeds available made to or received by Landlord for such restoration. In no event shall fire or other casualty or against Landlord be obligated to rebuild, or otherwise be liable for, for the value of any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Buildingunexpired term of this Lease.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Telecommunications (Winsonic Digital Media Group LTD)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of (a) If the Leased Premises or any damage caused to the Building part thereof are damaged by fire or other casualty.
13.2 , Tenant shall give prompt notice thereof to Landlord. If the Project or the Building shall be is so damaged or destroyed by fire or other casualty and that substantial alteration or reconstruction of the Project or the Building is, in Landlord's sole opinion, required (whether or not the Leased Premises are damaged) or if any mortgagee under a mortgage or deed of trust covering the Project requires that the insurance proceeds payable as a result of the fire or other casualty be used to retire the mortgage debt, Landlord does not elect to may, at its sole option, terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair by giving Tenant notice of termination within 90 days after the Building, and this Lease shall continue in full force and effect. If date of the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Buildingdamage. If Landlord elects to terminate terminates this Lease it shall give written notice of such election to Tenant within ninety (90) days after under this Paragraph, the occurrence of such casualty, and this Lease shall terminate Rent abates as of the date of such notice. the damage.
(b) If Landlord should does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence within 90 days after the date of the damage commence to repair and at restore the Project (except that Landlord is not responsible for delays outside its sole cost control) to substantially the same condition in which it was immediately prior to the casualty. Upon such damage, Tenant shall assign to Landlord (or Landlord's designee) all insurance proceeds payable to Tenant under the property insurance required pursuant to Paragraph 18 (save and expense to rebuild except proceeds paid for loss of Tenant's personal property) and Landlord shall repair and replace the Standard Improvements, Tenant Improvements and alterations installed in the Leased Premises; provided, however, provided that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have in no obligation event be obligated to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful expend for such repair or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet replacement amounts in excess of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated (over and above amounts going to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair mortgagee of the BuildingBuilding and/or Project). Landlord is not liable for any inconvenience or annoyance to any Tenant Party or injury to the business of Tenant resulting in any way from casualty damage or the repairs; provided, Tenant will continue during the operation of its business within the Building time and to the extent practicablethe Leased Premises are unfit for occupancy, Landlord shall, either furnish Tenant with comparable office space at prevailing market rates or a fair diminution of Rent, in accordance with the mutual agreement of Landlord and Tenant at the time.
(c) If the damages are caused by the negligence or willful misconduct of any Tenant Party, Rent does not abatx xxx Tenant shall pay to Landlord on demand as additional Rent any damages in excess of the amount paid by insurance proceeds received by Landlord.
Appears in 1 contract
Samples: Office Lease (Penson Worldwide Inc)
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 10.1 If the Building shall Premises should be damaged or destroyed by fire fire, flood or other casualty and Landlord does not elect to terminate this Lease as hereinafter providedcasualty, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it Sublessee shall give written immediate notice of such election thereof to Tenant Sublessor. Should the Premises be totally destroyed, or so damaged that rebuilding or repairs cannot reasonably be completed within ninety (90) days after from the date of written notification by Sublessee to Sublessor of the occurrence of such casualtythe damage, and this Lease Sublease shall terminate and rent shall be abated for the unexpired portion of the Sublease, effective as of the date of such noticesaid written notification. If Landlord should the Premises shall be damaged, but not elect to such an extent that rebuilding or repairs cannot reasonably be completed within ninety (90) days from the date of written notification by Sublessee to Sublessor of the occurrence of the damage, this Sublease shall not terminate, but Sublessor shall, if the casualty has occurred prior to the final six (6) months of the Sublease term, at Sublessor's full cost and risk, proceed forthwith to rebuild or repair the Premises to substantially the same condition in which they existed prior to such damage. If the casualty occurs during the final six (6) months of the Sublease term, Sublessor shall not be required, but may, rebuild or repair such damage. If the Premises, whether or not they are to be rebuilt or repaired, remain for any time untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted appropriately. In the event that Sublessor fails to complete such rebuilding or repair within ninety (90) days from the date of written notification by Sublessee to Sublessor of the occurrence of the damage, Sublessee may, at its option, terminate this LeaseSublease by written notification at such time to Sublessor, Landlord whereupon all rights and obligations hereunder shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlcease.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 Tenant immediately If before or during the term of this Lease, the Premises shall deliver written notice to Landlord of any damage caused to the Building be damaged by fire or other casualty.
13.2 If , LANDLORD after written notice thereof is given by TENANT, shall repair the Building same with reasonable dispatch after notice to it of the damage, due allowances being made for any delay due to causes beyond the LANDLORD’S reasonable control, provided, however, that LANDLORD shall not be damaged required to repair or destroyed by fire replace any furniture, furnishings or other personal property which TENANT may have placed or installed or which it may be entitled or required to remove from the Premises. LANDLORD shall proceed with due diligence to obtain the corresponding insurance adjustment of the loss and TENANT shall fully cooperate with LANDLORD and assist in the adjustment of the loss. Until such repairs are completed, and provided such damage or other casualty and Landlord does is not elect attributable to the act or neglect of TENANT or the employees, servants, licensees, visitors, assigns or undertenants of TENANT, the rent required to be paid pursuant to Article FOUR hereof, shall be abated in proportion to the part of the Premises which are untenable. If the building, be so damaged that LANDLORD shall decide to demolish and/or to reconstruct the building, in whole or in part, LANDLORD may terminate this Lease as hereinafter provided, Landlord shall proceed with by notifying TENANT within a reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice time after such damage of such LANDLORD’S election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord such termination to be effective immediately if the term shall proceed with reasonable diligence not have commenced or on a date to be specified in such notice if given during the term. In the event of the giving of such notice during the term of this Lease, the rent shall be apportioned and at its sole cost and expense paid up to rebuild and repair the Premises; provided, however, that time of such fire or other casualty if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractorsPremises are damaged, or invitees, Landlord up to the specified date of termination if the Premises are not damaged and LANDLORD shall allow Tenant a reduction of Base Rent during not be otherwise liable to TENANT for the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet value of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit unexpired term of the party carrying such insurance and under its sole controlthis Lease.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 In the event that the Building should be totally destroyed by fire, tornado or other casualty or in the event the Premises or the Building should be so damaged that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days after the date of such damage, Landlord or Tenant may at its option terminate this lease, in which event the Basic Rental and Additional Rental shall be abated during the unexpired portion of this lease effective as of the date of such damage. In order for Tenant to terminate the lease as provided in the immediately shall deliver preceding sentence, Tenant must give written notice to Landlord of any damage caused to such termination within twenty (20) days after the Building by fire or other casualty.
13.2 occurrence of such damage. If the Building Landlord has not received from Tenant written notice terminating this lease within such twenty (20) day period, Tenant shall be damaged or destroyed by fire or other casualty and Landlord does not elect deemed to have waived Tenant's right to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair resulting from such damage under this SECTION 15. In the Building, and this Lease shall continue in full force and effect. If event the Building shall or the Premises should be destroyed damaged by fire, tornado or materially damagedother casualty covered by Landlord's insurance, then but only to such extent that rebuilding or repairs can be completed within one hundred twenty (120) days after the date of such damage, or if the damage should be more serious but neither Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord nor Tenant elects to terminate this Lease it lease; then in either such event Landlord shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect damage commence to terminate this Lease, Landlord rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that (i) Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and at its sole cost and expense to rebuild and repair other improvements which may have been placed by Tenant or other tenants within the Building or the Premises; provided, howeverand (ii) Landlord shall not be required to rebuild, repair or replace any portion of the Premises and the improvements thereto which are in excess of the Original Condition (as defined in EXHIBIT C hereto), except to the extent Tenant pays to Landlord insurance proceeds or other sums which are required to complete such rebuilding, repair or replacement. Further, in no event shall Landlord have any obligation to restore the Premises to any condition in excess of the improvements that if can be replaced within the Finish Budget. Landlord shall allow Tenant a fair diminution of rent during the time the Premises cannot, in Landlord's reasonable opinion, be used or occupied as a result of the applicable casualty. In the event any Holder (defined below) of an Encumbrance (defined below) requires mortgagee under a deed or trust, security agreement or mortgage on the Building should require that the insurance proceeds be applied under such Encumbrance as a result of any such casualtyused to retire the secured debt, Landlord shall have no obligation to rebuild and this Lease lease shall terminate upon notice to Tenant. So long as the casualty does not result Landlord shall have no liability to Tenant for inconvenience, loss of business, or annoyance arising from any willful or negligent action or inaction repair of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet any portion of the Building unfit for occupancy to the total square feet in Premises or the Building. Any If Landlord is required by this lease or by any mortgagee or lessor of Landlord to repair or if Landlord undertakes to repair, Tenant shall pay to Landlord that amount of Tenant's insurance proceeds which insures such damage as a contribution towards such repair, and Landlord shall use reasonable efforts to have such repairs made promptly and in a manner which will not unnecessarily interfere with Xxxxxx's occupancy. Except as herein provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Fire or Other Casualty. 13.1 A. Tenant immediately shall deliver give prompt written notice to Landlord of any material damage caused to the Building Leased Premises by fire or other casualty.
13.2 casualty as soon as reasonably possible after learning of the damage. If the Leased Premises or twenty percent (20%) or more of the floor area of the Building shall be are damaged or destroyed by fire or other casualty and casualty, then Landlord does not elect shall have the option to terminate this Lease as hereinafter providedby giving a notice of Lease termination to Tenant within sixty (60) days from the date of the damage or destruction. In the event this Lease is terminated by Landlord, Landlord shall proceed with reasonable diligence and at refund to Tenant the prepaid rend (unaccrued as of the date of damage or destruction), less any sum then owing Landlord by Tenant.
B. If Landlord has no exercised its sole cost and expense option to rebuild and repair terminate the BuildingLease, and this the Lease shall continue in full force and effect, and repairs will be made by Landlord within a reasonable time thereafter, subject to delays arising from shortages of labor or material, acts of God, war or other conditions beyond Landlord's reasonable control. Rent shall xxxxx proportionately during Landlord's repair period to the extent the Leased Premises are unfit for use by Tenant in the ordinary conduct of its business and are not used by Tenant. Landlord's repair obligation shall be limited to Fifteen & 00/100 Dollars ($15.00) per square foot of Rentable Area contained within the Leased Premises. Landlord shall not be liable to Tenant for any inconvenience or annoyance to Tenant, or injury to Tenant's business resulting from the damage or destruction or any subsequent repair work.
C. If Landlord does not exercise its option to terminate the Lease, as provided in Paragraph 7.A above, but fails to restore the Leased Premises to Building standard condition within one hundred eighty (180) days of the date of the damage, subject to extensions for Tenant delays, shortages of labor or materials, force majeure or other conditions beyond Landlord's reasonable control, Tenant shall have the right to terminate the Lease effective immediately upon such written notice to Landlord. If the Building shall be destroyed or materially damaged, then Landlord may elect either Tenant fails to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written such notice of such election to Tenant within ninety thirty (9030) days after the occurrence of such casualty, and this Lease shall terminate as expiration of the date of such notice. If Landlord should above-referenced one hundred eighty (180) day period (as it may be extended), Tenant shall be deemed to have elected not elect to terminate this the Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
Appears in 1 contract
Samples: Lease Contract (Data Critical Corp)
Fire or Other Casualty. 13.1 Tenant immediately Seller shall deliver written give Buyer prompt notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If casualty to either Property costing more than $100,000.00 to repair and occurring between the Building shall be Date of this Agreement and the Closing. If, prior to Closing, either Property is damaged or destroyed by fire or other casualty which is insured (without regard to deductibles) to an extent as would not cost (as to the damaged property) more than $5,750,000.00 and Landlord would not take longer than six (6) months to repair, and if the holders of the existing loans to Seller permit insurance proceeds to be used to repair and restore such Property, then the Closing shall take place without abatement of the purchase price, but Seller shall assign to Buyer at Closing all of Seller’s interest in any insurance proceeds (except only, rent loss and business interruption insurance, and any similar insurance attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the purchase price, to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required to reimburse Owner for actual expenditures of restoration. If any such damage due to fire or other casualty is insured and is to such an extent as would cost more than $5,750,000.00 or would take longer than six (6) months to repair, or if such holders will not permit insurance proceeds to be used to repair and restore such Property then, at Buyer’s option, Buyer may terminate this Agreement and the Escrow Deposit shall be returned to Buyer. Should Buyer nevertheless elect to proceed to Closing, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Buyer all of Seller’s interest in any insurance proceeds (except only, rent loss and business interruption insurance, and any similar insurance, in each case, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, and Seller shall grant to Buyer a credit against the Purchase Price equal to the amount of the applicable deductible, to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required to reimburse Owner for actual expenditures of restoration. If, prior to Closing, either Property is damaged by fire or other casualty which is uninsured and would cost more than $5,750,000.00 to repair or would take longer than six (6) months to repair, then, at Buyer’s option, Buyer may terminate this Agreement and the Escrow Deposit shall be returned to Buyer. If Buyer does not elect to terminate this Lease Agreement with respect to an uninsured casualty as hereinafter providedaforesaid, Landlord or if any uninsured casualty would not cost more than $5,750,000.00 to repair and would not take longer than six (6) months to repair, then the Closing shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Buildingtake place as provided herein, and this Lease the Purchase Price shall continue in full force and effectbe reduced by the estimated amount to repair casualty not to exceed such $5,750,000.00. If the Building shall be destroyed Buyer does not or materially damaged, then Landlord may elect either is not entitled to terminate this Lease as hereinafter provided Agreement with respect to a casualty or to proceed to rebuild condemnation, Seller shall diligently commence and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the pursue restoration of the Building, Property so as to minimize the loss of business and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair good will of the Building, Tenant will continue the operation of its business within the Building to the extent practicableProperty.
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Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord In case of any damage caused to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty.
13.2 If , Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the control of Landlord, including a "force majeure". Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant's property or any alterations or additions made by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant's visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Demised Premises are thereby rendered untenantable, the rent shall proportionately abatx. Xx the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall be damaged not permit the application of adequate insurance proceeds for repair or destroyed restoration, this Lease shall, at the sole option of Landlord, exercisable by fire or other written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, be terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any abatement as aforesaid) shall be adjusted to the termination date and Tenant shall thereupon promptly vacate the Demised Premises. Notwithstanding the foregoing, in the event Landlord does not elect repair or rebuild the Demised Premises and the Building to a condition such that Tenant may operate its business in a manner substantially similar to that which existed prior to the date of the casualty within two hundred (200) days of the date of the casualty, then Tenant shall be permitted, upon ten days notice to Landlord, to terminate this Lease as hereinafter provided, Landlord and neither party shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if thereafter have any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no further obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole controlother.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent practicable.
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