Fire or Other Casualty. 10.1 In the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance 10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable. 10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee. 10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 4 contracts
Samples: Lease Agreement (HomeStreet, Inc.), Lease Agreement (HomeStreet, Inc.), Lease Agreement (HomeStreet, Inc.)
Fire or Other Casualty. 10.1 In If all or part of the event Leased Premises is rendered untenantable by damage from fire or other casualty which in Prime Lessor's reasonable opinion cannot be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the Building or date of the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, then either Prime Lessor mayor Subtenant may elect to terminate this Sublease Agreement as of the date of such casualty by written notice delivered to the other not later than ten (10) days after notice of such determination is given by Prime Lessor. If in Prime Lessor's reasonable opinion the damage caused by the fire or casualty can be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the date of the fire or other casualty, or if neither party exercises its right to terminate under the previous sentence, Prime Lessor shall, but only to the extent that insurance proceeds are available for such purpose, repair such damage, other than damage to furniture, furnishings, equipment, trade fixtures or other personal property which does not belong to the Prime Lessor, all of which shall be repaired or replaced forthwith by Subtenant at its optionown expense. During any period of restoration, restore the Building Rent payable by Subtenant shall be proportionately reduced to the extent that the Leased Premises are thereby rendered untenantable from the date of casualty until substantial completion by Prime Lessor of the repairs to the Leased Premises (or leased premises the part thereof rendered untenantable) or until Subtenant again uses the Leased Premises (or the part thereof rendered untenantable) in its business, whichever first occurs. Notwithstanding anything to as near their previous condition as the contrary in this paragraph 28.1, if all or a substantial part (whether or not including the Leased Premises) of the Center is reasonably possible, and rendered untenantable by damage from fire or other casualty to such a material extent that in the meantime opinion of Prime Lessor the rent shall Center must be abated totally or partially demolished, whether or not to be reconstructed in the same proportion whole or in part, Prime Lessor may elect to terminate this Sublease Agreement as the untenantable portion of the leased premises bears date of the casualty (or on the date of notice if the Leased Premises are unaffected by such casualty) by written notice delivered to the whole thereof; but unless Lessor, within Subtenant not more than sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime)fire or casualty. Except as set forth above in this paragraph 28.1, Lessor there shall be required no reduction or abatement of rent and neither Prime Lessor nor Tenant shall have any liability to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) Subtenant by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration reason of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, injury to or other labor disputes, material shortages, interference with Subtenant's business or property arising from fire or other casualty, acts of God however caused, or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date making of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that any repairs resulting therefrom in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank or to any portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts Center or the Leased Premises by Subtenant or Prime Lessor. An election to provide Lessee with substitute space (which is repair the functional equivalent of Leased Premises hereunder shall not extend the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionLease Term.
Appears in 4 contracts
Samples: Sublease Agreement, Sublease Agreement, Sublease Agreement
Fire or Other Casualty. 10.1 (a) Subject to the terms and conditions of any mortgage having priority over this Lease, if the Building and Premises are damaged by fire or any other cause to such extent that the same cannot be restored, as reasonably estimated by Xxxxxxxx, within one hundred fifty (150) 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 (including the Landlord’s Work, but expressly excluding the Upgraded Work), 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 Xxxxxx surrenders possession of the Premises. In such event, the Rent and other charges due hereunder shall be apportioned as of the day following the casualty, and any Rent paid for any period beyond said date shall be repaid to Tenant. If the time of restoration as estimated by Landlord shall be less than one hundred fifty (150) days, or if Landlord does not elect to terminate this Lease, as hereinabove provided, Landlord shall restore the Building and the Premises (including the Landlord’s Work, but expressly excluding the Upgraded Work) within said one hundred fifty (150) day period, subject to Force Majeure and delays in making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as herein provided. Tenant shall, in such event, restore fixtures and improvements (including without limitation, the Upgraded Work) made by or for Tenant to the condition required by Tenant for its operations in the Premises. In the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, and Premises are damaged by fire or any other casualty, Lessor may, at its option, restore the Building or leased premises cause to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in such extent that the same proportion cannot be restored, as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessorreasonably estimated by Landlord, within sixty one hundred fifty (60150) days after the happening date of any such casualtydamage or destruction, then Tenant may, provided that the such casualty was not caused by the willful misconduct or negligence of Tenant, its agents or employees, terminate this Lease and Tenant shall notify Lessee of its election vacate the Premises and surrender the same to so restore, this lease Landlord and Tenant’s liability for Rent shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part cease as of the day following the casualty. If this Lease is not terminated in accordance with this Section 20, and Xxxxxxxx fails to restore the Premises and the Building or any improvements to such that Tenant can use and occupy the leased premises in excess of those provided Premises for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) its intended purposes within one hundred eighty (180) days from following such casualty event, Tenant shall have the right to terminate this Lease at any time prior to Landlord’s completion of such restoration.
(b) In any such case in which use of the Premises is affected by any damage thereto, commencing on the date of the casualty (without working overtime)such damage, Lessor there shall be required an abatement or an equitable reduction in Rent, depending on the period for which, and the extent to so restorewhich, the Premises is not reasonably usable for the purposes for which it is leased hereunder. If Lessor does not warrant to Lessee (a) within sixty (60) days the damage results from the date fault of the casualtyTenant, or (b) within ten (10) days after LessorTenant’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given agents, servants, visitors or licensees, Tenant shall not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice any abatement or reduction of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty Rent up to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration amount of any delay deductible paid by Landlord in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other connection with such casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 3 contracts
Samples: Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii)
Fire or Other Casualty. 10.1 In If the event Premises or the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, are damaged by fire or other casualtycasualty (a “Casualty”), Lessor may, at its option, restore the Building or leased premises Landlord shall use commercially reasonable efforts to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears deliver to the whole thereof; but unless Lessor, Tenant within sixty (60) days after such Casualty a good faith estimate (the happening “Damage Notice”) of any the time needed to repair the damage caused by such casualtyCasualty. If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within two hundred seventy (270) days after the commencement of repairs (the “Repair Period”), shall notify Lessee then Tenant may terminate this Lease by delivering written notice to Landlord of its election to so restore, this lease shall thereupon terminate and endwithin thirty (30) days after the Damage Notice has been delivered to Tenant. Such restoration by Lessor shall not include replacement of furniture, equipment If a Casualty damages the Premises or other items that do not become part a material portion of the Building and (a) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (b) the damage occurs during the last twelve (12) months of the Term; (c) regardless of the extent of damage to the Premises, Landlord makes a good faith determination that restoring the Building would be uneconomical; or (d) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord’s Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements, Landlord shall not be required to repair or replace any Alterations within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any improvements furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the leased premises extent of the insurance proceeds actually received by Landlord for the Casualty in excess of those provided question. If the Premises are damaged by Casualty, Rent for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent Premises rendered untenantable by the damage shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days on a reasonable basis from the date of damage until the casualty completion of Landlord’s repairs (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from or until the date of termination of this Lease by Landlord or Tenant as provided above, as the casualtycase may be), or (b) within ten (10) days after Lessor’s receipt of written request from Lessee unless a Tenant Party caused such damage, in which references case, Tenant shall continue to pay Rent without abatement. The rights contained in this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee 15 shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond LessorTenant’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that sole and exclusive remedy in the event of a casualty that materially disrupts Casualty. Tenant hereby waives the conduct provisions of Lessee’s business in the office space portion, branch bank portion or other portion (if anySections 1932(2) and 1933(4) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is California Civil Code and the functional equivalent provisions of the space damaged by the casualty) in the Building any successor or in other buildings that Lessor or any affiliate law of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionlike import.
Appears in 3 contracts
Samples: Lease Termination Agreement (Spruce Biosciences, Inc.), Office Lease Agreement (Spruce Biosciences, Inc.), Office Lease Agreement (Spruce Biosciences, Inc.)
Fire or Other Casualty. 10.1 In case of damage to the event Demised Premises or those portions of the Building Center providing access or the leased premises shall be destroyed or rendered untenantable, either wholly or in partessential services thereto, by fire or other casualty, Lessor mayLandlord shall, at its optionexpense, restore cause the Building or leased premises damage to as near their previous be repaired to a condition as is reasonably possiblenearly 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 in for delays beyond the meantime 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, the rent shall be abated in proportionately xxxxx. In the same proportion as event the untenantable portion of damage shall (i) involve the leased premises bears Center generally, or (ii) shall involve material damage to the whole thereof; but unless LessorDemised Premises, and (iii) shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Center or the Building of which the Demised Premises is a part, 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 Center 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 the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee Landlord is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date notified of the casualty and the extent thereof, be terminated as of a date specified in such notice (without working overtimewhich shall not be more than ninety [90] days thereafter), Lessor and the rent (taking into account any abatement as aforesaid) shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty adjusted to the termination date and Tenant shall thereupon promptly vacate the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseeDemised Premises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Trevena Inc), Commercial Lease Agreement (Trevena Inc)
Fire or Other Casualty. 10.1 In Seller agrees to give Purchaser prompt notice of any fire or other casualty to the event Property costing more than Ten Thousand Dollars ($10,000.00) to repair and occurring between the Building Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged by fire or other casualty which is fully insured (without regard to deductibles) and would cost less than Two Hundred Fifty Thousand Dollars ($250,000.00) and require less than 120 days to repair, then neither party shall have the leased premises 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 destroyed or rendered untenantable, either wholly or in part, by payable to Seller on account of any such fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessorextent 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, within sixty (60) days after plus Seller shall credit the happening amount of any deductibles under any policies related to such casualty, shall notify Lessee of its election proceeds to so restore, this lease shall thereupon terminate and endthe Purchase Price together with any amount not covered by insurance. Such restoration by Lessor shall not include replacement of furniture, equipment If any such damage due to fire or other items that do not become part of the Building or any improvements to the leased premises casualty is insured and would cost in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access Two Hundred Fifty Thousand Dollars ($250,000.00) or require more than 120 days to the office portion of the leased premises as a result of a casualtyrepair, all rent shall be abated as then Purchaser may terminate this Agreement by written notice given to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) Seller within ten (10) days after Lessor’s receipt Seller has given Purchaser the notice of written request from Lessee which references damage or casualty referred to in this Section 10 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 asks if such 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 Two Hundred Fifty Thousand Dollars ($250,000.00) or more to repair, then Purchaser may terminate this Agreement by written notice will be issued given to Seller within ten (Lessee’s request to be given not earlier than fifty (5010) days after Seller has given Purchaser the date notice of casualty)damage or casualty or on the Closing Date, whichever is laterearlier, that Lessor will have completed in which case the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee parties hereto shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice released of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualtyfurther obligations hereunder, except for delays caused by Lesseethose which expressly survive a termination of this Agreement.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Lodging Fund REIT III, Inc.), Purchase and Sale Agreement (Lodging Fund REIT III, Inc.)
Fire or Other Casualty. 10.1 In the event the Building or the leased premises A. Tenant shall be destroyed or rendered untenantable, either wholly or give prompt notice to Landlord in part, by case of fire or other casualty, Lessor may, at its option, restore damage to the Building Premises.
B. If (i) the Enclosed Shopping Center (whether or leased premises to as near their previous condition as is reasonably possible, and in not the meantime the rent Premises were damaged) shall be abated damaged to the extent of more than twenty-five (25%) percent of the cost of replacement thereof, or (ii) the proceeds of Landlord's insurance recovered or recoverable as a result of the damage described in subsection (i) preceding shall be substantially insufficient to pay fully for the same proportion as cost of replacement of the untenantable damaged portion of the leased premises bears to Enclosed Shopping Center, or (iii) the whole thereof; but unless LessorPremises or the Enclosed Shopping Center shall be damaged as a result of a risk which is not covered by Landlord's insurance or generally commercially available "All-Risk" property insurance, Landlord may terminate this Lease by notice given within ninety (90) days after such event and upon the date specified in such notice, which shall be not less than thirty (30) nor more than sixty (60) days after the happening giving of any such casualty, shall notify Lessee of its election to so restoresaid notice, this lease Lease shall thereupon terminate and endterminate. Such restoration by Lessor If the Premises shall not include replacement of furniture, equipment be damaged in whole or other items that do not become in part during the last two (2) years of the Building Term, then either Landlord or any improvements Tenant may terminate this Lease by notice given to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days after the occurrence of such damage, and upon the date specified in such notice, which shall not be less than thirty (30) nor more than sixty (60) days after the giving of said notice, this Lease shall terminate. If the casualty, or Landlord's repair and restoration work shall render the Premises untenantable, in whole or in part, then, a proportionate credit against Rent (except Percentage Rent, Tax Rent and that portion of Common Area Rent attributable to the cost of insurance) shall be allowed from the date when the damage occurred until the earlier of casualty. Provided that Lessor (i) the day after Landlord has proceeded diligently substantially completed the work required to obtain repair and restore the building permitPremises, said one hundred eighty as set forth in Subsection C of this Section, or (180ii) day period the date Tenant shall be extended by the number of days have opened for business, or (if anyiii) in excess of ninety (90) days from the date of casualty to the date the building permit is issuedtermination by Landlord, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event Landlord elects to terminate this Lease. Said proportion shall be computed on the basis of the ratio which the amount of Floor Space rendered untenantable bears to the total Floor Space. If there is a credit against Fixed Rent, in computing the "break even" for Percentage Rent purposes, the amount of Fixed Rent less such credit shall be applied, or if the "break even" is expressed herein as a fixed dollar amount, such amount shall be ratably reduced.
C. If this Lease shall not be terminated as provided in Subsection B hereof, Landlord shall, at its expense, repair or restore the Premises with reasonable diligence and dispatch, to the condition obtaining immediately prior to the casualty except that materially disrupts Landlord shall not be required to repair or restore any of Tenant's leasehold improvements or betterments, furniture, furnishings, finishes, decorations or any other installations made by Tenant. Upon the conduct completion by Landlord of Lessee’s business repair or restoration, Tenant shall prepare the Premises for occupancy by Tenant in the office space portion, branch bank portion manner obtaining immediately prior to the damage or other portion (if any) destruction in accordance with plans and specifications approved by Landlord. All work of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged restoration or repair by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space Tenant shall be provided subject to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature provisions of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionArticle 2.
Appears in 2 contracts
Samples: Lease Agreement (Silicon Entertainment Inc /Ca/), Lease Agreement (Silicon Entertainment Inc /Ca/)
Fire or Other Casualty. 10.1 14.1 In the event of damage to or destruction of the Premises or the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, caused by fire or other casualtycasualty (“Event of Casualty”), Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless LessorLandlord shall, within sixty (60) days after the happening Event of any Casualty, provide Tenant with a good faith estimate of the time required to repair such casualtydamage 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 (1) more than two hundred-ten (210) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, or (2) less than one (1) year remains on the then current Term of this Lease and more than ninety (90) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, then the Premises or the Building, as the case may be, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment be deemed “substantially damaged.” If the Premises or other items that do not become part of the Building are deemed “substantially damaged,” Landlord may elect to terminate this Lease by giving Tenant written notice of such termination within ninety (90) days after the Event of Casualty. In addition, if the Premises or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises Building are deemed “substantially damaged,” and if as a result of a casualtythe same the Premises are rendered untenantable for the Permitted Use, all rent then Tenant may elect to terminate this Lease by giving Landlord written notice of such termination within fifteen (15) days after receipt from Landlord of the estimated period of repair and restoration. If either party elects to terminate this Lease as set forth above, then the Term of this Lease shall expire thirty (30) days after the date such written notice is given, Base Rent, and charges on account of Taxes and Operating Expenses, shall be equitably abated as to said office portion during from the duration date of the period Event of Casualty for any portion of the Premises that is unusable (and unused) by Tenant, and Tenant shall thereafter vacate the Premises and surrender the same to Landlord in accordance with the terms, covenants and conditions of this Lease.
14.2 In the event this Lease is not terminated pursuant to the terms of Section 14.1 above and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such repair and restoration and Landlord’s mortgagee (if any) releases the same for such repair and restoration, Landlord shall 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 Event of Casualty, subject to applicable Laws; provided, however, that Landlord shall not be obligated to repair or restore (1) any Tenant’s Work (if any), Alterations, or Tenant’s Systems, even if such access work was performed by Landlord’s contractors (and regardless of whether or not Tenant is unavailablerequired to remove or leave the same at the expiration or earlier termination of this Lease), or (2) any of Tenant’s Property (as hereinafter defined), unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
10.3 14.3 When Landlord’s repair and restoration work has been completed, Tenant shall complete the restoration of (1) all of Tenant’s Work (if any), Alterations, and Tenant’s Systems and (2) all of Tenant’s Property which are necessary to permit Tenant’s re-occupancy of the Premises for the Permitted Use. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Base Rent, and charges on account of Taxes and Operating Expenses, shall be equitably abated from the date of the Event of Casualty until the Premises has been substantially restored to the extent of Landlord’s obligations above. Notwithstanding the foregoing, if the casualty in question can be repairedEvent of Casualty was due to the act or omission of Tenant or any Tenant Party, rebuilt such abatement or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor reduction shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 made only if and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration extent of any delay in substantially restoring proceeds of rental interruption insurance actually received by Landlord and allocated to the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseePremises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Sublease (Larimar Therapeutics, Inc.), Office Lease Agreement (Zafgen, Inc.)
Fire or Other Casualty. 10.1 15.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor mayor any such damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (the “Event of Casualty”), at its optionLandlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence, unless this Lease has been terminated by Landlord or Tenant as hereinafter, unless any mortgagee which is entitled to receive casualty proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If (i) in Landlord’s sole judgment, the damage is of such nature or extent that more than one hundred (180) days would be required to repair and restore the Premises or the Building or leased premises to as near their previous condition as is reasonably possible, (with normal work crews and in the meantime the rent shall be abated in the same proportion normal work crew hours) as the untenantable portion case may be; or (ii) in Landlord’s sole judgment, the damage not covered by insurance (or required to be covered by insurance hereunder) and is of such nature or extent that it is uneconomical to repair and restore the leased premises bears to Premises or the whole thereofBuilding, as the case may be; but unless Lessoror (iii) less than one (1) year remains on the then current Lease Term, Landlord shall so advise Tenant within sixty thirty (6030) days after the happening Event of any such casualtyCasualty (the “Landlord’s Notice of Casualty”), and either party shall notify Lessee have thirty (30) days after receipt of its election Landlord’s Notice of Casualty to so restoreterminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (i), this lease (ii) or (iii) above, then the Lease Term shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part expire as of the Building or any improvements date of the Event.of Casualty, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the terms of this Lease.
15.2 If an Event of Casualty occurs, provided this Lease is not terminated pursuant to the leased premises in excess terms of those Section 15.1, and sufficient casualty insurance proceeds are available for application to such repair and restoration (provided for in Landlord maintained all insurance required hereunder), Landlord shall proceed diligently to repair and restore the allowance
10.2 If Lessee is deprived of elevator access Premises and Building to substantially the same condition prior to the office portion Event of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Casualty. Notwithstanding the foregoing, if Landlord shall not be obligated to repair or restore: (i) any Alterations made by Tenant after the casualty Lease Commencement Date; or (ii) any Personal Property (as hereinafter defined) which Tenant may have installed (whether or not Tenant is required to remove or leave the same on the Premises as of the expiration or earlier termination of this Lease) unless Tenant, in question can a manner satisfactory to Landlord, assures payment in full of all costs as may be repaired, rebuilt incurred by Landlord in connection therewith.
15.3 Landlord shall not be required to insure: (i) any Alterations to the Premises made by Tenant after the Lease Commencement Date; or replaced (i.e., restoredii) any Personal Property of Tenant.
15.4 In the event of the failure of Landlord to complete the repair and restoration of the Premises or the Building within the longer of (i) one hundred eighty (180) days from after the date of the casualty Casualty of (without working overtime)ii) the period specified in the Landlord’s Casualty Notice, Lessor Tenant may terminate this Lease upon written notice to Landlord.
15.5 Rent shall xxxxx after an Event of Casualty until the Premises, access thereto and all services thereto have been restored, such abatement to be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from on a proportionate basis if the date Event of Casualty only impacts Tenant’s operations in a portion of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseePremises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Lease Agreement (Spero Therapeutics, Inc.), Lease Agreement (Spero Therapeutics, Inc.)
Fire or Other Casualty. 10.1 In A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses) payable by reason of any property loss, damage, or destruction of or to the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises by fire or other casualty, Lessor mayor any portion thereof, at its optionunder any property policy of insurance required to be carried hereunder, restore where the Building or leased premises cost of repair and/or restoration does not exceed Five Million and 00/100 Dollars ($5,000,000.00)(a “Minor Casualty”), shall be paid to as near their previous Tenant (except business interruption proceeds not allocated to Rent expenses) and shall be used first for the repair of any damage to the Premises (other than such payment of Rent) to substantially the same condition as is reasonably possibleexisted 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 meantime general terms and conditions of Exhibit “C” attached hereto, as applicable (collectively, “Restoration Standards”). Tenant shall have the rent right to reasonably prosecute and settle insurance claims relating to any Minor Casualty, provided that Tenant shall be abated consult with and involve Landlord in the same proportion as the untenantable portion process of the leased premises bears adjusting any insurance claims under this Section 18.
B. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses) payable by reason of any property loss, damage, or destruction of or to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration Premises by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts or any portion thereof, under any property policy of God insurance required to be carried hereunder where the cost of repair and/or restoration exceeds Five Million and 00/100 Dollars ($5,000,000.00)(a “Major Casualty”), shall be paid to Landlord, to be held by Landlord or Landlord Mortgagee for 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 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 Restoration Standards, shall be retained by Landlord. Tenant shall have the right to reasonably prosecute and settle insurance claims for any Major Casualty, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18.
C. Subject to the terms of this Section 18, Landlord shall make available to Tenant the insurance proceeds (net of all reasonable administrative and collection costs, including reasonable attorneys’ fees) paid to Landlord for the repair and rebuilding of the Premises following a Major Casualty as it progresses (other than business interruption proceeds to be allocated to Rent expenses 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 for Landlord’s approval 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 the 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.
D. If the Premises are damaged by fire or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused whether or not from a risk covered by Lesseeinsurance, 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.
10.4 Lessor hereby agrees that in E. In the event of a fire or other casualty, 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 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 that materially disrupts and otherwise in a good workmanlike manner, using new materials of like quality.
F. No damage or destruction of the conduct Premises as a result of Lesseefire or any other hazard, risk or casualty whatsoever shall relieve Tenant from Tenant’s business liability and obligation to timely pay the full Rent payable under this Lease and Rent shall continue unabated notwithstanding any casualty.
G. The provisions of this Lease, including this Section 18 constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the office space portionabsence of an express agreement between the parties, branch bank portion and any similar or other portion (if any) 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 leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionPremises.
Appears in 2 contracts
Samples: Lease Agreement (Big Lots Inc), Lease Agreement (Big Lots Inc)
Fire or Other Casualty. 10.1 In (a) If during the event term of this Lease or any renewal or extension thereof, the Building Premises or the leased premises shall be building is substantially destroyed or rendered untenantable, either wholly or in part, is so damaged by fire or other casualty, Lessor may, at its option, restore casualty (whether or not the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in Premises are damaged) that the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall cannot include replacement of furniture, equipment be repaired or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) restored within one hundred eighty twenty (180120) regular working days from the date of the happening of such damage, or if such damage or casualty (without working overtime)is not included in the risks covered by Landlord’s fire insurance with the usual extended coverage, Lessor then this Lease shall be required 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 so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of damage and Landlord may enter upon and repossess the casualty, or Premises without further notice.
(b) If the damage caused as above renders twenty-five (25%) or more of the Premises unfit for occupancy, but such damage can be repaired or restored within ten one hundred twenty (10120) 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 in which event the rent shall be apportioned during the time Landlord is in possession, taking into account the proportion of the Premises rendered untenantable and the duration of Landlord’s possession.
(ii) Landlord shall have the option to terminate this Lease by giving written notice of such termination to Tenant within thirty (30) days after Lessor’s receipt said partial destruction; and upon the giving of written request from Lessee which references this Section 10 and asks if such notice will be issued notice, the Lease shall expire by lapse of time after thirty (Lessee’s request to be given not earlier than fifty (5030) days after and the date Tenant shall vacate the Premises.
(c) If the damage caused as above renders less than twenty-five percent (25%) of casualty)the Premises unfit for occupancy, whichever is laterLandlord shall repair whatever portion of the Premises that may have been damaged by fire or other casualty insured as aforesaid, that Lessor will have completed and the rent shall be apportioned as set forth in subparagraph (b) (i) above.
(d) In the event Landlord elects to restore the Premises as set forth in this paragraph 15, and fails to complete such restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three happening of such damage, Tenant shall have the right, upon thirty (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (9030) days from the date of casualtyprior notice to Landlord, to terminate this Lease. Provided that Lessor has proceeded diligently Should Landlord complete said restoration prior to obtain the building permitsaid termination date, said one hundred eighty (180) day period termination shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseenull and void.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Penn National Gaming Inc), Commercial Lease Agreement (Penn National Gaming Inc)
Fire or Other Casualty. 10.1 17.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election damage to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part destruction of the Building or any improvements necessary to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator provide normal services and access to the office portion Premises in accordance herewith (“Event of Casualty”), Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and 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 a sufficient amount of such proceeds to cover the leased premises as a result cost of a casualtysuch repairs and restorations. If (i) in Landlord’s sole judgment, all rent shall be abated as to said office portion during the duration damage is of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt nature or replaced (i.e., restored) within extent that more than one hundred and eighty (180) days from would be required (with normal work crews and normal work hours) to repair and restore the date Premises or the Building, as the case may be; or (ii) in Landlord’s sole judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the casualty Premises or the Building, as the case may be; or (without working overtimeiii) less than one (1) year then remains on the current Lease Term, Landlord shall so advise Tenant within thirty (30) days after the Event of Casualty (“Landlord’s Notice of Casualty”), Lessor and either party shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within have ten (10) days Business Days after Lessor’s receipt of Landlord’s Notice of Casualty to terminate this Lease by written request from Lessee which references notice to the other. If either party elects to terminate this Section 10 and asks if Lease in the case described in clauses (i), (ii) or (iii) above, then the Lease Term shall expire ten (10) Business Days after such notice will is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the terms of this Lease.
17.2 In the event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of Section 17.1 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 diligently to repair and restore the Premises to substantially the same condition prior to the casualty occurrence. Landlord shall not be issued obligated to repair or restore (Lesseei) any of Tenant’s request Work, (ii) any of Tenant’s Alterations, or (iii) any of Tenant’s Personal Property (as hereinafter defined) which Tenant may have installed (whether or not Tenant is required to remove or leave the same in the Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be given incurred by Landlord in connection therewith.
17.3 Landlord shall not earlier than fifty insure (50i) days after any of Tenant’s Work, (ii) any of Tenant’s Alterations, or (iii) any of Tenant’s Personal Property. Tenant shall, at its sole cost and expense, insure the date value of casualty), whichever is later, that Lessor will have completed such for the purpose of providing funds to Landlord to repair and restore the Premises as set forth above.
17.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete the repair and restoration work of the Premises or the Building within one hundred and eighty (180) days from after the date commencement of work, even if Landlord had in good faith notified Tenant that the casualtyrepair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and if restoration. In the casualty materially disrupts case of damage to the conduct Premises which is of Lesseea nature or extent that Tenant’s business at continued occupancy is in the office portionreasonable judgment of Landlord and Tenant substantially impaired, branch bank portion or other portions (if any) of its leased premises, Lessee then the Fixed Rent and Additional Rent otherwise payable by Tenant hereunder shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on equitably abated or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit adjusted for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseesuch impairment.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 2 contracts
Samples: Lease Agreement (Histogenics Corp), Lease Agreement (Histogenics Corp)
Fire or Other Casualty. 10.1 (a) In the event case the Building is partially or totally destroyed by fire or other casualty insurable under standard fire and extended coverage insurance so as to become partially or totally untenable, the same shall be repaired as speedily as possible at the expense of LANDLORD, unless LANDLORD shall elect not to rebuild, as hereinafter provided, and an equitable part of the Fixed Rent shall be abated until so repaired based upon the time and to the extent the leased premises Premises are untenable.
(b) In case the Building, including common areas, shall be destroyed or rendered untenantable, either wholly or in part, so damaged by fire or other casualtycasualty as to render more than twenty-five percent (25%) thereof untenable, Lessor or in the event of any substantial uninsured loss or if the unexpired Term of this Lease is one (1) year or less on the date of any substantial destruction or damage, then LANDLORD may, if it so elects, rebuild or restore said Building pursuant to Subsection 10 (a) above, or may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and election by notice in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within writing sixty (60) days after such destruction or damage, terminate this Lease. The above shall apply whether or not any part of the happening leased Premises is damaged or destroyed. LANDLORD’s obligation to repair or rebuild pursuant to this Subsection shall be limited to a basic Building consistent with the Premises as tendered to TENANT by LANDLORD on the Commencement Date and shall exclude the replacement of any interior work which may have been installed at TENANT’s cost. In no event in the case of any such casualtydestruction shall LANDLORD be required to repair or replace TENANT’s stock in trade, shall notify Lessee leasehold improvements, fixtures, furnishings or floor coverings and equipment. TENANT covenants to make such repairs and replacements and to furnish LANDLORD, on demand, evidence of insurance assuring its election ability to so restore, this lease shall thereupon terminate and enddo so. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoingHowever, if the casualty LANDLORD decides to rebuild or restore the Premises in question can be repairedaccordance with this Subsection, rebuilt but cannot complete such rebuilding or replaced (i.e., restored) restoration and render it suitable for TENANT’S business within one a period of one-hundred eighty (180) days days, TENANT shall have the option to cancel this Lease and be fully released from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 its terms and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseeconditions.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Commercial Lease
Fire or Other Casualty. 10.1 In A. If, at any time during the event Primary Term of this Lease, plus any renewals or extension thereof, a material portion of the Leased Premises or any portion of the Building or the leased premises shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor may, at its option, restore the Landlord shall have the election to terminate this Lease or to repair and reconstruct the Leased Premises and Building to the condition in which they existed immediately prior to such damage or leased premises to as near their previous condition as is reasonably possibledestruction, and Landlord shall give Tenant written notice of such election within thirty (30) days from the date of damage or destruction to the Leased Premises and within forty-five (45) days from the date of damage or destruction to the Building. Landlord shall not exercise such election to terminate in the meantime event the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration damage by Lessor shall not include replacement of furniture, equipment fire or other items that do casualty is so slight as not become part to interfere with the day-to-day operations of the Building in any material way.
B. If the Leased Premises or the Building shall at any improvements time be damaged to such an extent that the Leased Premises cannot reasonably be used for normal use and occupancy by Tenant and it is reasonably determined by Landlord that the Leased Premises or the Building (as the case may be) cannot be restored to the leased premises same condition in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access which it existed immediately prior to the office portion occurrence of such damage thereto or the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) equivalent thereof within one hundred eighty (180) days from after the date of such occurrence, Landlord shall so notify Tenant of Landlord's determination within thirty (30) business days of such determination and then Tenant may, at its option, terminate the casualty (without working overtime)Lease and all of its obligations contained therein for the remaining balance of the Primary Term or any exercised renewal term, Lessor shall be required to so restoreas the case may be. If Lessor does not warrant Tenant so elects to Lessee (a) within sixty (60) days from the date of the casualtyterminate this Lease, or (b) it shall so notify Landlord in writing within ten (10) days after Lessor’s receipt of Landlord's written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualtyTenant as provided in Paragraph 10.B. hereinabove, and if the casualty materially disrupts the conduct of Lessee’s business at the office portionsuch written notice is not given within said ten (10) day period, branch bank portion or other portions (if any) of its leased premises, Lessee Tenant shall be entitled deemed to have elected not to terminate this entire lease (even if Lease.
C. If any of the material disruption is only aforesaid circumstances shall occur, Base Rental and any additional rent as set forth in Paragraph 20. of this Lease shall xxxxx proportionately during the period and to the extent that the Leased Premises cannot reasonably be used for normal use and occupancy by Tenant in the branch bank portion) ordinary conduct of its business. If this Lease is not terminated, it shall continue in full force and effect, and repairs will be made within a reasonable time thereafter subject to delays arising from shortages of labor or material, acts of God, war, or other conditions beyond Landlord's reasonable control.
D. If the Storage Space is totally or partially damaged or destroyed by giving notice fire or other casualty to such an extent as to render the Storage Space unusable, in whole or in part, for Tenant's intended use of termination to Lessor on or before that date which is one hundred twenty such Storage Space, then Landlord shall, within ten (120) days from the date of the casualty or three (310) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for following the restoration workoccurrence of such damage or destruction, whichever occurs first. If Lessor elects or is required provide to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office Tenant alternative space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building for use as storage space by Tenant (the "Temporary Storage Space"). Landlord shall so provide the Temporary Storage Space until such time as Landlord repairs or rebuilds the Storage Space substantially similar to the condition in other buildings that Lessor which it existed immediately prior to such damage or any affiliate of Lessor may manage, own or control in the central business district of Seattledestruction. Such substitute space Temporary Storage Space shall contain an amount of RSF at least equal to the RSF of the Storage Space and shall be provided substantially comparable in all other respects to Lessee on an “AS ISthe Storage Space. In the event Landlord elects to not repair or rebuild the Storage Space following such damage or destruction, WHERE IS” basis Landlord shall notify Tenant in writing of such election, and at fair market rent the Temporary Storage Space shall be deemed to be the Storage Space for all purposes under this Lease. In the substitute space event Landlord is unable to provide the Temporary Storage Space to Tenant, then (given i) the “AS ISStorage Space Rental and Tenant's proportionate share of Basic Cost attributable thereto shall xxxxx in their entirety until such time as Landlord so repairs or rebuilds the Storage Space or (ii) if Landlord has elected to not repair or rebuild the Storage Space, WHERE IS” nature the Lease shall thereupon terminate as to the Storage Space only and all rights and obligations of Landlord and Tenant with respect to the tenancy)Storage Space shall cease and terminate and be of no further effect. If Landlord elects to repair or rebuild such damage or destruction to the Storage Space, not to exceed the rent called for herein. Lessee Landlord shall pay its own moving expenses. Lessee shall vacate commence and prosecute such space repair work promptly after the leased premises have been restored to a tenantable conditionand with reasonable diligence.
Appears in 1 contract
Fire or Other Casualty. 10.1 In If the event Demised Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, then upon Landlord's receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, repair and restore the same (exclusive of Tenant's fixtures, equipment, decorations, signs and contents and any of Tenant's work described in EXHIBIT B hereto) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received in hand by Landlord therefor. If by reason of such occurrence, (a) the Building or the leased premises shall be destroyed or rendered untenantable, either wholly Demised Premises are damaged in whole or in part, part as a result of a risk which is not covered by fire Landlord's insurance policies; or other casualty, Lessor may, at its option, restore (b) the Building or leased premises the Demised Premises are damaged to as near their previous condition as is reasonably possible, and an extent of thirty percent (30%) or more of the then replacement value thereof; or (c) any or all of said buildings or the Common Areas of the Building are damaged (whether or not the Demised Premises are damaged) to such an extent that the Building cannot in the meantime sole judgment of Landlord be operated as an integral unit; or (d) any mortgagee or deed of trust holder requires that any of Landlord's insurance proceeds be applied to reduce Landlord's loan balance, then in any of such events, Landlord may elect either to repair the rent shall be abated in the same proportion damage as the untenantable portion aforesaid, or cancel this Lease by written notice of the leased premises bears cancellation given to the whole thereof; but unless Lessor, Tenant within sixty (60) days after the happening date of any such casualtyoccurrence, and thereupon this Lease shall notify Lessee of its election to so restore, this lease shall thereupon cease and terminate with the same force and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part effect as though the date set forth in Landlord's said notice were the date herein fixed for the expiration of the Building or any improvements term hereof and Tenant shall immediately vacate and surrender the Demised Premises to Landlord. In addition, Tenant may also terminate this Lease, by written notice to Landlord (i) if prior to beginning the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access restoration, Landlord cannot provide assurances satisfactory to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which Tenant that such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question restoration can be repaired, rebuilt or replaced (i.e., restored) completed within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days following the casualty or (ii) at any time between the one hundred twenty-first (121st) and one hundred thirty-fifth (135th) days after the occurrence of any such casualty, if Landlord shall fail to restore the damaged portions of the Demised Premises within one hundred twenty (120) days after such casualty. However, if Landlord is prevented by any cause beyond its reasonable control, from completing the restoration within said one hundred twenty (120) day period, and if Landlord shall provide Tenant with written notice of such cause for delay within fifteen (15) days after the occurrence thereof, then Landlord shall have an additional period beyond said one hundred twenty (120) days, equal to the period Landlord is delayed by causes beyond its reasonable control, in which to restore the damaged areas of the Demised Premises, and Tenant may not elect to terminate this Lease until said additional period has expired with Landlord having failed to complete such restoration. In such case, Tenant's fifteen (15) day right of termination shall begin to run upon the expiration of Landlord's additional period for restoration. Upon the termination of this Lease, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date termination of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseethis Lease.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
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Fire or Other Casualty. 10.1 In case of damage to the event Demised Premises or those portions of the Building providing access or the leased premises shall be destroyed or rendered untenantable, either wholly or in partessential services thereto, by fire or other casualty, Lessor mayLandlord shall, at its optionexpense, restore 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. 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 leased premises 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 as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, Tenant given within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee Landlord is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date notified of the casualty and to the extent thereof, be terminated as of a date specified in such notice (without working overtimewhich shall not be more than ninety [90] days thereafter), Lessor and the rent (taking into account any abatement as aforesaid) shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty adjusted to the termination date and Tenant shall thereupon promptly vacate the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseeDemised Premises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Infoactiv Inc)
Fire or Other Casualty. 10.1 In the event (a) If the Building and/or other improvements on the Premises (including mechanical systems and/or equipment used in the operation of the Building) are damaged or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor mayLandlord shall, at its optionsole cost and expense, promptly and diligently commence and prosecute to completion the repair, rebuilding, restoration or replacement (hereafter generically "restoration") of the Building and/or other improvements on the Premises, so as to restore them within sixty (60) days after such casualty, to their respective conditions immediately before such damage or destruction. Provided however, that if such fire or other casualty occurs (i) during the last six (6) months of the then-current Term of this Lease, which Term Tenant has not extended pursuant to express provision of this Lease, and it will take more than sixty (60) days to restore the Building damage or leased premises to as near their previous condition as is reasonably possibledestruction measured from the date of the fire or other casualty, and in the meantime the rent shall be abated in the same proportion as the untenantable or (ii) renders all or a substantial portion of the leased premises bears Building untenantable, Landlord shall have the right to terminate this Lease (with equitable prorations of Rent for Tenant's possession of any tenantable portion of the Premises from and after the date of casualty and before the effective date of termination) by giving Tenant written notice within thirty (30) days after the date of the fire or other casualty, and the Lease shall be deemed to be terminated as of the date Tenant receives Landlord's notice, but affording Tenant sufficient time and opportunity to remove its property from the Premises; and neither party shall have any further liability to the whole thereof; other under the Lease except for obligations which were accrued and unpaid as of the date of the casualty, subject to appropriate set-offs, if any. For the purposes of this Article, thirty percent (30%) or more of the floor area of the Building shall be deemed to be a substantial portion of the Building. Landlord and Tenant agree that any deviation plus or minus two percent (2%) from the definition of "substantial portion of the Building", shall be deemed to be a de minimis deviation and the provisions of this subparagraph shall remain operative. If such notice is given, Landlord shall have no obligation to restore. If Landlord fails to give written notice of termination within such thirty (30)-day period, Landlord shall be deemed to have elected to restore such damage in accordance with this Article. Under all circumstances, Rent shall equitably xxxxx as to those portions of the Building that are untenantable, from time to time, as a result of such fire or other casualty. It shall be Landlord's responsibility to obtain its mortgagee's release of insurance proceeds for the purpose of making repairs and Landlord's consent not to apply any portion of insurance proceeds to the mortgage loan except if the insurance proceeds exceed the cost of repairs and restoration.
(b) If the Building and/or other improvements on the Premises (including mechanical systems and/or equipment used in the operation of the Building) are damaged or destroyed by fire or other casualty, Tenant shall have the right to terminate this Lease in accordance with the provisions of this subparagraph. If the damage or destruction (i) occurs within the last six (6) months of the then-current Term of this Lease, which Term Tenant has not extended pursuant to express provisions of this Lease, and will take more than sixty (60) days to restore measured from the date of the fire or other casualty, or (ii) renders all or a substantial portion of the Building untenantable, Tenant may terminate this Lease by giving Landlord written notice thirty (30) days after the date of fire or other casualty, and the Lease shall be deemed to be terminated as of the date Landlord receives Tenant's notice, but unless Lessoraffording Tenant sufficient time and opportunity to remove its property from the Premises. If the commencement or substantial completion of the restoration of the Premises does not occur, or in Landlord's reasonable judgment (of which Tenant shall be given notice within thirty (30) days after the fire or other casualty) will not occur, within sixty (60) days after the happening of any such fire or other casualty, Landlord shall notify Lessee Tenant in writing (which notice shall include Landlord's reasonable estimate of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of substantial completion of the casualty (without working overtimerestoration), Lessor and Tenant shall be required have the right to so restoreterminate this Lease effective as of the date of Landlord's notice to Tenant, but affording Tenant sufficient time and opportunity to remove its property from the Premises, by giving written notice of termination within fifteen (15) business days after its receipt of Landlord's notice. If Lessor does not warrant In the event of any termination pursuant to Lessee (a) within sixty (60) days from this subparagraph; neither party shall have any further liability to the other under the Lease except for obligations which were accrued and unpaid as of the date of the casualty, or (b) subject to appropriate set-offs, if any. If Tenant does not terminate this lease as provided above, and the substantial completion of the restoration does not occur by the estimated date of substantial completion contained in Landlord's notice, within ten (10) business days after Lessor’s receipt of a determination is made that substantial completion will not occur by the estimated date, Landlord shall provide Tenant a second written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after estimating the extended date of casualty)substantial completion and Tenant shall again have the right, whichever is later, that Lessor will have completed the restoration work within one hundred eighty exercisable by written notice given with ten (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (310) business days after Lessee the receipt of Landlord's notice, to terminate the Lease within the fifteen (15)-day time period set forth above. In each instance in which Tenant elects not to exercise its right to terminate as provided in this subparagraph, that right to terminate, following the same procedure and schedule, shall arise again if substantial completion has received written notice from Lessor that Lessor has received its building permit for not occurred by the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the estimated date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that substantial completion set forth in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (notice upon which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), Tenant's previous election not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionterminate was based.
Appears in 1 contract
Samples: Lease Agreement (Kleinerts Inc /Pa/)
Fire or Other Casualty. 10.1 In the event of damage to or destruction of the Building Premises or the leased premises shall be destroyed Building, or rendered untenantablethe entrances and other common facilities necessary to provide normal access to the Premises, either wholly or in part, caused by fire or other casualty, Lessor mayTenant shall provide immediate notice thereof to Landlord, at its optionand 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 leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable (ii) a substantial portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment Premises or other items that do not become part of the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to restore or any improvements to repair the leased premises in excess Premises or the Building, as the case may be, Landlord shall so advise Tenant promptly; and Landlord or Tenant, for a period of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt thereafter, shall have the right to terminate this Lease by written notice to the other, as of written request from Lessee the date specified in such notice, which references this Section 10 and asks if such notice will termination date shall be issued no later than thirty (Lessee’s request to be given not earlier than fifty (5030) days after the date of casualty), whichever is later, that Lessor will have completed such notice. In the restoration work within one hundred eighty (180) days from the date event of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, such fire or other casualty, acts if this Lease is not terminated pursuant to the terms of God this Section 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 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 Tenant or any other tenant may have installed unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Tenant shall, at its sole expense, insure the value of all leasehold improvements, fixtures, equipment or other causes beyond Lessor’s controlproperty located in the Premises, but for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If Tenant does not assure or agree to assure payment of the cost or restoration or repair of any such alteration, fixtures or additions as aforesaid, Landlord shall have the right to 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 not be impaired in any way by, and Landlord shall have no event beyond three liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred sixty ten (360210) consecutive days from after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the date repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of casualty, except for delays damage to the Premises not caused by Lessee.
10.4 Lessor hereby agrees the negligence or willful misconduct of the Tenant or any of its agents, employees or invitees, and which is of a nature or extent that Tenant's continued occupancy is substantially impaired, the rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment as determined by Landlord. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Tenant shall be responsible to insure and/or repair all of Tenant's personal property located in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionPremises.
Appears in 1 contract
Fire or Other Casualty. 10.1 In (a) If (i) the event Premises by reason of a casualty insurable under Landlord's insurance policy are rendered untenantable, or (ii) the Premises should be damaged as a result of a risk which is not covered by Landlord's insurance, or (iii) the Premises should be damaged in whole or in part during the last three (3) years of the term or any renewal term hereof, or (iv) the Building (whether the Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then monetary value thereof, or if any or all of the Building or the leased premises common areas thereof are damaged, whether or not the Premises are damaged, to such an extent that the Building cannot, in the sole judgment of Landlord be operated as an integral unit, then or in any of such events, Landlord may either elect to repair the damage or may cancel this Lease by notice of cancellation within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Premises to Landlord. In addition, Landlord shall notify Tenant of its good faith estimate of the time necessary to substantially restore any damage to the Premises or access thereto, and if such estimate is longer than one hundred eighty (180) days, then Tenant shall have the right to terminate this Lease, but only if Tenant so notifies Landlord, in writing, within fifteen (15) days after receipt of Landlord's estimate. If Landlord shall have decided to repair any damage as aforesaid, the damage (except as to Tenant's fixtures or improvements made by Tenant) shall be destroyed repaired by and at the expense of Landlord and the rent shall be apportioned according to the part of the Premises which is useable by Tenant, but Landlord shall not be required to do such repair or rendered untenantablerestoration work except during business hours of business days.
(b) Notwithstanding any of the provisions of Paragraph 17(a) hereof, if by reason of some act or omission on the part of Tenant or any of its subtenants or its or their partners, directors, officers, servants, employees, agents or contractors, either wholly (i) Landlord or in partany Mortgagee shall be unable to collect all of the insurance proceeds (including, without limitation, rent insurance proceeds) applicable to damage or destruction of the Premises or the Building by fire or other casualty, Lessor may, at its option, restore or (ii) the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part Premises of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration damaged or destroyed or rendered completely or partially untenantable on account of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts then without prejudice to any other remedies which may be available against Tenant, there shall be no abatement or reduction of God rent or additional rent. Further, nothing contained in this Paragraph 17 shall relieve Tenant from any liability that may exist as a result of any damage or destruction by fire or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Office Lease (Darwin Professional Underwriters Inc)
Fire or Other Casualty. 10.1 15.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor mayor any such damage to or destruction of the Building to an extent that prevents the provision of normal services and access to the Premises in accordance herewith (the “Event of Casualty”), at its optionLandlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and 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 a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If: (a) in Landlord’s reasonable judgment, the damage is of such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and restore the Building Premises or leased premises to as near their previous condition as is reasonably possiblethe Building, and in the meantime the rent shall be abated in the same proportion as the untenantable portion case may be; or (b) in Landlord’s sole but reasonable judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the leased premises bears to Premises or the whole thereofBuilding, as the case may be; but unless Lessor, or (c) less than one (1) year remains on the then current Lease Term Landlord shall so advise Tenant within sixty thirty (6030) days after the happening Event of any Casualty (the “Landlord’s Notice of Casualty”), and either party shall have ten (10) Business Days after receipt of Landlord’s Notice of Casualty to terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (a), (b) or (c) above, then the Lease Term shall expire ten (10) Business Days after such casualtynotice is given, and Tenant shall notify Lessee vacate the Premises and surrender the same to Landlord in accordance with the terms of its election this Lease.
15.2 In an Event of Casualty, provided this Lease is not terminated pursuant to so restorethe terms of Section 15.1 above and is otherwise in full force and effect, this lease and sufficient casualty insurance proceeds are available for application to such repair and restoration, Landlord shall thereupon terminate proceed diligently to repair and endrestore the Premises to substantially the same condition prior to the casualty occurrence. Such restoration by Lessor Landlord shall not include replacement of furniture, equipment be obligated to repair or other items that do restore any Alterations to the Premises or any Personal Property (as hereinafter defined) which Tenant may have installed (whether or not become part Tenant is required to remove or leave the same on the Premises as of the Building expiration or earlier termination of this Lease).
15.3 Landlord shall not insure: (a) any improvements Alterations; (b) Initial Improvements; or (c) any Personal Property of Tenant. Tenant shall, at its sole cost and expense, insure the value of such Alterations, Improvements and Personal Property of Tenant for the purpose of providing funds to Landlord to repair and restore the leased premises Premises as set forth above.
15.4 The validity and effect of this Lease shall not be impaired in excess any way by the failure of those provided for in Landlord to complete the allowance
10.2 If Lessee is deprived of elevator access to the office portion repair and restoration of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during Premises or the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Building within one hundred eighty (180) days from after the date commencement of work, even if Landlord had in good faith notified Tenant that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration, but if such repair and restoration of the casualty Premises is not completed within two hundred seventy (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60270) days from the date of the casualty, upon written notice to Landlord, Tenant shall have the right to terminate the Lease effective immediately. In the case of damage to the Premises which is of a nature or (b) within ten (10) days after Lessorextent that Tenant’s receipt continued occupancy is in the reasonable judgment of written request from Lessee which references this Section 10 Landlord and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty)Tenant substantially impaired, whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, then Fixed Rent and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee Additional Rent otherwise payable by Tenant hereunder shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on equitably abated or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit adjusted for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseesuch impairment.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Verastem, Inc.)
Fire or Other Casualty. 10.1 In If, during the event Lease Term, the Leased Premises or any other portion of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, is damaged by fire or other casualty, rendering the same materially unfit for the operation of the business of Lessee, and if, in Lessor's sole good faith judgment, the same cannot reasonably be repaired or restored within one hundred fifty (150) days from the occurrence of such damage, or if Lessor may, at its option, shall not be obligated to restore the Building or leased premises Leased Premises by reason of the terms of subsection (b) below and elects not to restore the same, then this Lease shall cease and terminate at the option of either party from the date of such damage, provided, that if Lessor shall have so determined that such restoration may be completed within such one hundred fifty (150)-day period, but Lessor shall not in fact have completed the same within such period, despite its reasonable diligence, then Lessor shall have such additional time (not exceeding thirty (30) days) as near their previous condition as is may be reasonably possiblenecessary to complete such restoration, and in the meantime the rent if so completed, this Lease shall not be abated in the same proportion terminated. Lessor shall communicate to Lessee its decision or judgment as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, restoration within sixty thirty (6030) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date occurrence of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request subject to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of any delays beyond its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s reasonable control, but in no event beyond three hundred sixty (360) days from the date including adjustment of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee losses and negotiations with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis contractors and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for hereinmortgage lenders. Lessee shall pay its own moving expenses. Rent apportioned to the time of the damage (or such later date to the extent that Lessee may continue to use any portion of the Leased Premises) and shall vacate immediately surrender the Leased Premises to Lessor, without further liability or obligation of Lessee and Lessor hereunder, provided, however, that nothing contained herein shall release Lessee from any liability or obligation arising or incurred prior to the time of such space promptly after damage or casualty and Lessee's cessation of use of the leased premises have been restored to a tenantable conditionLeased Premises.
Appears in 1 contract
Samples: Lease Agreement (Ubics Inc)
Fire or Other Casualty. 10.1 In the event that before or during the term of this lease, the Premises shall be damaged by fire of other casualty which in the opinion of Landlord does not render the premises or a part thereof untenantable and which shall not have been occasioned by the act of Tenant of or its servants, agents, visitors, invitees or licensees, Landlord with at its option (subject to the other provisions of this Article 6) 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 of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualtycasualty which in the opinion of the Landlord renders the Building, Lessor may, at its option, restore the premises or any part of the Building of premises untenantable and which shall not have been occasioned by the act of Tenant or leased of its servants, agents, visitors, invitees or licensees, Landlord within thirty (30) days written 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 feasible, serve written notice upon Tenant that this lease is terminated. If landlord shall elect to as near their previous condition as is reasonably possiblerepair such damage, and in during the meantime period of repair the total amount of the rent shall be abated reduced to an amount which in Landlord's opinion bears the same proportion ratio as the untenantable portion of the leased premises then available for use bears to the whole thereof; but unless Lessorentire premises. Upon completion of such repair, within sixty (60) days after the happening rent shall thereafter be paid as if no fire or other casualty had occurred. In the event that before or during the term of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part the premises of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) damaged by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualtycasualty which shall have been occasioned by the act of Tenant or of its servants, acts agents, visitors, invitees of God licensees there shall be no apportionment of abatement of the rent and without prejudice to any other rights and remedies of Landlord and without prejudice to any rights or other causes beyond Lessor’s controlsubrogation of any insurer of Landlord, Landlord shall have the right but in shall have no event beyond three hundred sixty obligation to repair the premises or the Building and Tenant shall reimburse and compensate Landlord within five (3605) days from the date of casualtyrendition of any statement to Tenant by Landlord for any expenditures made by Landlord in making any such repairs. The other provisions of this Article 6 notwithstanding, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion Landlord shall have no obligation to replace or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) repair any property in the Building of on the premises belonging to Tenant or in other buildings that Lessor to anyone claiming through or under Tenant nor shall Landlord have any affiliate of Lessor obligation hereunder to replace or repair any property on the premises which landlord may manage, own or control in require Tenant to remove from the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionpremises.
Appears in 1 contract
Fire or Other Casualty. 10.1 (a) In the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by of a fire or other casualty, Lessor may, at its option, restore the Building casualty that destroys all or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable a portion of the leased premises bears Property, the entire proceeds of any property casualty insurance less any actual and reasonable expenses incurred in collecting such proceeds (the "Net Casualty Proceeds") shall be applied as follows:
(i) If there is no Recognized Leasehold Mortgage at the time of the fire or casualty:
(1) First, Net Lease Tenant shall use the Net Casualty Proceeds to restore such portion of the Property that Net Lease Tenant shall elect to restore (it being acknowledged that Net Lease Tenant has no obligation to restore all or any portion of the Property pursuant to the whole thereof; but unless Lessorterms of the Net Lease);
(2) Second, within sixty (60) days after if Net Lease Tenant shall elect not to restore the happening of any damage resulting from such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor or if Net Lease Tenant shall not include replacement of furniturehave restored the entire Property, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office a portion of the leased premises as remaining Net Casualty Proceeds in an amount equal to the lesser of (A) product of (x) a result fraction, the numerator of a casualty, all rent shall be abated as to said office portion during which is the duration number of square feet of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date Property lost by reason of the casualty, and if the casualty materially disrupts denominator of which is the conduct number of Lessee’s business at square feet of the office portionentire Property immediately before the casualty, branch bank portion or other portions and (if anyy) the then outstanding principal balance of its leased premisesthe Loan, Lessee and (B) the entire remaining Net Casualty Proceeds, shall be entitled delivered to terminate this entire lease (even if Lender and applied towards the material disruption is only reduction in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date principal balance of the casualty or three Loan; and
(3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for Third, the restoration workbalance of the Net Casualty Proceeds, whichever occurs first. If Lessor elects or is required to restoreif any, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended retained by Net Lease Tenant.
(b) If there is a Recognized Leasehold Mortgage at the time of the casualty, the Net Casualty Proceeds shall be delivered to Tenant or the Recognized Leasehold Mortgagee, as required by the number of days Recognized Leasehold Mortgage Documents (if any) as defined in excess of ninety (90) days from the date of casualty to Net Lease), and applied and disbursed in accordance with the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseeRecognized Leasehold Mortgage Documents.
10.4 Lessor hereby agrees that in (c) In the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion fire or other portion casualty where the provisions of Section 3.2(a)(i)(2) shall apply, from and after the date of reduction of the principal balance of the Loan in accordance with the terms of said Section 3.2(a)(i)(2), the amount set forth in clause (if anyi) of the leased premises, Lessor will use its reasonable best efforts definition of Constant Monthly Payment (as defined in the Note) shall be recalculated to provide Lessee with substitute space equal one-twelfth (which is the functional equivalent 1/12) of the space damaged by product of such reduced principal balance and the casualty) Applicable Interest Rate (as defined in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancyNote), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Open End Mortgage and Security Agreement (Cedar Shopping Centers Inc)
Fire or Other Casualty. 10.1 15.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor mayor any such damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (“Event of Casualty”), at its optionLandlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and 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 a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If (i) in Landlord’s sole judgment, the damage is of such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and restore the Building Premises or leased premises to as near their previous condition as is reasonably possiblethe Building, and in the meantime the rent shall be abated in the same proportion as the untenantable portion case may be; or (ii) in Landlord’s sole judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the leased premises bears to Premises or the whole thereofBuilding, as the case may be; but unless Lessoror (iii) less than one (1) year remains on the then current Lease Term, Landlord shall so advise Tenant within sixty thirty (6030) days after the happening Event of any Casualty (“Landlord’s Notice of Casualty”), and either party shall have ten (10) Business Days after receipt of Landlord’s Notice of Casualty to terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (i), (ii) or (iii) above, then the Lease Term shall expire ten (10) Business Days after such casualtynotice is given, and Tenant shall notify Lessee vacate the Premises and surrender the same to Landlord in accordance with the terms of its election this Lease. If this Lease is terminated pursuant to so restorethis Section 15.1, all Rent payable hereunder shall be apportioned and paid to the date of the occurrence of such damage.
15.2 In the event of fire or other casualty damage, provided this lease Lease is not terminated pursuant to the terms of Section 15.1 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 thereupon terminate proceed diligently to repair and endrestore the Premises to substantially the same condition prior to the casualty occurrence. Such restoration by Lessor Landlord shall not include replacement of furniturebe obligated to repair or restore (i) any Alterations to the Premises even if such work was performed by Landlord’s Contractors, equipment or other items that do (ii) any Personal Property (as hereinafter defined) which Tenant may have installed (whether or not become part Tenant is required to remove or leave the same on the Premises as of the Building expiration or earlier termination of this Lease) unless Tenant, in
15.3 Landlord shall not insure (i) any improvements Alterations to the leased premises Premises even if such work was performed by Landlord’s Contractors, or (ii) any Personal Property of Tenant. Tenant shall, at its sole cost and expense, insure the value of such Alterations and Personal Property of Tenant for the purpose of providing funds to Landlord to repair and restore the Premises as set forth above.
15.4 The validity and effect of this Lease shall not be impaired in excess any way by the failure of those provided for in Landlord to complete the allowance
10.2 If Lessee is deprived of elevator access to the office portion repair and restoration of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during Premises or the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Building within one hundred eighty (180) days from after the date commencement of work, even if Landlord had in good faith notified Tenant that the casualty (without working overtime)repair and restoration would be completed within such period, Lessor provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgment of Landlord and Tenant substantially impaired, then Fixed Rent and Additional Rent otherwise payable by Tenant hereunder shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, equitably abated or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit adjusted for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseesuch impairment.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Repligen Corp)
Fire or Other Casualty. 10.1 17.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor mayor any such damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (“Event of Casualty”), at its optionLandlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and 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 a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If (i) in Landlord’s reasonable judgment, the damage is of such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and restore the Building Premises (including any restoration of Tenant’s Work, Tenant’s Alterations or leased premises to as near their previous condition as is reasonably possibleTenant’s Personal Property) or the Building, and in the meantime the rent shall be abated in the same proportion as the untenantable portion case may be; or (ii) in Landlord’s reasonable judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the leased premises bears to Premises or the whole thereofBuilding, as the case may be; but unless Lessoror (iii) less than one (1) year then remains on the current Lease Term, Landlord shall so advise Tenant within sixty thirty (6030) days after the happening Event of any Casualty (“Landlord’s Notice of Casualty”), and either party shall have ten (10) Business Days after receipt of Landlord’s Notice of Casualty to terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (i), (ii) or (iii) above, then the Lease Term shall expire ten (10) Business Days after such casualtynotice is given, and Tenant shall notify Lessee vacate the Premises and surrender the same to Landlord in accordance with the terms of its election this Lease.
17.2 In the event of fire or other casualty damage, provided this Lease is not terminated pursuant to so restorethe terms of Section 17.1 above and is otherwise in full force and effect, this lease and sufficient casualty insurance proceeds are available for application to such repair and restoration, Landlord shall thereupon terminate proceed diligently to repair and endrestore the Premises to substantially the same condition prior to the casualty occurrence. Such restoration by Lessor Landlord shall not include replacement be obligated to repair or restore (i) any of furnitureTenant’s Work, equipment (ii) any of Tenant’s Alterations, or (iii) any of Tenant’s Personal Property (as hereinafter defined), which Tenant may have installed (whether or not Tenant is required to remove or leave the same in the Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith. In the event of fire or other items that do casualty damage, provided this Lease is not become part terminated pursuant to the terms of Section 17.1 above and is otherwise in full force and effect, Tenant shall be entitled to repair and restore Tenant’s Work, Tenant’s Alterations and Tenant’s Personal Property simultaneously with Landlord’s restoration of the Building Premises and/or the Building, and Tenant shall proceed diligently to repair and restore the Premises to substantially the same condition prior to the casualty occurrence. Landlord and Tenant shall each take reasonable measures to ensure that Landlord’s contractors and Tenant’s contractors cooperate in all commercially reasonable ways with each other to avoid any delay in either Landlord’s restoration work or Tenant’s restoration work or any improvements to conflict with the leased premises in excess performance of those provided for either Landlord’s restoration work or Tenant’s restoration work, Tenant acknowledging, however, that in the allowancecase of conflict that is not reasonably avoidable, the performance of Landlord’s restoration work shall have priority.
10.2 If Lessee is deprived 17.3 Landlord shall not insure (i) any of elevator access Tenant’s Work, (ii) any of Tenant’s Alterations, or (iii) any of Tenant’s Personal Property. Tenant shall, at its sole cost and expense, (a) insure the value of such Tenant’s Work, Tenant’s Alterations and Tenant’s Personal Property for the purpose of providing funds to Landlord to repair and restore the office portion Premises as set forth above, or (b) repair and restore such Tenant’s Work, Tenant’s Alterations and Tenant’s Personal Property as described in Section 17.2.
17.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete the repair and restoration of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during Premises or the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Building within one hundred eighty (180) days from after the date commencement of work, even if Landlord had in good faith notified Tenant that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises (or a portion thereof) which is of a nature or extent that Tenant’s continued occupancy or use of the casualty (without working overtime)Premises is in the reasonable judgment of Landlord and Tenant impaired, Lessor then the Fixed Rent and Additional Rent otherwise payable by Tenant hereunder shall be required equitably abated or adjusted until the Premises are made suitable for Tenant’s occupancy. Notwithstanding anything contained herein to so restore. If Lessor does the contrary, if Landlord has not warrant to Lessee completed the repair and restoration of the Premises (aincluding any restoration of Tenant’s Work, Tenant’s Alterations or Tenant’s Personal Property if Landlord is responsible for such work, but excluding any restoration of Tenant’s Work, Tenant’s Alterations or Tenant’s Personal Property if Tenant is responsible for such work) within sixty three hundred sixty-five (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50365) days after the date commencement of casualty)work, whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date Tenant may terminate this Lease by written notice to Landlord at any time prior to Landlord’s completion and delivery of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseePremises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Immunogen Inc)
Fire or Other Casualty. 10.1 In (a) If the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Leased Space is partially damaged by fire or other casualty, Lessor mayand insurance proceeds are available to Landlord, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent damages shall be abated in repaired by and at the same proportion as expense of Landlord and the untenantable portion of the leased premises bears to the whole thereof; but unless Lessorrent, within sixty (60) days after the happening of any until such casualtyrepairs shall be made, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days apportioned from the date of such fire or other casualty according to the casualty (without working overtime)part of the Leased Space which is usable by Tenant. Landlord agrees to repair such damage within a reasonable period of time after receipt from Tenant of written notice of such damage, Lessor shall be required except that Tenant agrees to so restorerepair and replace its own furniture, furnishings and equipment. If Lessor does not warrant Landlord is unable to Lessee (a) within sixty (60) days from the date complete reconstruction of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work damaged premises within one hundred eighty (180) days from the date of the casualty, and if Tenant shall have the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled right to terminate this entire lease Lease, by written notice delivered to Landlord within five (even if 5) business days following the material disruption end of such one hundred eighty (180) day period, in which event such notice shall be effective to terminate the Lease on the date stated in such notice which shall be not later than 45 days after the expiration of such 180 day period. If Tenant does not elect to terminate this Lease pursuant to this section, Landlord shall complete the reconstruction within a reasonable time after the expiration of the 180 day period.
(b) If the Leased Space or Building is only in totally damaged or is rendered wholly untenantable by fire or other casualty, each party shall have the branch bank portion) right to terminate the Lease by giving written notice of termination to Lessor the other on or before thirty (30) days after such casualty occurred. If, however, Landlord commits in writing within thirty (30) days following such casualty to reconstruct the damaged Leased Space or Building to the condition which existed prior to such casualty and a reputable contractor acceptable to Landlord and Tenant determine that date which is such reconstruction can be substantially completed within the earlier of (1) one hundred twenty fifty (120150) days from the date of such casualty, or (2) one year prior to the Expiration Date, then neither party shall have the right to terminate this Lease and Landlord shall undertake reconstruction of the damaged premises. If, however, Landlord is unable to complete reconstruction of the damaged premises within one hundred eighty (180) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from Tenant shall have the date of casualty, except for delays caused by Lesseeright to terminate this Lease.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease (Idera Pharmaceuticals, Inc.)
Fire or Other Casualty. 10.1 In a) If at any time during this Lease Term, all or any portion of the event the Building or the leased premises Leased Property shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor maythen either party may elect to terminate this Lease by giving thirty (30) days prior written notice to the other; provided, at its optionhowever, restore that Landlord may elect, by giving written notice to Tenant within thirty (30) days of such damage or desolation, to repair and reconstruct the Building Leased Property to the condition in which it existed immediately prior to such damage or leased premises to as near their previous condition as is reasonably possibledestruction, and in the meantime the rent which case any notice of termination already given by Tenant shall be abated null and void, and, provided that if such repair and reconstruction proceeds as provided in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or subdivision (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given below, then Tenant may not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination Lease. Insurance proceeds payable with respect to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, such fire or other casualty, acts pursuant to the insurance provided by Tenant pursuant to Section 10, shall be payable to Landlord and Tenant, as their interests may appear, and, in the ordinary course of God events, be used, in part for repairs and/or replacements to the Leased Property as required.
b) In any of the aforesaid circumstances, and except in the case of casualty due to willful negligence or other causes beyond Lessor’s controlmisconduct by Tenant, rental shall xxxxx proportionately or, if destroyed in its entirety, in whole, during the period and to the extent that the Leased Property is unfit for use by Tenant in the ordinary conduct of its business; and provided that the Leased Property is repaired and reconstructed by Landlord as provided in this Section, the term of this Lease shall be amended by such period of time as will allow Landlord, assuming no breach of this Lease by Landlord or Tenant, to recover the amount of rent abated pursuant to this Section. If Landlord has elected to repair and restore the Leased Property with the insurance proceeds, this Lease shall continue in full force and effect and such repairs will be made within a reasonable time thereafter but in no event to exceed six (6) months thereafter, subject to delays arising from shortages of labor or material, governmental laws or regulations, acts of God, war or other conditions beyond three hundred sixty (360) days from Landlord’s reasonable control and rent shall not be increased after the date of the completion of such repairs as a result of such repairs. If Landlord has elected to repair and reconstruct the Leased Property, then the Lease Term shall be extended by a period of time equal to the period of such repair and reconstruction, unless Tenant has been able to utilize more than 50% of the Leased Property during such period.
c) It is agreed that if said Leased Property is damaged only slightly due to fire or other casualty and is still fit for occupancy and Tenant’s business operations are not substantially or materially affected by the casualty, except for delays caused by Lesseethen Landlord or Tenant, as their interests may appear, shall repair the damage with the insurance proceeds with due diligence and as soon as practicable and Tenant shall continue to pay rent and uphold all other provisions of this Lease.
10.4 Lessor hereby agrees that d) Tenant shall notify Landlord without delay in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion any fire or other casualty to the Leased Property. Tenant agrees not to claim any compensation from Landlord because of any inconvenience, annoyances or business interruption arising from the damage, destruction, repair, re-building or alteration of any portion (if any) of the leased premisesLeased Property, Lessor will use its reasonable best efforts to provide Lessee provided Landlord fully complies with substitute space (which is the functional equivalent reconstruction requirements of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionthis section.
Appears in 1 contract
Fire or Other Casualty. 10.1 In Seller shall give Purchaser prompt notice of any fire or other casualty to the event Hotel (or any portion thereof) costing more than Five Hundred Thousand Dollars ($500,000) to restore or repair, and the Building amount estimated by Seller as being required to restore or repair same, and occurring between the Effective Date and the Closing Date of which Seller has actual knowledge. If the cost of such restoration or repair is less than Seven Million Five Hundred Thousand Dollars ($7,500,000) (the “Casualty Threshold”) (as reasonably determined by Hotel Owner’s independent insurer), then no party shall have the right to terminate its obligations under this Agreement by reason thereof and the Closing shall take place without abatement or adjustment of the Unadjusted Gross Purchase Price or the leased premises Adjusted Gross Purchase Price and Seller shall have no obligation to repair or restore, or cause Hotel Owner to repair or restore, the Hotel, but Purchaser shall have the right to retain 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, in each case, for the period preceding the Closing Date) that may be destroyed or rendered untenantable, either wholly or in part, by payable to Seller on account of any such fire or other casualty, Lessor mayplus Seller shall credit the amount of any deductibles, at co-insurance or self-insured amounts under any Insurance Policies related to such proceeds to the Unadjusted Gross Purchase Price. If the cost of such restoration or repair equals or exceeds the Casualty Threshold, Purchaser shall, as its optionsole and exclusive remedy, restore elect, in its sole discretion, to either (i) terminate this Agreement upon written notice to Seller, in which event (x) the Building Deposit (less the amount of the extension fee related to the Existing Debt Extension that Purchaser is expressly required to pay or leased premises reimburse hereunder, which amount shall be paid to as near their previous condition as is reasonably possibleSeller) shall be immediately returned to Purchaser, and in the meantime the rent shall be abated in the same proportion as the untenantable portion (y) all other rights and obligations of the leased premises bears to the whole thereof; but unless Lessor, within sixty parties hereunder (60except those set forth herein which expressly survive a termination of this Agreement) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualtyimmediately, or (bii) within ten (10) days after Lessor’s receipt of written request from Lessee proceed to Closing, in which references this Section 10 and asks if such notice will be issued (Lessee’s request event the succeeding sentence shall apply. Should Purchaser nevertheless elect to be given not earlier than fifty (50) days after proceed to Closing with respect to the date of casualty)Seller Membership Interests, whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date Closing shall take place without abatement or adjustment of the casualty, and if Unadjusted Gross Purchase Price or the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion Adjusted Gross Purchase Price; Seller shall have no obligation to repair or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, or cause Hotel Owner to repair or restore, the Hotel; and at Closing, Seller shall assign to Purchaser all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days Seller’s interest (if any) in excess of ninety any insurance proceeds (90except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, in each case, for the period preceding the Closing Date) days from the date of casualty that may be payable to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration Seller on account of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, such fire or other casualty, acts plus Seller shall credit the amount of God any deductibles, co-insurance or self-insured amounts under any Insurance Policies related to such proceeds to the Unadjusted Gross Purchase Price. The provisions of this Section 9.1 supersede any law applicable to the Hotel governing the effect of fire or other causes beyond Lessor’s control, but casualty in no event beyond three hundred sixty (360) days from the date of casualty, except contracts for delays caused by Lesseereal property.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Sunstone Hotel Investors, Inc.)
Fire or Other Casualty. 10.1 In If, during the event Term of this Lease, the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, demised Premises are damaged by fire or other casualty, Lessor mayor any lawful authority orders demolition, at its option, restore the Building removal or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening non-use of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or Demised Premises, and if, in Tenant's reasonable judgment, the Demised Premises are thereby rendered substantially unusable for the purposes herein intended, then Tenant may terminate this Lease and Landlord will refund to Tenant any improvements to the leased premises unearned rent that Tenant has paid in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restoreadvance. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the Demised Premises are damaged by fire or other casualty, or (b) within ten (10) days after Lessor’s receipt if any lawful authority orders demolition, removal or non-use of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date any part of the casualtyDemised Premises, to an extent which does not render the Demised Premises substantially unusable for the purposes herein intended, then rent shall xxxxx according to the extent to which the Demised Premises have been rendered untenable or declared unusable until the Demised Premises are restored and put in proper condition for Tenant's use, but if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only Demised Premises are not restored and put in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained proper condition within ninety (90) days from of the date of casualty. Provided event, Tenant, at its option, may terminate this Lease and Landlord will refund to Tenant any unearned rent that Lessor Tenant has proceeded diligently to obtain the building permitpaid in advance; provided, said one hundred eighty (180) day period however, that nothing herein shall be extended by construed as to require Landlord to so repair or restore the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issuedDemised Premises, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that and in the event of a that any such damage or casualty that materially disrupts the conduct of Lessee’s business is so extensive as to render it unfeasible, in the office space portionLandlord's opinion, branch bank portion to repair or other portion restore same, Landlord may terminate this Lease upon thirty (if any30) of the leased premises, Lessor will use its reasonable best efforts days' notice to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionTenant.
Appears in 1 contract
Fire or Other Casualty. 10.1 In If the event the Building or the leased premises Premises shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualtycasualty insured against by Lessee’s fire and extended coverage insurance policy covering the Premises, Lessor and the Premises can be fully repaired, in Lessee’s commercially reasonable opinion, within three hundred and sixty-five (365) days from the date of such damage, Lessee, at Lessee’s expense, shall repair such damage; provided, however, Lessee shall have no obligation: (a) to repair if such damage occurs during the last five (5) years of the lease term (excluding any renewal option which is unexercised at the date of such damage); (b) to repair if the Lessee’s lender does not allow the insurance proceeds to be used for such purposes; or (c) to repair if the Premises cannot be fully repaired within three hundred sixty-five (365) days from the date of such damage. Except as otherwise provided herein, until the repairs to the Premises are substantially completed, the monthly rent shall xxxxx pro-rata based on the part of the Premises which is unusable by Lessee to the extent of any business interruption insurance proceeds paid in lieu thereof to Lessor. If Lessee decides not to rebuild the Premises, Lessee may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, cancel and terminate this Lease by giving Lessor notice in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessorwriting, within sixty (60) days after of the happening occurrence of any such casualtythe event causing the damage, shall notify Lessee of its election intention to so restorecancel this Lease, whereupon the term of this lease Lease shall thereupon terminate within thirty (30) days after such notice is given and endLessee shall vacate the Premises and surrender the same to Lessor. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part Concurrently with the surrender of the Building or any improvements Premises, the Lessee shall pay to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access Lessor an amount equal to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from months rent. In no event shall Lessee be liable to Lessor except to the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references extent provided in this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty9.1.1, and if without limiting the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premisesforegoing, Lessee shall not be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on responsible for consequential damages or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseelost rental income.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Ground Lease (MTR Gaming Group Inc)
Fire or Other Casualty. 10.1 18.1 In the event of damage to or destruction of the Premises or the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, caused by fire or other casualtycasualty (“Event of Casualty”), Lessor mayLandlord shall undertake to make repairs and restorations with reasonable diligence, at its optionsubject however to the limitations imposed by then existing Legal Requirements, 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 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 a good faith estimate of the time required to 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 more than one hundred and eighty (180) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Building Premises or leased premises the Building, then Landlord may elect to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion terminate this Lease by giving Tenant written notice of the leased premises bears to the whole thereof; but unless Lessor, such termination within sixty (60) days after the happening Event of any such casualtyCasualty. If less than one (1) year remains on the then current Lease Term and more than ninety (90) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, shall notify Lessee of its election then either party may elect to so restore, terminate this lease shall thereupon terminate and end. Such restoration Lease by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements giving written notice to the leased premises in excess other of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) termination within sixty (60) days after the Event of Casualty. In addition, if more than one hundred and eighty (180) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, 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 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 Event of Casualty, 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 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 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 permit Tenant’s re-occupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Base Rent and Additional Rent shall be equitably abated from the date of the casualtydamage or destruction until the Premises has been substantially restored for any portion of the Premises that is unusable by Tenant. Notwithstanding the foregoing, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lesseecasualty was due to the willful misconduct of Tenant or Tenant’s request to be given not earlier than fifty (50) days after the date of casualty)Agents, whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion such abatement or other portions (if any) of its leased premises, Lessee reduction shall be entitled to terminate this entire lease (even made only if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty and to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration extent of any delay in substantially restoring proceeds of rental interruption insurance actually received by Landlord and reasonably allocated to the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseePremises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Fire or Other Casualty. 10.1 In (a) If any building or other improvements now or hereafter situated on the event Leased Premises should at any time during the Building Term of this Ground Lease be damaged or destroyed, the leased premises Tenant shall diligently restore and rebuild the same as nearly as possible to the condition they were in immediately prior to such damage or destruction (including fixtures, trade fixtures, furniture and furnishings) or build replacement improvements according to such modified plans as shall be destroyed or rendered untenantable, either wholly or approved in part, writing by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to Landlord. The work of repair and restoration shall be commenced by Tenant as near their previous condition soon as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion with due consideration given to, among other things, clearing of damaged portions of the leased premises bears to Leased Premises and site preparation, adjustment of insurance claims, redesign, rebidding and re-permitting, obtaining a new loan or loans for construction or repair; provided that, in any event, Tenant shall commence such repairs and restoration no later than the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from after the date of damage or destruction (the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first“Outside Casualty Repair Commencement Date”). If Lessor elects or is required to restore, all parties Tenant shall proceed diligently to enable commence and complete repairs and restoration notwithstanding the required building permit to be obtained within ninety (90) days from fact that the date amount of casualty. Provided that Lessor has proceeded diligently to obtain proceeds of any insurance policies covering the building permit, said one hundred eighty (180) day period loss shall be extended by insufficient to reimburse Tenant therefor. Once construction has commenced, Tenant shall proceed diligently and continuously thereafter to complete the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond construction or repair within three hundred sixty (360) days from after the date of casualtydamage or destruction, subject to reasonable delays due to Force Majeure Events. Said original one hundred eighty (180) day period shall be extended The previous provisions to the contrary notwithstanding, in the event that the Leased Premises are damaged by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty (i) and the cost of repair or replacement exceeds fifty percent (50%) of the replacement value of the Leased Premises, or (ii) occurs in the last two (2) years of the Term, Tenant may elect to terminate this Ground Lease within ninety (90) days of such casualty. If Tenant elects to terminate, acts the Tenant shall cause the remaining Improvements to be razed and Tenant shall infill any holes or areas of God the Leased Premises, including compaction, such that the Leased Premises is on grade with the abutting public rights of way. In the event of termination of this Ground Lease, the Landlord shall be entitled to any insurance proceeds for the Improvements up to the amount of any grants or other causes beyond Lessor’s controlfunds provided by Landlord for the construction of the Improvements, but in no event beyond three hundred sixty (360) days from and Tenant shall be entitled to retain the date remainder of casualty, except for delays caused by Lesseesuch insurance proceeds.
10.4 Lessor hereby agrees that (b) Except as otherwise herein provided, in the event of a any damage by casualty that materially disrupts as aforesaid, the conduct terms of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space this Ground Lease shall be provided to Lessee on an “AS IS, WHERE IS” basis otherwise unaffected and at fair market rent Tenant shall remain and continue liable for the substitute space payment of Base Rent and other charges hereunder as though no casualty had occurred.
(given c) Landlord shall, at Tenant’s cost and expense and without any waiver of rights, reasonably cooperate with Tenant to obtain the “AS ISlargest possible recovery on all applicable policies of fire and extended coverage insurance, WHERE IS” nature of the tenancy)and all such policies shall provide that proceeds be paid to Landlord and Tenant in trust, not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionas provided above.
Appears in 1 contract
Samples: Redevelopment Agreement
Fire or Other Casualty. 10.1 In (a) If the event the Building Demised Premises, or the leased premises any part thereof, shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor mayand if the Landlord does not elect to terminate this Lease in accordance with the provisions of Subsection 20(b), at then the Landlord shall restore, repair and replace the Demised Premises, as nearly as possible to its option, restore the Building condition immediately prior to such damage or leased premises to as near their previous condition as is reasonably possibledestruction, and in until such repairs have been completed the meantime the rent Annual Base Rent and all Additional Rent shall be abated in proportion to the same proportion as the untenantable portion part of the leased premises bears Demised Premises which is rendered untenantable; provided, however, that the foregoing provisions shall not require the Landlord to repair, restore or rebuild Tenant's fixtures, equipment, additions, alterations, improvements, or other appurtenances therein. Such restoration, repairs and replacement shall be commenced with due diligence and in good faith as soon as practicable after the occurrence of the casualty (due allowance being made for the time taken for settlement of the insurance claims, the time required by Landlord to obtain the permission of governmental authorities to make such restoration, repair and replacement and other delays due to causes beyond Landlord's reasonable control), shall be prosecuted with due diligence and in good faith and, subject to delays caused by circumstances beyond Landlord's reasonable control, shall be completed within nine (9) months from the date of occurrence of the casualty.
(b) If the Demised Premises, or any part thereof, shall be damaged or destroyed by fire or other casualty, then Landlord shall have the right, by giving written notice to Tenant within ninety (90) days after the occurrence of the casualty, to terminate this Lease. If Landlord elects to terminate this Lease pursuant to this Section, the Term of this Lease shall cease and terminate as of the date of giving of such notice, any rents paid by Tenant for a period of time after the occurrence of the casualty shall be refunded by Xxxxxxxx, and neither party shall have any further liability under this Lease for any period of time after the effective date of termination.
(c) Tenant hereby releases Landlord and its partners, shareholders, officers, directors, agents and employees, from any and all liability or responsibility to Tenant (or to anyone claiming through or under Tenant by way of subrogation to otherwise) for any loss or damage to Tenant's property covered by a valid and collectible fire insurance policy with extended coverage endorsement, even if such fire or other casualty shall have been caused by the fault or negligence of the Landlord or anyone for whom the Landlord may be responsible.
(d) Notwithstanding any provisions in this Section 20 to the whole contrary, Landlord shall have no obligation whatsoever to repair, reconstruct or restore the Demised Premises and/or the Building if any of the following occurs:
(i) the holder of the first deed of trust, security agreement, or mortgage encumbering the Building elects not to permit the insurance proceeds payable upon damage to or destruction of the Building or Demised Premises to be used for such repair, reconstruction or restoration;
(ii) the damage or destruction occurs during the last twenty-four (24) months of the Lease Term or any renewal or extension thereof;
(iii) a Default, or an event that, with the giving of notice or passage of time, would become a Default; but unless Lessoror
(iv) the Tenant has vacated or abandoned the Demised Premises. In any such event, Landlord may terminate this Lease by giving written notice to Tenant within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment damage or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailabledestruction.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Office Lease (Tek Digitel Corp)
Fire or Other Casualty. 10.1 In (a) The Lessor agrees that if during the event first five years of the Building initial term of this Lease or the leased premises first five years of the renewal term if this Lease is renewed, the Leased Premises shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualty, to such an extent that the cost of repairs will be less than 50% of the fair market value thereof at the time of such casualty, provided Lessor’s lender permits, Lessor maywill employ the proceeds of insurance policies referred to in Section 9 to repair the Leased Premises after a casualty with reasonable dispatch after notice to Lessor of damage, at its optiondue allowance to be made for delay resulting from any cause beyond the Lessor’s reasonable control; provided, however, that the Lessor shall not be required to expend funds in excess of the insurance proceeds or repair or replace any property which the Lessee may be entitled to remove or which the Lessor may require the Lessee to remove from the Leased Premises upon the termination or expiration of this Lease, and provided further, that during the time that the Leased Premises are unfit for occupancy by Lessee, the rent shall xxxxx in proportion to the extent the premises are unfit for occupancy, so long as the damage was not occasioned by the act or omission of Lessee or Lessee’s agents, servants, employees or invitees.
(b) If the Leased Premises are damaged during the last two years of the initial Lease term or renewal term or to such extent that the cost of repairs will be 50% or more of the fair market value, as above described, then the Lessor in his sole discretion may choose not to repair and restore the Building or leased premises Leased Premises, whereupon the Lessor may terminate this Lease by notifying the Lessee in writing, within a reasonable time after such damage, of the Lessor’s election to as near their previous condition as is reasonably possibleterminate this Lease. In the event of the giving of such notice during the term of this Lease, this Lease shall expire and all interests of the Lessee in the Leased Premises shall terminate on the date specified in such notice, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears apportioned and paid up to the whole thereof; but unless Lessor, within sixty (60) days after the happening time of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment fire or other items that do not become part of casualty if the Building Leased Premises are damaged, or any improvements up to the leased premises in excess specified date of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailabletermination.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restoredc) within one hundred eighty (180) days Any insurance proceeds from the date of fire and extended coverage insurance furnished by the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled made payable to terminate this entire lease (even if the material disruption is only Lessor to effect the required repairs. Lessee will cooperate with and coordinate with Lessor in insuring that such proceeds are at the branch bank portion) by giving notice of termination to Lessor Lessor’s disposal on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor a timely basis in order that Lessor has received its building permit for may proceed with the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseerepairs with reasonable dispatch.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease (BNC Bancorp)
Fire or Other Casualty. 10.1 In (a) If any of the event Improvements located on any Parcel are damaged or destroyed by fire or other cause, the Building owner or lessee of such Improvement ("NOTIFYING PARTY") shall exercise its election under clause (a) or (b) of the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by second paragraph of Section 1.2 within 45 days after the occurrence of such fire or other casualty, Lessor mayby delivering written notice thereof (the "CASUALTY NOTICE") to the other Party, at which Casualty Notice shall set forth the Notifying Party's election to pursue either of the following, subject to its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, obligations elsewhere in this REA and in the meantime Leases to which it is a party: (i) the rent shall be abated in repair, Restoration, or rebuilding of the same proportion as Improvement so damaged or destroyed, or (ii) the untenantable razing of any damaged Improvement, the filling of any excavation, and performance of any other work necessary to put such portion of the leased premises bears to the whole thereof; but unless Lessorapplicable Parcel in a clean, within sixty (60) days after the happening of any such casualtysightly and safe condition, blacktopped or planted with grass. The Notifying Party shall notify Lessee of its election to so restore, this lease shall thereupon terminate promptly commence and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part diligently pursue completing whichever of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailableforegoing options it elects.
10.3 (b) Notwithstanding the foregoing, if in the casualty in question can be repaired, rebuilt or replaced event (i.e., restoredi) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor Notifying Party does not warrant to Lessee (a) within sixty (60) days from send the date of the casualtyCasualty Notice as required above, or (bii) does send a Casualty Notice but does not complete the work elected therein in material compliance with all Laws within a reasonable period after the Casualty Notice, or (iii) fails to complete any Restoration for which it is responsible under this REA, then the other Party ("ELECTING PARTY") shall have the right (in addition to any other rights it may have), following written notice to the Notifying Party given: (1) within ten (10) 15 days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued the Casualty Notice, (Lessee’s request to be given not earlier than fifty (502) within 15 days after the last date of casualty)on which the Casualty Notice should have been delivered, whichever if it is laternot so delivered, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received within a reasonable time with respect to any Restoration under clauses (ii) or (iii) above, to effect the Restoration of the Improvements so damaged or destroyed, at its building permit for sole cost and expense (to the restoration extent the insurance proceeds payable to it are insufficient), whereupon, it shall promptly commence and diligently pursue completion of such work, whichever occurs first. If Lessor elects or is required including but not limited to, submitting all plans and specifications to restorethe Notifying Party for its prior written approval, all parties shall proceed diligently to enable the required building permit not to be obtained within ninety (90unreasonably withheld or delayed. In such event, the Electing Party shall have the right to receive any insurance proceeds payable in connection with such damage or destruction to be used for such Restoration. The Notifying Party shall cooperate with the Electing Party in connection with any such repair or restoration. Upon completion of the Restoration, the Electing Party shall have the right to reimbursement for reasonable amounts expended under this Section 5.7(b) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty amount otherwise payable to the date the building permit is issued, but in no event beyond three hundred sixty Notifying Party under clause (360v) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if anySection 1.3(c) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionRevenue Sharing Agreement.
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Fire or Other Casualty. 10.1 (a) In the event of a fire or other casualty to the Building Premises, Tenant shall immediately give notice thereof to Landlord. Within forty-five (45) days following any damage or destruction to the Project or the leased premises Premises, Landlord shall be obtain from a responsible contractor selected by Landlord, an estimate (the "Restoration Estimate") of the time required to complete the applicable restoration or rebuilding.
(b) Except as otherwise provided in this Section, if the Premises are partially destroyed by fire or rendered untenantable, either wholly other casualty so as to render the Premises Untenantable in whole or in part, by fire or other casualty, Lessor may, at its option, restore the Building or leased premises Rent provided for herein shall xxxxx thereafter as to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears Premises rendered Untenantable until such time as the Premises are no longer Untenantable.
(c) Landlord and Tenant shall each have the right to terminate this Lease if the whole thereof; but unless Lessor, within sixty (60) days after Premises or any portion thereof is damaged or destroyed and the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such Restoration Estimate provides that the repair or restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Premises with Building or any standard improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall cannot reasonably be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) completed within one hundred eighty (180) days from following the date commencement thereof; provided however, the rights of the casualty (without working overtime), Lessor termination granted under this sentence shall be required available to so restore. If Lessor Landlord only if the damage or destruction occurs during the last three (3) years of this Lease and there is no Renewal Option then remaining, or if there is a remaining Renewal Option, Tenant does not warrant exercise the same by written notice to Lessee Landlord delivered within thirty (a) within sixty (6030) days from the date of the casualty, or (b) within ten (10) days after Lessor’s following receipt of written request from Lessee Landlord's termination notice, which references this Section 10 and asks if such renewal notice will be issued (Lessee’s request shall include the same information as contained in a renewal notice delivered pursuant to be given not earlier than fifty (50) days after Exhibit "H" hereto. In the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion event either Landlord or other portions (if any) of its leased premises, Lessee shall be entitled Tenant elects to terminate this entire lease Lease based upon the provisions of this Section 7.3, such party must make such election and notify the other party of such election within thirty (even if 30) days following the material disruption date Tenant receives the Restoration Estimate from Landlord; otherwise, such party shall be deemed to have elected not to terminate this Lease as a result of such damage or destruction. In the event that a fire or other casualty not affecting the Premises gives rise to a termination right by Landlord under this Section 7.3, Landlord agrees that it shall not exercise its termination right solely for the purpose of re-leasing the Premises to another tenant. In the event this Lease is only terminated by either party pursuant to this Section 7.3, Tenant shall vacate the Premises as soon as reasonably practicable, but in the branch bank portion) by giving notice of termination to Lessor on or before that date which is no event later than one hundred twenty (120) days following the election by either party to terminate this Lease. Tenant shall pay all Rent owed up to the time of such damage or destruction, and Tenant shall pay a pro rata share of Rent on those portions of the Premises occupied (or deemed occupied) by Tenant following such damage or destruction from the date of such damage or destruction until Tenant vacates such portion or portions, as the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit case may be, of the Premises. Tenant's occupancy of any portion of a floor shall be deemed for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit purposes of this section to be obtained within ninety Tenant's occupancy of the entirety of such Floor.
(90d) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permitUnless this Lease is terminated as provided in this Section 7.3 hereof, said one hundred eighty (180) day period this Lease shall be extended by the number of days (if any) continue in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, effect following a fire or other casualtycasualty on the same terms and conditions set forth herein, acts except that the Rent provided for herein shall xxxxx as to the portion of God the Premises rendered Untenantable until such time as the Premises (or other causes beyond Lessor’s controlportion thereof) are no longer Untenantable.
(e) Subject to the rights of Landlord and Tenant to terminate this Lease as set forth in this Section 7.3, Landlord shall commence and prosecute any repair work promptly and with reasonable diligence, but Landlord shall be obligated only to restore or rebuild the Premises to a Building standard condition; provided, however, if Landlord's insurance does not provide such coverage, or if Tenant desires Landlord to rebuild more than Building standard condition, Tenant may cause Landlord to rebuild or restore the Premises with such greater improvements (including without limitation, any improvements located in no event beyond three hundred sixty the Premises prior to such damage or destruction) if Tenant bears the cost (360including rentals which are lost due to any excess construction time) days of such restoration or rebuilding to the extent the same exceeds the costs Landlord would have incurred had only Building standard improvements been used.
(f) Notwithstanding anything to the contrary set forth in this Lease, if the Premises or any other portion of the Building is damaged by fire other casualty resulting from the date intentional misconduct of casualtyTenant or its agents, except for delays caused by Lesseecontractors, or employees, Tenant shall not be permitted to exercise any right to terminate this Lease due to such casualty or damage.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Fire or Other Casualty. 10.1 In The parties hereto mutually agree that if any time during the event Term the Leased Premises or any portion of the Building are partially (mom than 20% of replacement cost) or the leased premises shall be totally- destroyed or rendered untenantable, either wholly or in part, by fire or other casualtycasualty covered by the fire and extended coverage insurance, the Lessor may, at its option, restore the Building or leased premises upon written notice to as near their previous condition as is reasonably possibleLessee, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, delivered within sixty (60) days after such occurrence, elect either (i) to promptly repair and restore the happening of any such casualtyLeased Premises and the Building, shall notify Lessee of its election as soon as it. is reasonably practicable, to so restore, this lease shall thereupon terminate substantially the same conditions in which the Leased Premises and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building were before such damage, or any improvements (ii) to terminate the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access Lease with such termination to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from effective on the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty; provided, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that however in the event Lessee has occupied and conducted business on the Leased Premises during the interim between the fire or other casualty and the delivery of the written notice, the termination will be effective on the date Lessee last occupied and. conducted business on the Leased Premises. In the event the Leased Premises are completely destroyed or so damaged by fire or other casualty covered by the fire and extended coverage insurance to be carried by Lessor 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 of rent until the Leased Premises are made usable. In the event the Leased Premises are substantially 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 be a partial abatement in the rent corresponding to the time and extent to which the Leased Premises cannot be used by Lessee. If the Leased Premises shall be damaged by fire or other casualty that materially disrupts resulting from the conduct fault or negligence of Lessee’s business in , or the office space portionagents employees, branch bank portion licensees, or other portion (if any) invitees of Lessee, then, to the leased premisesextent not covered by insurance, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space such damage shall be provided to Lessee on an “AS IS, WHERE IS” basis repaired by and at fair market the expense of Lessee, under the direction and supervision of Lessor, and rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditioncontinue without abatement.
Appears in 1 contract
Fire or Other Casualty. 10.1 In Sellers agree to give Purchaser prompt notice of any fire or other casualty to the event Property that occurs between the Building or Effective Date and the leased premises shall be destroyed or rendered untenantableClosing Date and which costs more than One Hundred Thousand Dollars ($100,000) to repair. If, either wholly or in partprior to Closing, the Property is damaged by fire or other casualty, Lessor may, at its option, restore casualty and (i) less than fifteen percent (15%) of the Building Hotel Improvements (including the Improvements and the grass located on the golf courses included in the Property) are damaged or leased premises to as near their previous condition as is reasonably possibledestroyed, and in (ii) the meantime the rent shall be abated in the same proportion as the untenantable portion damage would cost not more than two percent (2%) of the leased premises bears Purchase Price to repair (including the whole thereoflost profit of the business for the estimated repair period), 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 unless Lessorbut, within sixty if the Property is insured, Sellers shall assign to Purchaser at the Closing all of Sellers’ interest in any insurance proceeds (60except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) days after the happening that may be payable to Sellers on account of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment fire or other items that do casualty or, if the Property is uninsured, then Sellers shall pay to Purchaser at Closing an amount equal to the cost of repairing the damage, to the extent such proceeds or sums have not become part been previously expended or are otherwise required to reimburse Sellers for actual expenditures of restoration, plus Sellers shall credit the amount of any deductibles under any policies related to such insurance proceeds against the Purchase Price. If any such damage due to fire or other casualty affects more than fifteen percent (15%) of the Building Improvements or any improvements to the leased premises would cost in excess of those provided two percent (2%) of the Purchase Price to repair (including the lost profit of the business for the estimated repair period), either Purchaser or, if such loss is uninsured, excluding Sellers’ deductibles, in the allowance
10.2 If Lessee is deprived an amount in excess of elevator access Five Million Dollars ($5,000,000.00), Sellers may terminate its obligations under this Agreement by written notice given to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) other party within ten (10) days after Lessor’s receipt Sellers have given Purchaser the notice of written request from Lessee which references damage or casualty referred to in this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after 8.1, or on the date of casualty)Closing Date, whichever is laterearlier, that Lessor will have completed in which case the restoration work within one hundred eighty (180) days from the date Additional Deposit, if paid, and one-half of the Initial Deposit shall be promptly returned to Purchaser, Sellers shall be paid one-half of the Initial Deposit (unless Sellers terminate this Agreement in connection with an uninsured casualty, in which event the entire Initial Deposit shall be refunded to Purchaser) and if the casualty materially disrupts parties hereto shall be released of all further obligations hereunder with respect to the conduct Property except those which expressly survive a termination of Lessee’s this Agreement. Should Purchaser and Sellers elect to proceed to Closing notwithstanding the amount of the loss, the Closing shall take place without abatement of the Purchase Price and at Closing, Sellers shall assign to Purchaser all of Sellers’ interest in any insurance proceeds to the extent the loss was insured (except use and occupancy insurance, rent loss and business at interruption insurance, and any similar insurance for the office portion, branch bank portion period preceding the Closing Date) that may be payable to Sellers on account of any such fire or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date extent such proceeds or sums have not been previously expended or are otherwise not required to reimburse Sellers for actual expenditures of restoration plus Sellers shall credit the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration amount of any delay in substantially restoring deductibles under any policies related to such insurance proceeds against the leased premises in question caused by LesseePurchase Price (except to the extent such sums have been previously expended on the restoration), strikesor, to the extent the loss was not insured, Sellers shall grant to Purchaser a credit against the Purchase Price equal to the amount required to complete such repairs or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will restoration. Sellers shall cooperate and use its their reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided cause insurers to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionclaims as expeditiously as possible.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Gaylord Entertainment Co /De)
Fire or Other Casualty. 10.1 15.1 In the event of damage to or destruction of the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, Premises caused by fire or other casualty, Lessor mayor any such damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (“Event of Casualty”), at its optionLandlord will, within thirty (30) days following written notice thereof from Tenant of an Event of Casualty, deliver to Tenant an estimate of the time necessary to repair the damage in question such that the Premises may be used by and accessible to Tenant and such notice will be based upon the review and opinions of Landlord’s architect and contractor (“Landlord’s Repair Notice”). Landlord shall undertake to make repairs and 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 a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If (i) in Landlord’s reasonable judgment (based on Landlord’s Repair Notice), the damage is of such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and restore the Building Premises or leased premises to as near their previous condition as is reasonably possiblethe Building, and in the meantime the rent shall be abated in the same proportion as the untenantable portion case may be; or (ii) in Landlord’s sole judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the leased premises bears Premises or the Building, as the case may be; or (iii) less than one (1) year remains on the then current Lease Term (and the damages is of such nature to the whole thereof; but unless Lessorextent that normal services and access to the Premises are materially disrupted), Landlord shall so advise Tenant within sixty thirty (6030) days after the happening Event of any such casualtyCasualty (“Landlord’s Notice of Casualty”), and either party shall notify Lessee have ten (10) Business Days after receipt of its election Landlord’s Notice of Casualty to so restore, terminate this lease shall thereupon terminate and end. Such restoration Lease by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements written notice to the leased premises in excess of those provided for other. If either party elects to terminate this Lease in the allowance
10.2 If Lessee case described in clauses (i), (ii) or (iii) above, then the Lease Term shall expire ten (10) Business Days after such notice is deprived given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the terms of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 this Lease. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate this Lease and Landlord does not substantially complete the repair and restoration of the Premises within two (2) months after the expiration of the estimated period of time set forth in Landlord’s Repair Notice, which period shall be extended to the extent of any delays caused by Tenant, then Tenant may terminate this Lease by written notice to Landlord within thirty (30) days after the expiration of such period, as the same may be so extended.
15.2 In the Event of Casualty, provided this Lease is not terminated pursuant to the terms of Section 15.1 above and is otherwise in fall force and effect, and sufficient casualty insurance proceeds are available to cover the cost of such repair and restoration, Landlord shall proceed diligently to repair and restore the Premises to substantially the same condition prior to the casualty occurrence. Landlord shall not be obligated to repair or restore any Alterations, the Premises Work, or Tenant’s Personal Property (as defined in question can Section 16.1).
15.3 Landlord shall not insure; (a) any Alterations to the Premises; (b) any of the Initial Improvements; or (c) any of Tenant’s Personal Property.
15.4 Except as set forth in Section 15.1 above, the validity and effect of this Lease shall not be repaired, rebuilt impaired in any way by the failure of Landlord to complete the repair and restoration of the Premises or replaced (i.e., restored) the Building within one hundred eighty (180) days from after the date commencement of work, even if Landlord had in good faith notified Tenant that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgment of Landlord and Tenant substantially impaired, then Fixed Rent and Additional Rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant’s abatement period shall continue until Tenant has been given reasonable time, and sufficient access to the Premises, to rebuild the portion of the casualty (without working overtime), Lessor shall be Premises it is required to so restore. If Lessor does rebuild, to install its property, furniture, fixtures, data and telecommunications cabling and equipment and to move in to the Premises over the course of one (1) full weekend not warrant to Lessee exceed the earlier of: (a) within sixty ninety (6090) days from the date of the casualty, days; or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty)upon which Tenant has rebuilt the Premises, whichever is laterinstalled its property, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualtyfurniture, fixtures, data and telecommunications, and if has moved into the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseePremises using good faith efforts.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Sublease (Solid Biosciences Inc.)
Fire or Other Casualty. 10.1 In the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by (a) If fire or other casualty, Lessor may, at its option, restore casualty damages the Building Premises or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable any other portion of the leased premises bears Building to which Tenant 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 whole thereof; but unless Lessornext paragraph, within sixty (60) days after Landlord 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 happening of any 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, shall notify Lessee at Xxxxxxxx’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 its election 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 so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment repair the damage to the Premises or other items that do not become part of to the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) 120 days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts due to the character of God 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 120 days after a fire or other causes beyond Lessor’s controlcasualty. If neither Landlord nor Tenant exercises a right to terminate this Lease, but as provided in this § 7.1, Landlord must provide Tenant with substitute Premises for the affected portion of the Premises for no event beyond three hundred sixty (360) days 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 date original Premises to the substitute Premises, and back to the original Premises, provided that Tenant must continue to pay the Rent.
(c) The rights of Landlord and Tenant to terminate this Lease if there is a fire or other casualty are subject to the following notice provisions: Within 30 days after the occurrence of a fire or other casualty, except for delays caused Landlord must notify Tenant of Landlord’s election to terminate this Lease in accordance with the preceding paragraph. Tenant must notify Landlord of Tenant’s election to terminate this Lease in accordance with the preceding paragraph (i) within 30 days after the occurrence of a fire or casualty or (ii) within 30 days after the expiration of the 120-day period given to Landlord to repair the Premises if this Lease is not terminated and Landlord fails to complete such repair within said 120-day period. Any such termination of this Lease by LesseeLandlord or Tenant 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.
10.4 Lessor hereby agrees that in (d) If any damage to the event Premises or the Building, or if Landlord’s repair of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion either or other portion both
(if anyi) renders any part of the leased premises, Lessor will Premises unfit for Tenant’s use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent and occupancy or otherwise prevents Tenant’s use and occupancy of such part of the space damaged by Premises, or (ii) causes a material cessation or reduction in Landlord’s Services (as identified in Exhibit C) under this Lease, and (iii) Tenant continues to use and occupy the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature unaffected portion of the tenancy)Premises, not a proportionate amount of Rent must be abated (unless Tenant has been relocated to exceed substitute premises as set forth in (b) above) until the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after affected portion of the leased premises Premises, Landlord’s Services, or both has or have been restored as required under this Lease unless Xxxxxx has relocated to a tenantable conditionsubstitute premises as provided by § 7.1 (b).
Appears in 1 contract
Samples: Office Lease
Fire or Other Casualty. 10.1 (a) If a fire or other casualty destroys or damages all or any part of the Premises, or the building or other improvements located on and forming a part of the Premises, the rent shall not be abated, but Tenant shall continue to pay the rent and other sums herein stipulated to be paid as if such fire or other casualty had not occurred. In the event the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by of such fire or other casualty, Lessor mayTenant shall, with due diligence, at its optionTenant’s sole expense, promptly repair, rebuild and restore the Building or leased premises Premises so that the Premises constitute an architecturally whole unit, the same as nearly possible as its condition immediately prior to as near their previous condition as is reasonably possiblesuch damage and destruction, which repair, rebuilding and restoration shall be governed by, and in Landlord shall have the meantime rights set forth in, Paragraph 8.
(b) If during the rent shall be abated in the same proportion as the untenantable portion last three (3) years of the leased premises bears to the whole thereof; but unless Lessorterm hereof, within sixty percent (60%) or more of the Premises, exclusive of excavations and foundations, is destroyed by fire or other casualty insured against, either party shall have the right and option to terminate the within Lease in lieu of rebuilding; provided, however, that such option must be exercised within thirty (30) days after the happening occurrence of the fire or other casualty insured against by giving notice thereof to the other party. In the event of termination, Tenant shall assign to Landlord all its rights to the proceeds from any and all insurance covering the Premises and relating to such fire or other casualty insured against; and in addition thereto shall pay to Landlord the amount of any such casualty, shall notify Lessee deductible and the amount of its election any deficiency by reason of Tenant’s failure to so restore, this lease shall thereupon terminate and endinsure the Premises as required by Paragraph 10 hereof. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of During the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if parties shall have the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled option to terminate this entire lease Lease in lieu of rebuilding as above provided, Tenant shall continue to maintain all insurance required to be carried under the terms of Paragraph 10.
(even if c) Landlord, at any time during the material disruption is only in term of this Lease, shall have the branch bank portion) right at Landlord’s option to carry for its own account and at its expense “Replacement Insurance,” “Depreciation Insurance” or “Additional Coverage Insurance” over and above the fire and extended coverage insurance required to be carried by giving notice of termination to Lessor on or before Tenant hereunder, provided that date which is one hundred twenty (120) days from the date Landlord shall first advise Tenant of the casualty or three (3) business days after Lessee has received written notice same, and the proceeds from Lessor that Lessor has received its building permit for any such insurance carried by Landlord shall at all times be and become the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) property of the leased premises, Lessor Landlord. Tenant shall fully cooperate with Landlord so that Landlord will use its reasonable best efforts be able to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building carry such “Replacement Insurance,” “Depreciation Insurance” or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionAdditional Coverage Insurance.”
Appears in 1 contract
Fire or Other Casualty. 10.1 In Notwithstanding any provision of Article 9 to the event contrary, subject to Owner's right to terminate this lease as provided in Article 9, if more than 50 percent of the Building or the leased demised premises shall be destroyed rendered untenantable by fire or rendered untenantable, either wholly or other casualty and (a) Tenant is not then in part, by default under this lease following any required notice and the expiration of the applicable cure period and (b) Tenant has not caused the fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless LessorOwner shall, within sixty (60) 30 days after following the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts obtain and deliver to Tenant an estimate from Owner's architect, engineer or contractor of God the time required to substantially complete the restoration of the demised premises. If the estimate shall be 270 days or more following the fire or other causes beyond Lessor’s controlcasualty, but Tenant shall have the right to terminate this lease by notice to Owner within 30 days following Tenant's receipt of the estimate (time being of the essence), in no which event beyond three hundred sixty (360) this lease shall terminate effective the date which is 60 days from following the date of Owner's delivery of such estimate, Tenant shall pay the fixed rent and additional rent to the date of termination (or the date of the fire or other casualty for that portion of the demised premises which is untenantable), and this lease shall expire as if that date were the date set forth in this lease for the expiration of the term. If this lease shall not be terminated as provided in this Article, or if the estimate is less than 270 days, and for any reason the restoration is not substantially completed within 365 days following the fire or other casualty, except for delays caused Tenant shall have the right, by Lessee.
10.4 Lessor hereby agrees notice to Owner within 10 days following the end of that 365-day period (time being of the essence), to terminate this lease effective the date which is 60 days following the date of Tenant's notice, in which event Tenant shall pay the event fixed rent and additional rent to the date of a casualty that materially disrupts termination (or the conduct date of Lessee’s business in the office space portion, branch bank portion fire or other portion (if any) casualty for that part of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (demised premises which is untenantable), and this lease shall expire as if that date were the functional equivalent date set forth in this lease for the expiration of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionterm.
Appears in 1 contract
Samples: Loft Lease (Coach Inc)
Fire or Other Casualty. 10.1 In If all or part of the event Leased Premises is rendered untenantable by damage from fire or other casualty which in Prime Lessor's reasonable opinion cannot be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the Building or date of the leased premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, then either Prime Lessor mayor Subtenant may elect to terminate this Sublease Agreement as of the date of such casualty by written notice delivered to the other not later than ten (10) days after notice of such determination is given by Prime Lessor. If in Prime Lessor's reasonable opinion the damage caused by the fire or casualty can be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the date of the fire or other casualty, or if neither party exercises its DocuSign Envelope ID: 29570CB9-27F1-40D0-8431-AC06B62B6A2C right to terminate under the previous sentence, Prime Lessor shall, but only to the extent that insurance proceeds are available for such purpose, repair such damage, other than damage to furniture, furnishings, equipment, trade fixtures or other personal property which does not belong to the Prime Lessor, all of which shall be repaired or replaced forthwith by Subtenant at its optionown expense. During any period of restoration, restore the Building Rent payable by Subtenant shall be proportionately reduced to the extent that the Leased Premises are thereby rendered untenantable from the date of casualty until substantial completion by Prime Lessor of the repairs to the Leased Premises (or leased premises the part thereof rendered untenantable) or until Subtenant again uses the Leased Premises (or the part thereof rendered untenantable) in its business, whichever first occurs. Notwithstanding anything to as near their previous condition as the contrary in this paragraph 28.1, if all or a substantial part (whether or not including the Leased Premises) of the Center is reasonably possible, and rendered untenantable by damage from fire or other casualty to such a material extent that in the meantime opinion of Prime Lessor the rent shall Center must be abated totally or partially demolished, whether or not to be reconstructed in the same proportion whole or in part, Prime Lessor may elect to terminate this Sublease Agreement as the untenantable portion of the leased premises bears date of the casualty (or on the date of notice if the Leased Premises are unaffected by such casualty) by written notice delivered to the whole thereof; but unless Lessor, within Subtenant not more than sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime)fire or casualty. Except as set forth above in this paragraph 28.1, Lessor there shall be required no reduction or abatement of rent and neither Prime Lessor nor Tenant shall have any liability to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) Subtenant by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration reason of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, injury to or other labor disputes, material shortages, interference with Subtenant's business or property arising from fire or other casualty, acts of God however caused, or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date making of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that any repairs resulting therefrom in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank or to any portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts Center or the Leased Premises by Subtenant or Prime Lessor. An election to provide Lessee with substitute space (which is repair the functional equivalent of Leased Premises hereunder shall not extend the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionLease Term.
Appears in 1 contract
Samples: Sublease Agreement
Fire or Other Casualty. 10.1 In Condemnation.
14.1 If the event the Building Property or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, any part thereof is damaged by fire or other casualtycasualty prior to the Closing Date which would cost in excess of One Hundred Thousand Dollars ($100,000) to repair (as determined by an insurance adjuster mutually selected by Purchaser and Seller), Lessor mayPurchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, at its option, restore this Agreement shall be of no further force and effect and (except for the Building or leased premises to as near their previous condition as is reasonably possibleSurviving Obligations) neither party shall thereafter have any further obligation under this Agreement, and in Seller shall direct the meantime Title Company to promptly return all Earnxxx Xxxey to Purchaser. If Purchaser does not elect to terminate this Agreement, then the rent Closing shall be abated in take place as herein provided without abatement of the same proportion as Purchase Price, and Seller shall assign and transfer to Purchaser on the untenantable Closing Date, without warranty or recourse, all of Seller's right, title and interest to all insurance proceeds paid or payable to Seller on account of such fire or casualty and Seller shall pay the cost of the deductible of such insurance policy.
14.2 If any material portion of the leased premises bears Property is taken in eminent domain proceedings prior to Closing, Purchaser may terminate this Agreement by notice to Seller given on or before the whole thereof; but unless Lessor, within sixty earlier of (60i) twenty (20) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, taking or (bii) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty)Closing Date, whichever is laterand, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts such termination, this Agreement shall be of no further force and effect and, except for the conduct of Lessee’s business in Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the office space portionTitle Company to promptly return all Earnxxx Xxxey to Purchaser. If Purchaser does not so elect to terminate, branch bank portion or other portion (if any) the Closing shall take place as herein provided without abatement of the leased premisesPurchase Price, Lessor will use its reasonable best efforts and Seller shall assign and transfer to provide Lessee with substitute space (which is Purchaser on the functional equivalent Closing Date, without warranty or recourse, all of the space damaged by the casualty) Seller's right, title and interest in the Building and to all condemnation awards paid or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided payable to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionSeller.
Appears in 1 contract
Samples: Purchase Agreement (Inland Monthly Income Fund Iii Inc)
Fire or Other Casualty. 10.1 In 11.01 Damage by fire or other casualty to the event Building and to the core and shell of the Premises (excluding the tenant improvements and betterments and Txxxxx’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 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 leased premises core and shell of the Premises, the Premises are rendered untenantable for the purposes for which same were rented hereunder, the Rent shall axxxx in proportion to the portion of the Premises not usable by Txxxxx from the date of such fire or other casualty until Lxxxxxxx’s Restoration Work is substantially completed. Except as provided otherwise herein, Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work, Txxxxx’s sole remedy being the right to an abatement of Rent, as provided above. Tenant shall reasonably cooperate with Landlord in connection with the performance by Landlord of Landlord’s Restoration Work. If the 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 destroyed so damaged that Landlord shall decide to demolish it or rendered untenantablenot to rebuild it (whether or not the Premises have been damaged), either wholly 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. Notwithstanding the foregoing, each party shall look first to any insurance in part, by its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, Lessor mayand to the extent that such insurance is in force and collectible and to the extent permitted by law, at its optionLandlord 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) reasonably 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 Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Premises within one hundred eighty (180) days from following the date upon which the core and shell of the casualty (without working overtime), Lessor Premises shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionsubstantially repaired by Landlord.
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Fire or Other Casualty. 10.1 In the event If the Building or the leased premises shall be destroyed Leased Premises or rendered untenantable, either wholly or in part, any part thereof are damaged by fire or other casualty, Lessor maythe Landlord will, at its optionusing all available insurance proceeds, restore forthwith commence and continue with all reasonable diligence the repair of the same; provided, however, that if the repair of the Building or leased premises Leased Premises shall require a period greater than two hundred seventy (270) days to as near their previous condition as is reasonably possiblerestore, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears then upon notice given to the whole thereof; but unless Lessor, within Tenant not later than sixty (60) days after the happening of any such casualty, shall notify Lessee the Landlord may terminate this Lease as of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime)and a proportionate part of the Rent paid in advance will be repaid to the Tenant. Notwithstanding any of the foregoing provisions to the contrary, Lessor shall be required to so restore. If Lessor does not warrant to Lessee if (a) within sixty the Leased Premises are materially damaged by fire or other casualty during the last twelve (6012) days from the date months of the casualtyTerm and Tenant has not exercised its Term extension rights under this Lease, or (b) the Leased Premises are materially damaged by fire or other casualty and not restored (including restoration of the leasehold improvements in the Leased Premises to the extent initially installed by the Landlord as part of the Landlord's Work), within ten two hundred seventy (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50270) days after the date of such f ire or casualty), whichever or (c) in the event the damage to the Leased Premises is latersuch that the repair of such will require a period greater than two hundred seventy (270) days, that Lessor will then Tenant shall have completed the right, exercisable by notice to Landlord delivered within thirty (30) days after the date of such f ire or casualty (with respect to clause (a) or (c) above) or within thirty (30) days after the expiration of such two hundred seventy (270) day period while f failure to restore the Leased Premises and the leasehold improvements in the Leased Premises persists (with respect to clause (b) above) , to terminate this Lease, effective as of the date of delivery of such notice. With respect to any provision set forth above, if Tenant fails to terminate this Lease within the aforesaid thirty (30) day periods, the Tenant shall be deemed to have waived its rights of termination under this Section 11.01. Any termination by the Tenant under this Article shall be null and void and of no force or effect in the event the Landlord completes the restoration work within one hundred eighty forty-five (18045) days from the date of the casualtyTenant's termination notice. Until the Leased Premises are restored by the Landlord, there will be an equitable adjustment of the base Rent and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion all additional rent. The Tenant does hereby expressly waive any right or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice privilege of termination to Lessor on now granted or before that date which is one hundred twenty (120) days from created under the date provisions of any of the casualty real property laws of the State of Rhode Island or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration workany similar law, whichever occurs first. If Lessor elects rule or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) regulation now or hereafter in excess of ninety (90) days from the date of casualty effect relating to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date damage or destruction of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or Leased Premises from any affiliate of Lessor may managecause including, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS ISwithout limitation, WHERE IS” basis and at fair market rent for the substitute space (given the “AS ISRhode Island General Laws, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionSection 34-18.1-8.
Appears in 1 contract
Samples: Lease (Inso Corp)
Fire or Other Casualty. 10.1 In the event of extensive damage or destruction of, the Building Demised Premises, Landlord shall have the option either; (I) to repair or rebuild the leased premises Demised Premises or (II) to terminate this lease by written notice to Tenant forwarded within sixty (60) days of the occurrence of the fire or other casualty causing such extensive damage or destruction. Extensive damage or destruction shall be destroyed deemed to have occurred when the cost or rendered untenantablerepairing the same exceeds twenty five percent (25%) of the appraised value of the Demised Premises immediately preceding such fire or other casualty. Tenant agrees to give the Landlord written notice of any damage to, either wholly or destruction of, the Demised Premises within five (5) days after occurrence thereof. If the demised Premises are so damaged as to be untenable or unfit for occupancy, or for formal conduct of business, and Tenant temporarily vacates the Demised Premises, then the rent hereby reserved shall be abated from the date of the casualty until said premises have been repaired or rebuilt and made fit for occupancy and use, (such repairs or restoration Landlord agrees to complete within approximately six months from the date of the Notice of such Casualty), or, if this Lease is terminated by Landlord as aforesaid, until the date of such transaction. It is agreed that the liability of Landlord, if any, hereunder shall be limited to repairing and restoring as promptly as is reasonable feasible the Demised Premises, excluding any leasehold improvements by Tenant, to the same condition it was in part, immediately prior to such damage by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor that Landlord shall not include replacement of furniturebe liable to repair or restore any leasehold improvement installed by Tenant or fixtures, equipment equipment, inventory or other items that do not become part of property brought upon the Building or Demised Premises by Tenant, nor shall Landlord be responsible for any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) delays occasioned by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s its control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Fire or Other Casualty. 10.1 In the event the Building or the leased premises A. Tenant shall be destroyed or rendered untenantable, either wholly or give prompt notice to Landlord in part, by case of fire or other casualty, Lessor may, at its option, restore damage to the Building Premises.
B. If (i) the Shopping Center or leased premises to as near their previous condition as is reasonably possible, and the building in which the meantime Premises are located (whether or not the rent Premises were damaged) shall be abated in damaged to the same proportion as the untenantable portion extent of more than twenty-five (25%) percent of the leased premises bears cost of replacement thereof, respectively, or (ii) the proceeds of Landlord's insurance recovered or recoverable as a result of' the damage described in subsection (i) preceding shall be substantially insufficient to pay fully for the whole thereof; but unless Lessorcost of replacement of such buildings, or (iii) the Premises or the building shall be damaged as a result of a risk which is not covered by Landlord's insurance, Landlord may terminate this Lease by notice given within ninety (90) days after such event and upon the date specified in such notice, which shall be not less than thirty (30) nor more than sixty (60) days after the happening giving of any such casualty, shall notify Lessee of its election to so restoresaid notice, this lease Lease shall thereupon terminate and endterminate. Such restoration by Lessor If the Premises shall not include replacement of furniture, equipment be damaged in whole or other items that do not become in part during the last two (2) years of the Building Term, then either Landlord or any improvements Tenant may terminate this Lease by notice given to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days after the occurrence of such damage, and upon the date specified in such notice, which shall not be less than thirty (30) nor more than sixty (60) days after the giving of said notice, this Lease shall terminate. If the casualty, or Landlord's repair and restoration work shall render the Premises untenantable, in whole or in part, then, a proportionate credit against Rent (except Percentage Rent, Tax Rent and that portion of Common Area Rent attributable to the cost of insurance) shall be allowed from the date when the damage occurred until the earlier of casualty. Provided that Lessor (i) the day after Landlord has proceeded diligently substantially completed the work required to obtain repair and restore the building permitPremises, said one hundred eighty as set forth in Subsection C of this Section, or (180ii) day period the date Tenant shall be extended by the number of days have opened for business, or (if anyiii) in excess of ninety (90) days from the date of casualty to the date the building permit is issuedtermination by Landlord, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event Landlord elects to terminate this Lease. Said proportion shall be computed on the basis of the ratio which the amount of Floor Space rendered untenantable bears to the total Floor Space. If there is a credit against Fixed Rent, in computing the "break even" for Percentage Rent purposes, the amount of Fixed Rent less such credit shall be applied, or if the "break even" is expressed herein as a fixed dollar amount, such amount shall be proratably reduced.
C. If this Lease shall not be terminated as provided in Subsection B hereof, Landlord shall, at its expense, repair or restore the Premises with reasonable diligence and dispatch, to the condition obtaining immediately prior to the casualty except that materially disrupts Landlord shall not be required to repair or restore any of Tenant's leasehold improvements or betterments, furniture, furnishings, finishes, decorations or any other installations made by Tenant. Upon the conduct completion by Landlord of Lessee’s business repair or restoration, Tenant shall prepare the Premises for occupancy by Tenant in the office space portion, branch bank portion manner obtaining immediately prior to the damage or other portion (if any) destruction in accordance with plans and specifications approved by Landlord. All work of restoration or repair by Tenant shall be subject to the provisions of Article 2.
D. The provisions of this Section 7.1 shall supersede and are in lieu of the leased premises, Lessor will use its reasonable best efforts provisions of any present or future statute or law to provide Lessee with substitute space (which is the functional equivalent contrary of the space damaged state in which the Shopping Center is located.
E. The "cost of replacement", as such term is used in Subsection B hereof, shall be determined by the casualty) company or companies insuring Landlord against the casualty in the Building question, or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space if there shall be provided to Lessee on no insurance, then, by an “AS IS, WHERE IS” basis independent engineer selected and at fair market rent paid for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionby Landlord.
Appears in 1 contract
Fire or Other Casualty. 10.1 In If the event the Building Demised Premises or the leased premises any part thereof shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualtycause, Lessor may, at its option, restore Tenant shall give immediate notice thereof to Landlord and this Lease shall continue in full force and effect except as hereinafter set forth . (b) If the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent Demised Premises shall be abated in the same proportion as the untenantable portion of the leased premises bears partially damaged by fire or other cause ("Casualty") subject to the whole thereof; but unless Lessoravailability of insurance proceeds, the damage shall be repaired by Landlord within sixty (60one hundred twenty ( 120 ) days after the happening date of any the Casualty and the Base Rent and all Additional Rent hereunder until such casualty, repairs shall notify Lessee of its election be made shall be apportioned according to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become the part of the Building or any improvements Demised Premises which is usable by Tenant for its normal business operations . For purposes of this Article 19 , "partial damage" shall refer to damage to the leased premises Demised Premises to the extent of not more than ten ( 10 % ) percent of the cost of replacement thereof . If Landlord fails to restore the Premises in excess accordance with this paragraph within one hundred twenty ( 120 ) 14 days after the date of those the Casualty, then Tenant shall have the right to terminate this Lease upon thirty (30) days' notice to Landlord. (c) If the Demised Premises sustain more than partial damage, as hereinabove defined, by Casualty, without the fault or neglect of Tenant, Tenant's servants, employees, agents, visitors or licensees, and provided Landlord shall have elected to repair or restore same in accordance with Section 19 (e), then the Rent shall be apportioned according to the part of the Demised Premises which is usable by Tenant for its normal business operations, as reasonably determined by Tenant, from the date of such Casualty until the date when the Demised Premises shall have been repaired and restored by Landlord, provided that in the allowance
10.2 If Lessee is deprived of elevator access to event the office portion of the leased premises Demised Premises are rendered wholly un - tenantable as a result of a casualtysuch Casualty, all rent then the Rent shall be abated paid up to the date of such Casualty and thereafter shall cease until the date when the Demised Premises shall have been repaired and restored by Landlord . If Landlord fails to restore the Premises in accordance with this paragraph within two hundred ten ( 210 ) days after the date of the Casualty, then Tenant shall have the right to terminate this Lease upon thirty ( 30 ) days' notice to Landlord . (d) If (i) the Demised Premises are totally or substantially damaged or are rendered wholly or substantially un - tenantable by fire or other cause, and if Landlord shall decide not to restore or not to rebuild the same, or (ii) the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it (whether or not the Demised Premises have been damaged), or (iii) the Building shall be so damaged that the Landlord's independent architect or engineer shall determine that it cannot repair such damage within two hundred seventy ( 270 ) days following the date of the casualty ; then or in any of such events Landlord may, within ninety ( 90 ) days after the occurrence of such condition, give Tenant a notice in writing of such decision, and thereupon the term of this Lease shall expire, by lapse of time, upon the third day after such notice is given, as fully and completely as if such date were the date set forth above for the termination of this Lease or the date set forth for the termination of this Lease and Tenant shall, forthwith quit, surrender and vacate the Demised Premises without prejudice, however, to said office portion the Landlord's rights and remedies against Tenant under the Lease provisions in effect prior to such termination . Notwithstanding anything to the contrary contained herein, if the Premises shall be damaged in whole or in part during the duration last year of the period Original Term or Option Term, then Landlord or Tenant may, within thirty ( 30 ) days after the date of the Casualty, terminate this Lease upon thirty ( 30 ) days written notice to the other party . (e) Unless Landlord or Tenant shall serve a termination notice as provided for in which Section 19 (d) hereof, Landlord shall make the repairs and restorations under the conditions of this Section 19 with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles, or any other cause beyond Landlord's control . No damages, compensation or claims shall be payable by Landlord for delay, inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building . Rent shall xxxxx from the date of such access is unavailable.
10.3 Casualty until the date when the Demised Premises shall have been repaired . Notwithstanding the foregoing, if Landlord elects to restore the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Building and thereafter fails to complete such restoration within one two hundred eighty (180and seventy ( 270 ) days from the date of the casualty (without working overtime)commencement of such restoration, Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee then Tenant shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received Lease upon written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualtyLandlord . Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.15
Appears in 1 contract
Samples: Office Lease (Portage Biotech Inc.)
Fire or Other Casualty. 10.1 In (a) If during the event term of this Lease or any renewal or extension thereof, the Building Premises or the leased premises shall be building is substantially destroyed or rendered untenantable, either wholly or in part, is so damaged by fire or other casualty, Lessor may, at its option, restore casualty (whether or not the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in Premises are damaged) that the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall cannot include replacement of furniture, equipment be repaired or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) restored within one hundred eighty twenty (180120) regular working days from the date of the happening of such damage, or if such damage or casualty (without working overtime)is not included in the risks covered by Xxxxxxxx’s fire insurance with the usual extended coverage, Lessor then this Lease shall be required 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 so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of damage and Landlord may enter upon and repossess the casualty, or Premises without further notice.
(b) If the damage caused as above renders twenty-five (25%) or more of the Premises unfit for occupancy, but such damage can be repaired or restored within ten one hundred twenty (10120) 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 in which event the rent shall be apportioned during the time Landlord is in possession, taking into account the proportion of the Premises rendered untenantable and the duration of Xxxxxxxx’s possession.
(ii) Landlord shall have the option to terminate this Lease by giving written notice of such termination to Tenant within thirty (30) days after Lessor’s receipt said partial destruction; and upon the giving of written request from Lessee which references this Section 10 and asks if such notice will be issued notice, the Lease shall expire by lapse of time after thirty (Lessee’s request to be given not earlier than fifty (5030) days after and the date Tenant shall vacate the Premises.
(c) If the damage caused as above renders less than twenty-five percent (25%) of casualty)the Premises unfit for occupancy, whichever is laterLandlord shall repair whatever portion of the Premises that may have been damaged by fire or other casualty insured as aforesaid, that Lessor will have completed and the rent shall be apportioned as set forth in subparagraph (b) (i) above.
(d) In the event Landlord elects to restore the Premises as set forth in this paragraph 15, and fails to complete such restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three happening of such damage, Tenant shall have the right, upon thirty (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (9030) days from the date of casualtyprior notice to Landlord, to terminate this Lease. Provided that Lessor has proceeded diligently Should Landlord complete said restoration prior to obtain the building permitsaid termination date, said one hundred eighty (180) day period termination shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseenull and void.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Commercial Lease Agreement (Penn National Gaming Inc)
Fire or Other Casualty. 10.1 Seller shall promptly notify Purchaser of any fire or other casualty (a “Casualty”) occurring at the Property. Within forty-five (45) days of the date of a Casualty, Seller shall provide Purchaser with a written estimate (the “Repair Estimate”), prepared by a reputable architect, engineer or contractor selected by Seller, setting forth the cost to repair or restore the Property. In the event the Building estimated cost to repair or restore the leased premises Property exceeds One Million and 00/100 Dollars ($1,000,000.00), then Seller and Purchaser shall each have the right to terminate this Agreement upon written notice delivered to the other party within ten (10) days of the date of the Repair Estimate, TIME BEING OF THE ESSENCE. If this Agreement is terminated pursuant to any provision of this Section 10, the Downpayment, together with any interest earned thereon, shall be destroyed delivered to Purchaser and the parties shall have no further rights or rendered untenantableobligations with respect to this Agreement, either wholly except with respect to the provisions hereof which expressly survive the termination of this Agreement. In the event of a Casualty, the Closing Date shall be adjourned for a period of time sufficient to permit the delivery of the Repair Estimate and the exercise of any right to terminate this Agreement pursuant to this Section 10.1.
10.2 Seller shall also have the right to terminate this Agreement in the event of a Casualty if, in Seller’s reasonable judgment: (i) Seller determines that the amount of insurance proceeds (less costs incurred by Seller, including reasonable attorneys fees and other professional fees, in collecting such proceeds), together with the amount of any applicable insurance deductible, would be insufficient to cover all costs associated with the repair or in part, by fire or other casualty, Lessor restoration of the Property; (ii) Seller is unable to determine that Seller may, at its optionas of right, under applicable zoning and land use laws and regulations, repair or restore the Building to a complete architectural unit of substantially the same size, condition and character as the same existed immediately prior to the Casualty; or leased premises (iii) Seller is unable to determine that Seller may, as near their previous condition as is reasonably possibleof right, continue to use and in occupy the meantime the rent shall be abated Property in the same proportion as the untenantable portion of the leased premises bears manner and to the whole thereof; but unless Lessor, within sixty (60) days after same extent as Seller used and occupied the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements Property immediately prior to the leased premises in excess of those provided for in Casualty. With respect to clause (i), Seller’s judgment shall be deemed reasonable if based upon the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result written estimate of a casualtyreputable architect, all rent engineer or contractor selected by Seller. With respect to clauses (ii) and (iii), Seller’s judgment shall be abated as to said office portion during deemed reasonable if based upon the duration advice of the a reputable attorney, architect or engineer. The Closing Date shall be adjourned for a period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced of thirty (i.e., restored) within one hundred eighty (18030) days from the date of the casualty (without working overtime)Casualty to permit Seller make the determinations set forth above; provided, Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is laterhowever, that Lessor will have completed the restoration work within one hundred eighty if Seller is unable to make such determinations with such thirty (18030) days from the date of the casualtyday period, and if the casualty materially disrupts the conduct of Lessee’s business at the office portionSeller, branch bank portion or other portions (if any) of its leased premisesupon notice to Purchaser in each instance, Lessee shall be entitled to terminate this entire lease adjourn the Closing Date for not more than two (even if the material disruption is only in the branch bank portion2) by giving notice of termination to Lessor on or before that date which is one hundred twenty additional thirty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (18030) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseeperiods.
10.4 Lessor hereby agrees that in 10.3 In the event of a casualty that materially disrupts Casualty and this Agreement is not terminated as provided in Sections 10.1 and 10.2 hereof, the conduct Closing shall occur within thirty (30) days of Lessee’s business the date Seller makes its determination pursuant to Section 10.2 and there shall be no adjustment in the office space portionPurchase Price. Upon Closing, branch bank portion all insurance proceeds shall be paid to Seller or other portion delivered to the Insurance Trustee (if any) as defined in Section 10.4 of the leased premisesLease), Lessor will use its reasonable best efforts as applicable, pursuant to provide Lessee with substitute space (which is the functional equivalent Section 10.4 of the space damaged by Lease and Seller shall thereafter repair and restore the casualty) Property in accordance with the Building or in other buildings that Lessor or any affiliate provisions of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature Article 10 of the tenancy)Lease. In the event all insurance proceeds have not been collected prior to Closing, not Seller shall continue to exceed have the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly right to adjust, negotiate, compromise or contest all losses with the insurance carrier(s) after the leased premises have been restored Closing Date, and Purchaser agrees to a tenantable condition.assign to Seller or to the Insurance Trustee, as applicable, as of the Closing Date, all of Purchaser’s interest in
Appears in 1 contract
Samples: Purchase and Sale Agreement (Axsys Technologies Inc)
Fire or Other Casualty. 10.1 In 7.1.1 Subject to the provisions of Section 7.1.2 hereof, in the event during the Building Term hereof the Office Buildings or the leased premises Parking Garage shall be partially damaged (as distinguished from "substantially damaged" as such term is hereinafter defined) by fire, explosion, casualty or any other occurrence covered or as may be required to be covered, as herein provided, by Landlord's insurance or by such casualty plus required demolition, or by action taken to reduce the impact of any such event, Landlord shall forthwith proceed to repair such damage and restore the Office Buildings and/or the Parking Garage, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the time of such fire, explosion, casualty or occurrence, provided that Landlord shall not be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage and, further provided that Tenant is not then in default of any of its obligations under this Lease beyond any applicable cure period. Landlord shall not be responsible for any delay which may result from any cause beyond Landlord's reasonable control.
7.1.2 If, however, (i) the Office Buildings or the Parking Garage, should be damaged or destroyed or rendered untenantable, either wholly or in part, (A) by fire or other casualtycasualty (x) to the extent of 50% or more of the cost of replacement, Lessor may, at its option, restore or (y) so that 50% or more of the Building or leased premises to as near their previous condition as is reasonably possible, and principal area contained in the meantime Premises or the rent Parking Garage shall be abated rendered unusable for the purposes originally constructed, or (B) by any casualty other than those covered by insurance policies required to be maintained by Landlord under this Lease (hereinafter "substantially damaged"), or (ii) the Office Buildings, the Premises or the Parking Garage shall be substantially damaged in whole or in part during the same proportion as the untenantable portion last two (2) years of the leased premises bears Term (unless Tenant has properly exercised its option for the Extension Term, in which case, during the last two (2) years of the Extension Term), or (iii) there shall be damage to the whole thereof; but unless Lessor, within sixty (60) days after Premises or the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result Parking Garage of a casualty, all rent shall character as cannot reasonably be abated as expected to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) repaired within one hundred eighty (180) days 12 months from the date of casualty, or (iv) such restoration involves the casualty demolition of or repair of damage to 50% percent or more of the Premises or the Parking Garage, or (without working overtime)v) applicable law requires the demolition of the Office Buildings or the Parking Garage or forbids the rebuilding of the damaged portion of the Office Buildings or the Parking Garage, Lessor except for restrictions of the zoning code from which relief can be obtained, or (vi) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, Landlord or Tenant may, at their option, either terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be required to so restorethe end of a calendar month and not sooner than 30 days after such election was made). If Lessor does not warrant neither Landlord nor Tenant elects to Lessee terminate this Lease as provided herein, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the Office Buildings as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption and this Lease shall remain in full force and effect. In the event of substantial damage occurring during the last two years of the Term but prior to the last date on which Tenant is entitled to exercise its option for the Extension Term pursuant to Section 2.4 above, Tenant may, within thirty (a) within sixty (6030) days from after the date of the casualty, or (b) within ten (10) days after Lessor’s receipt provide written notice to Landlord of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) Tenant's exercise of its leased premisesoption for the Extension Term, Lessee in which case Landlord shall be entitled not have the right to terminate this entire lease Lease pursuant to clause (even ii) of this Section 7.12.
7.1.3 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the material disruption is only in the branch bank portionLease after written notice beyond any applicable cure period provided for herein, (i) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date Landlord shall reconstruct as much of the casualty or three Premises as was originally constructed by Landlord (3it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements, which reconstruction is the sole responsibility of Tenant) business days after Lessee has received written notice to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from Lessor that Lessor has received its building permit for the restoration workany cause beyond Landlord's reasonable control, whichever occurs first. If Lessor elects or is and in no event shall Landlord be required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) expend amounts for such restoration in excess of ninety the insurance proceeds recovered by Landlord, and (90ii) days from Landlord shall reconstruct the date Parking Garage.
7.1.4 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof, Tenant shall, at its own cost and expense, repair and restore the Premises in accordance with the provisions of casualty Article III hereof to the date extent not required to be repaired by Landlord pursuant to the building permit is issuedprovisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in no event beyond three hundred sixty (360) days a manner and to at least a condition equal to that prior to its damage or destruction. Tenant agrees to commence the performance of its work when notified by Landlord that the work to be performed by Tenant can, in accordance with good construction practices, then be commenced and Tenant shall complete such work as promptly thereafter as is practicable.
7.1.5 All proceeds payable from Landlord's insurance policies with respect to the date of casualty. Said original one hundred eighty (180) day period Premises and the Office Buildings shall belong to and shall be extended by the duration payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any delay insurance recovery as shall be necessary against the cost to Landlord of restoration and Office Buildings of Landlord's work referred to in substantially restoring Section 7.1.3 hereof, subject to the leased premises prior rights of any mortgage liens against the Premises or the Office Buildings. Landlord shall have no rights in question caused by Lessee, strikes, Tenant's casualty insurance policies as a loss payee or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseeotherwise.
10.4 Lessor hereby agrees 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 to restore the Premises shall be subject to the prior rights of Landlord's mortgagee in any insurance proceeds.
7.1.7 In the event that the provisions of Section 7.1.1 or Section 7.1.2 shall become applicable, the Annual Base Rent and additional rent shall be abated or reduced proportionately during any period in which, by reason of such damage or destruction, there is substantial interference with the operation of the business of Tenant in the event of a casualty that materially disrupts Premises, having regard to the conduct of Lessee’s extent to which Tenant may be forced to discontinue its business in the office space portionPremises, branch bank portion and such abatement or other portion (if any) reduction shall continue for the period commencing with such destruction or damage and ending with the later of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent completion by Landlord of such work of repair and/or reconstruction of the space damaged Premises as Landlord is obligated to do, or substantial completion by the casualty) in the Building or in other buildings that Lessor or any affiliate Tenant of Lessor may manage, own or control in the central business district Tenant's work of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature repair and/or reconstruction of the tenancy), not Premises as Tenant is obligated to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditiondo as provided in Section 7.1.4.
Appears in 1 contract
Fire or Other Casualty. 10.1 Seller shall promptly notify Purchaser of any fire or other casualty (a “Casualty”) occurring at the Property. Within forty-five (45) days of the date of a Casualty, Seller shall provide Purchaser with a written estimate (the “Repair Estimate”), prepared by a reputable architect, engineer or contractor selected by Seller, setting forth the cost to repair or restore the Property. In the event the Building estimated cost to repair or restore the leased premises Property exceeds One Million and 00/100 Dollars ($1,000,000.00), then Seller and Purchaser shall each have the right to terminate this Agreement upon written notice delivered to the other party within ten (10) days of the date of the Repair Estimate, TIME BEING OF THE ESSENCE. If this Agreement is terminated pursuant to any provision of this Section 10, the Downpayment, together with any interest earned thereon, shall be destroyed delivered to Purchaser and the parties shall have no further rights or rendered untenantableobligations with respect to this Agreement, either wholly except with respect to the provisions hereof which expressly survive the termination of this Agreement. In the event of a Casualty, the Closing Date shall be adjourned for a period of time sufficient to permit the delivery of the Repair Estimate and the exercise of any right to terminate this Agreement pursuant to this Section 10.1.
10.2 Seller shall also have the right to terminate this Agreement in the event of a Casualty if, in Seller’s reasonable judgment: (i) Seller determines that the amount of insurance proceeds (less costs incurred by Seller, including reasonable attorneys fees and other professional fees, in collecting such proceeds), together with the amount of any applicable insurance deductible, would be insufficient to cover all costs associated with the repair or in part, by fire or other casualty, Lessor restoration of the Property; (ii) Seller is unable to determine that Seller may, at its optionas of right, under applicable zoning and land use laws and regulations, repair or restore the Building to a complete architectural unit of substantially the same size, condition and character as the same existed immediately prior to the Casualty; or leased premises (iii) Seller is unable to determine that Seller may, as near their previous condition as is reasonably possibleof right, continue to use and in occupy the meantime the rent shall be abated Property in the same proportion as the untenantable portion of the leased premises bears manner and to the whole thereof; but unless Lessor, within sixty (60) days after same extent as Seller used and occupied the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements Property immediately prior to the leased premises in excess of those provided for in Casualty. With respect to clause (i), Seller’s judgment shall be deemed reasonable if based upon the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result written estimate of a casualtyreputable architect, all rent engineer or contractor selected by Seller. With respect to clauses (ii) and (iii), Seller’s judgment shall be abated as to said office portion during deemed reasonable if based upon the duration advice of the a reputable attorney, architect or engineer. The Closing Date shall be adjourned for a period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced of thirty (i.e., restored) within one hundred eighty (18030) days from the date of the casualty (without working overtime)Casualty to permit Seller make the determinations set forth above; provided, Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is laterhowever, that Lessor will have completed the restoration work within one hundred eighty if Seller is unable to make such determinations with such thirty (18030) days from the date of the casualtyday period, and if the casualty materially disrupts the conduct of Lessee’s business at the office portionSeller, branch bank portion or other portions (if any) of its leased premisesupon notice to Purchaser in each instance, Lessee shall be entitled to terminate this entire lease adjourn the Closing Date for not more than two (even if the material disruption is only in the branch bank portion2) by giving notice of termination to Lessor on or before that date which is one hundred twenty additional thirty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (18030) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseeperiods.
10.4 Lessor hereby agrees that in 10.3 In the event of a casualty that materially disrupts Casualty and this Agreement is not terminated as provided in Sections 10.1 and 10.2 hereof, the conduct Closing shall occur within thirty (30) days of Lessee’s business the date Seller makes its determination pursuant to Section 10.2 and there shall be no adjustment in the office space portionPurchase Price. Upon Closing, branch bank portion all insurance proceeds shall be paid to Seller or other portion delivered to the Insurance Trustee (if any) as defined in Section 10.4 of the leased premisesLease), Lessor will use its reasonable best efforts as applicable, pursuant to provide Lessee with substitute space (which is the functional equivalent Section 10.4 of the space damaged Lease and Seller shall thereafter repair and restore the Property in accordance with the provisions of Article 10 of the Lease. In the event all insurance proceeds have not been collected prior to Closing, Seller shall continue to have the right to adjust, negotiate, compromise or contest all losses with the insurance carrier(s) after the Closing Date, and Purchaser agrees to assign to Seller or to the Insurance Trustee, as applicable, as of the Closing Date, all of Purchaser’s interest in all such insurance proceeds and to execute such documents as may be required by the casualtyinsurance carrier(s) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature permit payment of the tenancy)insurance proceeds to Seller or to the Insurance Trustee, as applicable, in accordance with Section 10.4 of the Lease.
10.4 In the event this Agreement is terminated pursuant to this Section 10, Purchaser shall not be entitled to exceed any portion of the rent called for herein. Lessee proceeds of insurance payable with respect to the Casualty, all of which shall pay its own moving expenses. Lessee shall vacate become the property of Seller, and Purchaser shall, at Seller’s request, execute all requisite releases with respect to such space promptly after the leased premises have been restored to a tenantable conditioninsurance proceeds.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Axsys Technologies Inc)
Fire or Other Casualty. 10.1 In If at any time during the event Term of this Lease, the Leased Premises or a substantial portion of the Building or the leased premises shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor mayLandlord shall have the right, by giving Tenant written notice thereof at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, any time within sixty thirty (6030) days after the happening occurrence of such damage or destruction, to terminate this Lease or elect to repair and reconstruct the Leased Premises and the Building to substantially the same condition in which they existed immediately prior to such damage or destruction. If Landlord elects to repair and restore the Leased Premises and the Building (a) this Lease shall continue in full force and effect and such repairs and restoration shall be made within a reasonable time thereafter, subject to delays arising from the shortages of labor or material, acts of God, or other conditions beyond Landlord's control, (b) the Rental and Additional Rental shall xxxxx proportionately during any such casualty, shall notify Lessee period in which and to the extent the Leased Premises are not reasonably fit for use by Tenant in the ordinary conduct of its election to so restorebusiness, and (c) the Term of this lease Lease shall thereupon terminate and end. Such restoration be extended by Lessor shall not include replacement a period of furniture, equipment or other items that do not become part of the Building or any improvements time equal to the leased premises in excess of those provided period during which the Leased Premises is not reasonably fit for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises use by Tenant as a result of a such fire or other casualty. In the event this Lease is terminated as herein permitted, (x) Landlord shall refund to Tenant the prepaid unaccrued Rental and Additional Rental, if any, less any sums then owing to Landlord by Tenant, or Tenant shall pay all rent Rental, Additional Rental and other sums owed to Landlord by Tenant, up to the date of such termination, as the case may be, and (y) the date of termination shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date occurrence of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseecasualty giving rise to Landlord's right to terminate.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Fire or Other Casualty. 10.1 In (a) If, during the event Lease Term, the Building or the leased premises Leased Premises shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in rendering the same proportion as materially unfit for the untenantable portion operation of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening business of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualtyTenant, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion same cannot reasonably be repaired or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained restored within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of such casualty. Said original one , or if Landlord shall not be obligated to restore the Leased Premises by reason of the terms of subsection (b) below and shall elect not to restore the same, then this Lease shall cease and terminate from the date of such damage, provided that, if any such restoration by Landlord shall not have been completed within such three hundred eighty sixty (180360)-day period, then Landlord shall have such additional time as may be reasonably necessary to complete such restoration (up to an additional ninety (90) days), and if so completed, this Lease shall not be terminated, but if such work has not been completed by the end of such ninety (90) day period, this Lease may be terminated by Tenant at Tenant’s sole discretion upon fifteen (15) days’ notice to Landlord. If this Lease shall so terminate, Tenant shall pay Rent apportioned to the time of the damage (or such later date as Tenant may cease any use of the Leased Premises) and shall immediately surrender the Leased Premises to Landlord, without further liability or obligation of Tenant and Landlord hereunder, provided, however, that nothing contained herein shall release Tenant from any liability or obligation arising or incurred prior to the time of such damage or casualty and Tenant’s cessation of use of the Leased Premises.
(b) If any such damage can be repaired within a period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of commencement of such repair or restoration, or if this Lease shall not have been terminated as hereinabove provided, then in either such event, Landlord shall re-enter and repair said damage for the period during which such repairs are being made, provided that Landlord shall not have any obligation to repair or replace any portion of the Leased Premises (i) other than the improvements originally erected or installed by Landlord at its expense and in place at the time of such fire or other casualty, except for delays and (ii) if any damage thereto shall have been caused by Lessee.
10.4 Lessor hereby agrees that in Tenant or any of its subtenants or any of its or their contractors, subcontractors, licensees or invitees or the event agents or employees of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) any of the leased premisesforegoing (irrespective of any prior election by Landlord to do so). Notwithstanding anything in this Lease to the contrary, Lessor will use its reasonable best efforts Landlord shall not be obligated to provide Lessee with substitute space make any restoration if (which is 1) such casualty shall occur during the functional equivalent last three (3) years of the space damaged then applicable Lease Term (exclusive of any unexercised options to extend the Lease Term which may be provided in this Lease), (2) there may not be adequate insurance proceeds available for use by Landlord to pay in full the casualtycost of such restoration, or (3) in Landlord shall have a reasonable belief that the Building after such restoration may have inadequate rental revenue to support any existing financing applicable to the Property or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent qualify for the substitute space (given receipt of any contemplated financing for the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionProperty.
Appears in 1 contract
Samples: Lease Agreement (Ansys Inc)
Fire or Other Casualty. 10.1 In 10.1.1 If during the event Lease Term, any or all of the Building or the leased premises Premises shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor mayTenant shall promptly deliver written notice thereof to Landlord and Tenant shall repair such damage and restore the Premises to substantially their condition at the time of such damage or, at its Tenant's option, Tenant shall repair, rebuild and restore the Building or leased premises to Premises in accordance with such plans and specifications as near their previous condition as is reasonably possible, are then generally in use by Tenant for the construction of one of Tenant's prototypical stores and in the meantime the rent shall be abated in the same proportion related structures so long as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced Premises will have a value not less than its value immediately prior to said loss, any such repairs or rebuilding to be subject to the reasonable approval of Landlord.
10.1.2 If the Premises shall be “substantially damaged” (i.e.as defined in Section 10.1.3 below) or destroyed by fire or other casualty within the last two (2) years of the Lease Term, restored) within either Landlord or Tenant shall have the right to terminate this Lease, provided that notice thereof is given by one hundred eighty party to the other not later than thirty (18030) days from after such damage or destruction. In the event either party elects to terminate this Lease as provided above, Tenant shall cause all insurance proceeds with respect to the improvements on the Premises to be paid over to Landlord by the insurer, excluding those proceeds attributable to Tenant’s fixtures and personal property. In such event, Tenant shall also pay over to Landlord, the full amount of any deductible. In the event an extension option remains and is exercisable under Section 2.3 as of the date of Landlord’s termination notice above, by notice to Landlord not more than fifteen (15) days thereafter, Tenant may exercise its next extension option, in which event, Landlord’s termination notice on the basis of such casualty (without working overtime), Lessor will be ineffective. Any additional notice required from Landlord to Tenant under Section 2.3 shall not be required in the context of the Tenant’s failure to so restore. If Lessor does not warrant exercise an extension option within the foregoing fifteen (15) day period.
10.1.3 The term “substantially damaged” and “substantial damage” as used in this Article, shall mean that the Premises have been damaged to Lessee (a) within the extent that the cost of such restoration of the Premises will exceed a sum constituting sixty percent (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any%) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent total replacement cost of the space damaged by the casualty) in the Building or in other buildings Premises. Any damage that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space is not deemed to be “substantial damage” shall be provided deemed to Lessee on an be “AS IS, WHERE ISpartial damage” basis and at fair market rent for the substitute space (given the or “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionpartially damaged.”
Appears in 1 contract
Fire or Other Casualty. 10.1 In 8.1 If the event the Building or the leased premises Premises shall be destroyed or rendered untenantable, either wholly or in part, partially damaged by fire or other casualty insured under the insurance policies described in Article VII, then upon Landlord's receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, repair and restore the same to the extent required to return the Premises to the condition in which the same were initially delivered to Tenant by Landlord; limited, however, to the extent of the insurance proceeds received in hand by Landlord therefor. If by reason of such occurrence: (a) the Premises are damaged in whole or in part during the last year of the Term (or at any time during any renewal term); or (c) the building within the Premises is damaged to an extent that the same cannot be restored within six (6) months from the date of the casualty, Lessor maythen in any of such events, at its optionLandlord may elect either to repair the damage as aforesaid, restore the Building or leased premises terminate this Lease by written notice of termination given to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Tenant within one hundred eighty (180) days from after the date of such occurrence, and thereupon this Lease shall terminate with the casualty (without working overtime)same force and effect as though the date set forth in Landlord's said notice were the date herein fixed for the expiration of the Term and Tenant shall immediately vacate and surrender the Premises to Landlord. Upon the termination of this Lease as aforesaid, Lessor Tenant's liability for the Rent shall be required to so restore. If Lessor does not warrant to Lessee cease as of the earlier of (a) within sixty (60) days from the effective date of the casualtytermination of this Lease, or (b) within ten (10) days after Lessor’s receipt if the Premises is rendered unfit for occupancy for the purposes permitted under this Lease on account of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after casualty, as of the date of casualty)Tenant vacates the Premises as a result thereof. Unless this Lease is terminated by Landlord as aforesaid, whichever is laterthis Lease shall remain in full force and effect, that Lessor will have completed and (a) Landlord shall restore the restoration work within one hundred eighty (180) days from building to the date condition in which it existed as of the casualtyElection Date; and (b) Tenant shall repair, restore or replace Tenant's improvements, trade fixtures and contents in the Premises and all other work done to the Premises by Tenant in a manner and to at least a condition equal to that existing prior to their damage or destruction, and if the casualty materially disrupts the conduct proceeds of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee all insurance carried by Tenant on said property shall be entitled to terminate this entire lease (even if the material disruption is only held in the branch bank portion) trust by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit Landlord for the purpose of such repair, restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseereplacement.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Security Side Letter Agreement (American Barge Line Co)
Fire or Other Casualty. 10.1 In (a) If the event the Building demised premises, or the leased premises any part thereof, shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor maythen Tenant shall promptly give notice thereof to Landlord and, at its optionunless this lease shall be terminated pursuant to Section (b) of this Article, Landlord shall proceed with reasonable diligence to repair or restore the Building or leased demised premises to as near their previous substantially the same condition as is reasonably possiblethey were in immediately prior to the casualty. If the damage to the demised premises shall in Tenant’s sole business judgment render the whole or any part thereof unsuitable for the use for which they were intended, Minimum Rent and in the meantime the additional rent shall be suspended or abated in until the demised premises shall be repaired or restored to substantially the same proportion as condition they were in immediately prior to such casualty.
(b) It is agreed and understood that if the untenantable portion demised premises shall be damaged or destroyed by fire or other casualty to the extent of 30% or more of its insurable value or the Shopping Center is so damaged or destroyed to the extent of 50% or more of its insurable value, either Landlord or Tenant may elect to terminate the Term of this lease by notice to the other within 30 days after such damage or destruction. In the event of such election, the termination shall become effective on the 30th day after the giving of the leased premises bears to the whole thereof; but unless Lessornotice of termination, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated apportioned and adjusted as to said office portion during the duration of the period in which such access is unavailable.
10.3 date of fire or casualty, and Landlord shall not be obligated to repair or restore any damage or destruction caused by fire or other casualty and all the insurance proceeds from policies carried by Landlord (excluding Tenant’s insurance on its property) shall belong to Landlord. Notwithstanding the foregoing, Landlord shall not have such right to elect to terminate this lease if Tenant shall agree (i) if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) then Term would expire within one hundred eighty (180) days from 1 year beyond the date of repair and restoration and reopening of the casualty store, to extend the Term so that, it expires not sooner than 5 years beyond such date, subject, however, to its right to cancel as set forth in clause (without working overtime)ii) below, Lessor shall be required and (ii) to so restore. If Lessor does not warrant relinquish and waive its right to Lessee cancel this lease pursuant to paragraph (ad) within sixty (60) days from of Article 3 during the period ending 5 years beyond the date of repair and restoration by Landlord and reopening of the casualtystore. If there are more than 5 years left in the Term, Landlord shall not have the right to elect to terminate unless Tenant fails to agree to clause (ii) above.
(c) Supplementing paragraph (b), if Landlord can and does cancel, but within 3 years thereafter reconstructs the demised premises as a restaurant, Tenant shall have the right to reinstate this lease thereto only by so electing not later than within 30 days after notice by Cruisers Investments of the reconstruction from Sterrs if Cruisers has not given such notice.
(d) Tenant agrees that it will maintain at all times during the term of this lease with respect to its trade fixtures and personal property, insurance against loss or damage by fire with extended coverage in an amount not less than 20% of the full insurable value thereof, with responsible insurers. Tenant agrees that not less than 30 days prior to the commencement of the term of this lease and not less than 30 days prior to the expiration of each policy of such insurance, to deliver to Landlord certificates of such insurance (except as to initial insurance, it may furnish a binder with the certificate to follow in ordinary course), or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 the renewals thereof, as the case may be. In reliance thereon, Landlord shall not carry any insurance covering such trade fixtures and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after personal property and shall have no liability for the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualtyrepair or replacement thereof, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee Landlord shall not be entitled to terminate this entire lease (even if any proceeds of Tenant’s insurance thereon. Unless Landlord carries sprinkler leakage and water damage legal liability insurance, Landlord shall not be responsible for the material disruption is only risks covered by such insurance in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseedemised premises.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion(e) Tenant may, branch bank portion or other portion (if any) of the leased premisesit elects, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionself insure plate glass.
Appears in 1 contract
Samples: Lease Agreement
Fire or Other Casualty. 10.1 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 renders the Building, the Premises or any part of the Building or the leased premises shall be destroyed or rendered Premises untenantable, either wholly or in part, by Lessor within twenty (20) days of such fire or other casualty, Lessor may, at its option, restore casualty or of receipt of written notice from Lessee of such damage (whichever shall last occur) shall have the right to either (i) serve written notice upon Lessee of Lessor's intent to repair said damage or (ii) if said damage renders so much of either of the Premises or of the Building untenantable that repair would not be feasible, or leased premises to as near their previous condition as if said damage shall have been occasioned by the act or omission of Lessee, its servants, agents or employees, serve written notice upon Lessee that its Lease is reasonably possibleterminated, and in the meantime the rent provided, however, that Lessor shall not so terminate this Lease unless such repairs cannot be abated in the same proportion as the untenantable portion made within a period of the leased premises bears to the whole thereof; but unless Lessor, within sixty (60) days after or unless at the happening time such notice is given there remains less than one hundred eighty (180) days during the unexpired current term of any this Lease and Lessee, upon request from Lessor advises Lessor that it does not intend to renew the Lease for an additional term. If Lessor shall, is required, or elects, to repair such casualtydamage, such repairs shall notify be commenced within fifteen (15) days of notice to Lessee of its such election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent such repairs shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) completed within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant notice to Lessee (a) of such election or within sixty (60) days from if applicable. During the date period of repair the Base Rent shall be reduced to an amount which bears the same ratio to the Base Rent the portion of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit Premises then available for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty use bears to the date entire Premises. Upon completion of such repair, the building permit is issued, but in rent shall thereafter be paid as if no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseecasualty had occurred.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Capital Bank Corp)
Fire or Other Casualty. 10.1 In (a) If the event the Building Leased Premises or the leased premises any part thereof shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualty, Lessor mayTenant shall give immediate notice thereof to Landlord, as provided in Section 14.8 hereof, and this Lease shall continue in full force and effect except as hereinafter set forth.
(b) If the Leased Premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at the expense of Landlord, and the Rentals, until such repairs shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the Leased Premises that is still usable; provided that if insurance proceeds available for repair are not sufficient to so repair such damage, Landlord at its optiondiscretion may elect to not make such repairs and shall provide Tenant notice thereof as set forth in Section 9.1(d) hereof.
(c) If the Leased Premises are totally damaged or rendered wholly unusable by fire or other casualty, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime then the rent shall be abated in proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the Leased Premises shall have been repaired and restored by Landlord, subject to Landlord’s right to elect not to restore the same proportion as and hereinafter provided.
(d) If the untenantable portion Leased Premises are rendered wholly unusable or (whether or not the Leased Premises are damaged in whole or in part) or if the Building shall be partially damaged and sufficient insurance proceeds are not available to pay for the repair of such partial damage, then, in any of such events, Landlord may elect to terminate this Lease by written notice to Tenant, given within 45 days after such fire or casualty, specifying a date for the expiration of the leased premises bears to the whole thereof; but unless LessorLease, within sixty (60) which date shall not be less than 30 days after the happening giving of any such casualtynotice, and upon the date specified in such notice the term of this Lease shall notify Lessee expire as fully and completely as if such date were the date set forth above for the termination of its election this Lease and Tenant shall forthwith quit, surrender and vacate the Leased Premises without prejudice however, to so restore, this lease shall thereupon terminate Landlord’s rights and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part remedies against Tenant under the provisions of the Building or Lease in effect prior to such termination, and any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent Rental owing shall be abated as paid up to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the such fire or casualty (without working overtime), Lessor and any payments of Rental made by Tenant which were on account of any period subsequent to such date shall be required returned to so restoreTenant. If Lessor Landlord does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such serve a termination notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualtyas provided for herein, and if provided the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall repairs can reasonably be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained made within ninety (90) days from and provided Landlord commits to Tenant to make such repairs within said 90 days of damage, Landlord shall make the date repairs and restorations under the conditions of casualty(b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord’s control. Provided that Lessor has proceeded diligently However, if for any reason, Tenant is not able to obtain commercially reasonable, temporary premises within a 30-mile radius of the building permitLeased premises, said one hundred eighty (180) day period shall be extended by and is reasonably forced to enter into a longer term lease with party other than Landlord, then Tenant may terminate the number of days (if any) in excess of Lease upon written notice, notwithstanding Landlord’s ability to make repairs within ninety (90) days of the damage. If Landlord cannot reasonably accomplish such repairs within said 90 days, or does not commit to so accomplish such repairs within 90 days, or if the insurance proceeds are not adequate to make the necessary repairs and restorations and Landlord does not otherwise commit to make such repairs and restorations, or if the repairs are not substantially completed within such 90-day period (subject to Section 14.5 below), then Tenant may terminate this Lease immediately upon providing written notice to Landlord. After any such casualty, Tenant shall cooperate with any restoration by removing from the date Leased Premises as promptly as reasonably possible, all of casualty to the date the building permit is issuedTenant’s salvageable inventory and movable equipment, but in no event beyond three hundred sixty furniture, and other property. Tenant’s liability for Rental shall resume thirty (36030) days after written notice from Landlord that the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in Leased Premises are substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessorready for Tenant’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseeoccupancy.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (OVERSTOCK.COM, Inc)
Fire or Other Casualty. 10.1 In (a) If the event the Building Leased Premises or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, any part thereof are damaged by fire or other casualtycasualty (a "Casualty"), Lessor may, at its option, restore Tenant shall give prompt notice thereof to Landlord. If the Leased Premises or the Building or leased premises is damaged by a Casualty, Landlord shall, within thirty (30) 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"). Base Rent and Additional Rent shall abatx xx a fair and equitable extent as near their previous condition as is reasonably possible, and in of the meantime date of the rent shall be abated in Casualty with respect to the same proportion as the untenantable portion of the leased premises bears Leased Premises and/or the Building affected by the Casualty until substantial completion of repairs to the whole thereof; but unless Lessor, within sixty Leased Premises and elevator access and other services are available to the Leased Premises for conduct of Tenant's business.
(60b) days after If the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment Leased Premises or other items that do not become part of the Building or any improvements to the leased premises is damaged by Casualty such that Tenant is prevented from conducting its business in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office a material portion of the leased premises as Leased Premises in a result of a casualtymanner reasonably comparable to that conducted immediately before such Casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.then:
10.3 Notwithstanding the foregoing, (i) if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within Estimated Restoration Completion Date is later than one hundred eighty (180) days from after the date of the casualty Casualty, Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (without working overtime30) days after the Damage Notice has been delivered to Tenant or, if no such notice is delivered by Landlord, within ninety (90) days after the Casualty; and
(ii) if Tenant does not, or does not have the right to, terminate this Lease pursuant to this Section 7.03(b) and such damage is not repaired by the Casualty Restoration Termination Date (defined below), Lessor Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate before the earlier of (A) thirty (30) days after the Casualty Restoration Termination Date (defined below) or (B) the completion of such repairs. Any termination right of Tenant not timely exercised shall be required to so restoredeemed waived, time being of the essence with respect thereto. If Lessor does not warrant to Lessee (aIn case of any termination under Section 7.03(b)(i) within sixty (60) days from above, Base Rent and Additional Rent shall abatx xx full as of the date of the casualtyCasualty. In case of any termination under Section 7.03(b)(ii) above, or the portion of the Base Rent for the portion of the Leased Premises affected thereby not theretofore abated shall abatx xx of the date of termination. Unless Landlord and Tenant agree in writing otherwise, the "Casualty Restoration Termination Date" shall be thirty (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (5030) days after the date later of casualty), whichever is later, that Lessor will have completed the restoration work within (1) one hundred eighty (180) days from after the date of Casualty, or (2) the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions Estimated Restoration Completion Date.
(if anyc) of its leased premises, Lessee shall be entitled If Tenant does not elect to terminate this entire lease (even if Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, subject to approval from Landlord's Mortgagee, commence to repair the material disruption is only in Building and the branch bank portion) by giving notice of termination Leased Premises and shall proceed with reasonable diligence to Lessor on restore the Building and Leased Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or before that date which is one hundred twenty (120) days from the date replace any part of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration workfurniture, whichever occurs first. If Lessor elects or is required to restoreequipment, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permitfixtures, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikesand other improvements which may have been placed by, or other labor disputesat the request of, material shortages, fire Tenant or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) occupants in the Building or in other buildings that Lessor the Leased Premises.
(d) If the damages are caused by the willful misconduct of Tenant or any affiliate Tenant Party, Tenant shall pay to Landlord on demand as Additional Rent any damages in excess of Lessor may manage, own the amount paid by insurance proceeds received by Landlord which are not covered by the insurance which Landlord is required to carry under the terms and provisions of this Lease. Any insurance carried by Landlord or control in Tenant against loss or damage to the central business district of Seattle. Such substitute space shall be provided Building or to Lessee on an “AS IS, WHERE IS” basis and at fair market rent the Leased Premises is for the substitute space (given the “AS IS, WHERE IS” nature sole benefit of the tenancy)party carrying the insurance and under its sole control.
(e) If Tenant does not elect to terminate the Lease pursuant to Section 7.03(b) above and Landlord's Mortgagee requires that the insurance proceeds due Landlord for the Casualty are to be applied to the Building Mortgage, then in such event, Landlord will use reasonable efforts to acquire replacement financing in order to restore the Building. Landlord and Tenant acknowledge that in such event it is not possible to exceed predict market conditions in advance. In such event, Landlord hereby grants Tenant a Right of First Offer (the rent called "Tenant's First Offer Right") as hereafter described:
(i) If Landlord is able to acquire replacement financing to rebuild the Building, then in such event, Landlord shall, prior to offering the Building for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored lease or sale to a tenantable conditionthird party, give Tenant not less than thirty (30) days within which to accept a proposal for the sale or lease of the Building.
(ii) If Landlord is not able to acquire replacement financing and determines to sell the Land, then in such event, Landlord shall, prior to offering the Land for sale to a third party, give Tenant a proposal for Tenant to purchase the Land and Tenant shall have thirty (30) days within which to accept the proposal for the purchase of the Land. Landlord and Tenant agree if Landlord shall offer the Tenant's First Offer Right, Landlord and Tenant will meet, if required, to reach a market rate rent or purchase price. If an agreement cannot be reached after good faith discussions between Landlord and Tenant within said thirty (30) day period, neither party shall have any further obligation hereunder.
Appears in 1 contract
Samples: Lease Agreement (Cirrus Logic Inc)
Fire or Other Casualty. 10.1 In the event the Building or the leased premises A. Tenant shall be destroyed or rendered untenantable, either wholly or give prompt notice to Landlord in part, by case of fire or other casualty, Lessor may, at its option, restore damage to the Building Premises.
B. If (i) the Shopping Center or leased premises to as near their previous condition as is reasonably possible, and the building in which the meantime Premises are located (whether or not the rent Premises were damaged) shall be abated in damaged to the same proportion as the untenantable portion extent of more than twenty-five (25%) percent of the leased premises bears cost of replacement thereof, respectively, or (ii) the proceeds of Landlord's insurance recovered or recoverable as a result of the damage described in subsection (i) preceding shall be substantially insufficient to pay fully for the whole thereof; but unless Lessorcost of replacement of such buildings, or (iii) the Premises or the building shall be damaged as a result of a risk which is not covered by Landlord's insurance, Landlord may terminate this Lease by notice given within ninety (90) days after such event and upon the date specified in such notice, which shall be not less than thirty (30) nor more than sixty (60) days after the happening giving of any such casualty, shall notify Lessee of its election to so restoresaid notice, this lease Lease shall thereupon terminate and endterminate. Such restoration by Lessor If the Premises shall not include replacement of furniture, equipment be damaged in whole or other items that do not become in part during the last two (2) years of the Building Term, then either Landlord or any improvements Tenant may terminate this Lease by notice given to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days after the occurrence of such damage, and upon the date specified in such notice, which shall not be less than thirty (30) nor more than sixty (60) days after the giving of said notice, this Lease shall terminate. If the casualty or Landlord's repair and restoration work shall render the Premises untenantable, in whole or in part, then, a proportionate credit against Rent (except Percentage Rent, Tax Rent and that portion of Common Area Rent attributable to the cost of insurance) shall be allowed from the date when the damage occurred until the earlier of casualty. Provided that Lessor (i) the day after Landlord has proceeded diligently substantially completed the work required to obtain repair and restore the building permitPremises, said one hundred eighty as set forth in Subsection C of this Section, or (180ii) day period the date Tenant shall be extended by the number of days have opened for business, or (if anyiii) in excess of ninety (90) days from the date of casualty to the date the building permit is issuedtermination by Landlord, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event Landlord elects to terminate this Lease. Said proportion shall be computed on the basis of the ratio which the amount of Floor Space rendered untenantable bears to the total Floor Space. If there is a credit against Fixed Rent, in computing the "break even" for Percentage Rent purposes, the amount of Fixed Rent less such credit shall be applied, or if the "break even" is expressed herein as a fixed dollar amount, such amount shall be proratably reduced.
C. If this Lease shall not be terminated as provided in Subsection B hereof, Landlord shall, at its expense, repair or restore the Premises with reasonable diligence and dispatch, to the condition obtaining immediately prior to the casualty except that materially disrupts Landlord shall not be required to repair or restore any of Tenant's leasehold improvements or betterments, furniture, furnishings, finishes, decorations or any other installations made by Tenant. Upon the conduct completion by Landlord of Lessee’s business repair or restoration, Tenant shall prepare the Premises for occupancy by Tenant in the office space portion, branch bank portion manner obtaining immediately prior to the damage or other portion (if any) destruction in accordance with plans and specifications approved by Landlord. All work of
7-1 restoration or repair by Tenant shall be subject to the provisions of Article 2.
D. The provisions of this Section 7.1 shall supersede and are in lieu of the leased premises, Lessor will use its reasonable best efforts provisions of any present or future statute or law to provide Lessee with substitute space (which is the functional equivalent contrary of the space damaged state in which the Shopping Center is located.
E. The "cost of replacement", as such term is used in Subsection B hereof, shall be determined by the casualty) company or companies insuring Landlord against the casualty in the Building question, or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space if there shall be provided to Lessee on no insurance, then, by an “AS IS, WHERE IS” basis independent engineer selected and at fair market rent paid for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionby Landlord.
Appears in 1 contract
Fire or Other Casualty. 10.1 In 8.1 If the event the Building or the leased premises Premises shall be destroyed or rendered untenantable, either wholly or in part, partially damaged by fire or other casualtycasualty insured under the insurance policies described in Article VII, Lessor maythen upon Landlord's receipt of the insurance proceeds, at its optionLandlord shall, except as otherwise provided herein, repair and restore the Building or leased premises same to as near their previous the extent required to return the Premises to the condition as is reasonably possible, and in the meantime the rent shall be abated in which the same proportion as were initially delivered to Tenant by Landlord; limited, however, to the untenantable portion extent of the leased premises bears to insurance proceeds received in hand by Landlord therefor. If by reason of such occurrence:
(a) the Premises are damaged in whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become in part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a risk which is not covered by Landlord's or Tenant's insurance policies, or (b) the Premises are damaged in whole or in part during the last year of the Term (or at any time during any renewal term); or (c) the building within the Premises is damaged to an extent that the same cannot be restored within six (6) months from the date of the casualty, all rent shall be abated then in any of such events, Landlord may elect either to repair the damage as aforesaid, or terminate this Lease by written notice of termination given to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) Tenant within one hundred eighty (180) days from after the date of such occurrence, and thereupon this Lease shall terminate with the casualty (without working overtime)same force and effect as though the date set forth in Landlord's said notice were the date herein fixed for the expiration of the Term and Tenant shall immediately vacate and surrender the Premises to Landlord. Upon the termination of this Lease as aforesaid, Lessor Tenant's liability for the Rent shall be required to so restore. If Lessor does not warrant to Lessee cease as of the earlier of (a) within sixty (60) days from the effective date of the casualtytermination of this Lease, or (b) within ten (10) days after Lessor’s receipt if the Premises is rendered unfit for occupancy for the purposes permitted under this Lease on account of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after casualty, as of the date of casualty)Tenant vacates the Premises as a result thereof. Unless this Lease is terminated by Landlord as aforesaid, whichever is laterthis Lease shall remain in full force and effect, that Lessor will have completed and (a) Landlord shall restore the restoration work within one hundred eighty (180) days from building to the date condition in which it existed as of the casualtyElection Date; and (b) Tenant shall repair, restore or replace Tenant's improvements, trade fixtures and contents in the Premises and all other work done to the Premises by Tenant in a manner and to at least a condition equal to that existing prior to their damage or destruction, and if the casualty materially disrupts the conduct proceeds of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee all insurance carried by Tenant on said property shall be entitled to terminate this entire lease (even if the material disruption is only held in the branch bank portion) trust by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit Landlord for the purpose of such repair, restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseereplacement.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease (American Barge Line Co)
Fire or Other Casualty. 10.1 In (a) If during the event term of this lease or any renewal or extension thereof, the Building demised premises or the leased building of which the demised premises shall be is a part is totally destroyed or rendered untenantable, either wholly or in part, is so damaged by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in casualty that the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, cannot be repaired or restored within sixty ninety (6090) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) regular working days from the date of the casualty (without working overtime)happening, Lessor then this lease shall be required 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 so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of damage and Landlord may enter upon and repossess the casualty, or demised premises upon notice.
(b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after If the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion damage caused by fire or other portions (if any) of its leased premises, Lessee shall casualty can be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on repaired or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained restored within ninety (90) regular working days from and said damage and the date cost of casualtyrepairs and restoration are fully covered by the Landlord's insurance, Landlord may exercise either of the following options by giving written notice to the Tenant within 20 days.
(1) Landlord shall have the option to restore the premises. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period The rent shall be extended apportioned based on the percentage of the Tenant's normal business operations which may be effectively continued on the Premises during the time Landlord is in 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 number of days (right to proceed by law to recover the excess payment, if any.
(2) in excess Landlord shall have the option to terminate this lease by giving written notice of ninety such termination to Tenant within 20 days and upon the giving of such notice, the lease shall expire by lapse of time after thirty (9030) days from and the date of casualty to Tenant shall vacate the date demised premises.
(c) If the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question damage caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualtycasualty is only slight, acts Landlord shall repair whatever portion, if any, of God the demised premises that may have been damaged by fire or other causes beyond Lessor’s control, but in no event beyond three hundred sixty casualty and the rent accrued or accruing shall not be apportioned or suspended except to the extent that Tenant's ability to operate its business is impaired.
(360d) days from the date of casualty, except for delays If said damage by fire or other casualty was caused by Lessee.
10.4 Lessor hereby agrees that in the event negligence of a casualty that materially disrupts the conduct of Lessee’s business in the office space portionTenant or his agents, branch bank portion employees or other portion (if any) invitees, Tenant shall not be entitled to any abatement or apportionment of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancyunder 10(c), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease Agreement (Jazz Photo Corp)
Fire or Other Casualty. 10.1 In If the event the Building or the leased premises Premises shall be destroyed or rendered untenantable, either wholly or in part, damaged by fire or other casualtycasualty insured against by Lessee’s fire and extended coverage insurance policy covering the Premises, Lessor and the Premises can be fully repaired, in Lessee’s commercially reasonable opinion, within three hundred and sixty-five (365) days from the date of such damage, Lessee, at Lessee’s expense, shall repair such damage; provided, however, Lessee shall have no obligation: (a) to repair if such damage occurs during the last five (5) years of the lease term (excluding any renewal option which is unexercised at the date of such damage); (b) to repair if the Lessee’s lender does not allow the insurance proceeds to be used for such purposes; or (c) to repair if the Premises cannot be fully repaired within three hundred sixty-five (365) days from the date of such damage. Except as otherwise provided herein, until the repairs to the Premises are substantially completed, the monthly rent shall xxxxx pro-rata based on the part of the Premises which is unusable by Lessee to the extent of any business interruption insurance proceeds paid in lieu thereof to Lessor. If Lessee decides not to rebuild the Premises, Lessee may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, cancel and terminate this Lease by giving Lessor notice in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessorwriting, within sixty (60) days after of the happening occurrence of any such casualtythe event causing the damage, shall notify Lessee of its election intention to so restorecancel this Lease, whereupon the term of this lease Lease shall thereupon terminate within thirty (30) days after such notice is given and endLessee shall vacate the Premises and surrender the same to Lessor. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part Concurrently with the surrender of the Building or any improvements Premises, the Lessee shall pay to the leased premises in excess of those provided for in the allowance
10.2 If Lessor an amount equal to twelve (12) months rent. In no event shall Lessee is deprived of elevator access be liable to Lessor except to the office portion of the leased premises as a result of a casualtyextent provided in this Section 9.1.1, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding and without limiting the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall not be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on responsible for consequential damages or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lesseelost rental income.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Ground Lease (MTR Gaming Group Inc)
Fire or Other Casualty. 10.1 In If, during the event term of this Lease, or any renewal or extension thereof, the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, is so damaged by fire or other casualtycasualty that the Premises are rendered unfit for occupancy (or Tenant does not have adequate access to conduct its business in the Premises whether or not the Premises are damaged), Lessor mayand the Premises cannot be rebuilt or replacement access provided within nine (9) months as certified by an architect, then, at its Landlord's or Tenant's option, restore the Building term of this Lease upon written notice from Landlord or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, Tenant given within sixty thirty (6030) days after the happening occurrence of any such casualtydamage, shall notify Lessee terminate as of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (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 working overtime)further notice. If Landlord or Tenant does not elect to terminate the term of this Lease, Lessor 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 required suspended in proportion to so restorethe number of square feet of the Premises rendered untenantable. The repair shall be made to restore the Premises to its condition prior to the damage as nearly as reasonably possible. If Lessor the Premises or the Building shall be damaged so that such damage does not warrant to Lessee (a) within sixty (60) days from render the date Premises unfit for occupancy or access is not denied, Landlord will repair whatever portion, if any, of the casualtyPremises 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 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 of Tenant's telephone and computer wiring and cabling, and (b) Landlord shall have the right to terminate this Lease upon giving written notice to Tenant at any time within ten thirty (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (5030) days after the date of casualty), whichever the damage if the Premises is later, that Lessor will have completed damaged by fire or other casualty during the restoration work within one hundred eighty last six (1806) days from the date months of the casualtyterm of this Lease unless Tenant, and if having the casualty materially disrupts right to renew the conduct of Lessee’s business at term pursuant to an express provision contained in this Lease, has effectively extended the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit term for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) a term in excess of ninety one (901) days from year following the date occurrence of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
Appears in 1 contract
Samples: Lease (Encorium Group Inc)
Fire or Other Casualty. 10.1 (a) In the event that the Building or the leased premises Premises shall be destroyed or rendered untenantable, either wholly damaged in whole or in partpart as a result of the fault or neglect of Tenant or any of its servants, employees, agents, contractors, invitees or licensees, then Tenant at its own expense shall promptly repair and restore the same, and the Rent shall not be abated or apportioned. Any election by Landlord to repair or restore the Premises or any portion thereof after any damage caused in whole or in part by the fault or neglect of Tenant or any of its servants, employees, agents, contractors, invitees or licensees shall not relieve Tenant of any responsibility under this Lease.
(b) In the event that the Premises shall be damaged by fire or other casualty without the fault or neglect of Tenant or its servants, employees, agents, contractors, invitees or licensees, and Tenant shall not have the obligation to repair or restore the same as provided in subsection (a) above, then, if the same can be restored within one-hundred eighty (180) days after such casualty, Lessor mayLandlord shall commence the restoration of the same promptly upon settlement of such loss with all insurance carriers and shall diligently complete the same, at its option, restore the Building or leased premises subject to delays as near their previous condition as is reasonably possibleprovided in Section 36 of this Lease, and this Lease shall remain in full force except that Rent shall xxxxx with respect to the meantime the rent shall be abated in the same proportion as the untenantable unusable portion of the leased premises bears to Premises, as described below. In the whole thereof; but unless Lessor, within sixty (60) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor event that Landlord shall not include replacement of furniture, equipment or other items that do not become part of have completed the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises restoration as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) aforesaid within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the after such casualty, or (b) within ten (10) days after Lessor’s receipt subject to delays as provided in Section 36 of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after Lease, then Tenant shall have the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled right to terminate this entire lease Lease as its sole remedy against Landlord. In no event shall Tenant have any right to terminate this Lease if such damage is caused in whole or in part by the fault or neglect of Tenant or any of its servants, employees, agents, contractors, invitees or licensees. Except as provided in subsection (even if the material disruption is only a), in the branch bank portion) by giving notice event of termination damage or destruction to Lessor on or before that date the Premises in accordance with this Section 25(b), Rent shall be apportioned during the period of any restoration according to the part of the Premises which is one hundred twenty usable by Tenant (120) days from and shall xxxxx with respect to the date unusable portion of the casualty or three Premises) and Rent shall recommence upon the completion of such restoration by Landlord.
(3c) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for In the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts all of God Tenant's insurance proceeds payable as a result of such casualty (other than proceeds as a result of damage to Tenant's personal property which Tenant is entitled by this Lease to remove upon the expiration of the Term) shall be paid directly by Tenant's insurer to Landlord and Tenant hereby assigns the same to Landlord and authorizes and directs such insurer to make such payments directly to Landlord. Tenant shall name Landlord as the principal loss payee on all casualty insurance policies of Tenant with respect to the Premises or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in contents thereof. In the event that this Lease shall be terminated as provided in this Section, Landlord shall have the right to all insurance proceeds assigned to Landlord pursuant to this subsection. In the event that this Lease shall not be so terminated, Landlord shall have the right to retain such proceeds to the extent required by Landlord to defray the cost of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) restoration of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space Premises as provided in subsection (which is the functional equivalent of the space damaged by the casualtyb) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionabove.
Appears in 1 contract
Fire or Other Casualty. 10.1 14.1 In the event of damage to or destruction of the Premises or the Building or the leased premises shall be destroyed or rendered untenantable, either wholly or in part, caused by fire or other casualtycasualty (“Event of Casualty”), Lessor mayLandlord shall undertake to make repairs and restorations with reasonable diligence, at its optionunless 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 an amount of such proceeds which (together with the amount of any deductible) will be sufficient to cover the cost of such repairs and restorations. Landlord shall, within forty-five (45) days after the Event of Casualty, provide Tenant with a good faith estimate of the time required to 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-seventy (270) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Building Premises or leased premises the Building, or (B) less than one (1) year remains on the then current Term and more than ninety (90) days after the Event of Casualty would be required (with normal work crews and normal work hours) to repair and restore the Premises or the Building, then the Premises or the Building, as near their previous condition as is reasonably possiblethe case may be, and in the meantime the rent shall be abated in deemed “substantially damaged.” If the same proportion as Premises or the untenantable portion Building are deemed “substantially damaged,” Landlord may elect to terminate this Lease by giving Tenant written notice of the leased premises bears to the whole thereof; but unless Lessor, such termination within sixty (60) days after the happening Event of any such casualtyCasualty. In addition, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment if the Premises or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises are deemed “substantially damaged,” and if as a result of a casualtythe same the Premises are rendered untenantable for the Permitted Use, all rent shall be abated as then Tenant may elect to said office portion during the duration terminate this Lease by giving Landlord written notice of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) termination within sixty (60) days after the Event of Casualty. If either party elects to terminate this Lease as set forth above, then the Term shall expire thirty (30) days after the date such written notice is given, Base Rent and Additional Rent shall be equitably abated from the date of the casualtyEvent of Casualty for any portion of the Premises that is unusable (and unused) by Tenant, and Tenant shall thereafter vacate the Premises and surrender the same to Landlord in accordance with the terms, covenants and conditions of this Lease.
14.2 In the event this Lease is not terminated pursuant to the terms of Section 14.1 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 diligently to repair and restore the Premises or the Building, as the case may be (including Landlord’s Work) to substantially the same condition in which it was immediately prior to the Event of Casualty, subject to Legal Requirements; provided, however, that 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 at the expiration or earlier termination of this Lease), or (bB) within ten any of Tenant’s Property (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualtyas hereinafter defined), whichever is laterunless Tenant, that Lessor will have completed in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
14.3 When Landlord’s repair and restoration work has been completed, Tenant shall complete the restoration of (A) all of Tenant’s work within one hundred eighty and Alterations, and (180B) days all of Tenant’s Property, to the extent such restoration is necessary to permit Tenant’s re-occupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Base Rent and Additional Rent shall be equitably abated from the date of the casualty, Event of Casualty until the Premises has been substantially restored for any portion of the Premises that is unusable (and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portionunused) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by LesseeTenant.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
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Fire or Other Casualty. 10.1 In (a) If prior to the event Closing a "material portion of the Building or the leased premises Improvements" (as such phrase is hereinafter defined) shall be damaged or destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Lessor may, at its option, restore Purchaser shall have the Building or leased premises right to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears terminate this Agreement by notice to the whole thereof; but unless Lessor, Seller furnished within sixty fifteen (6015) days after following notice to Purchaser of such fire or other casualty, provided, however, that Seller may nullify the happening effect of any such casualty, shall notify Lessee termination notice by Purchaser by furnishing notice to Purchaser within five (5) business days after Seller's receipt of its election Purchaser's termination notice of Seller's intention to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment restore the Property to the condition thereof prior to such fire or other items that do not become part casualty and promptly commencing and diligently pursuing the restoration of such improvements on or before the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee date which is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from after the date of the casualty (without working overtime)applicable fire or other casualty. In the event that Seller elects to restore as aforesaid, Lessor the Closing Date shall be required extended to so restoreaccommodate such restoration right of Seller. If Lessor does not warrant Purchaser shall furnish such notice, and either Seller fails to Lessee (a) within sixty (60) days from furnish notice of intention to restore, or, having furnished notice of intention to restore, Seller fails to restore on or before the date expiration of the aforesaid 180 days period, the Deposit, together with interest accrued therein, if any, shall be immediately returned to Purchaser, whereupon this Agreement shall become null and void and of no further force or effect. The restoration right of Seller granted hereby shall not be construed as limiting, altering or varying in any respect any other rights or obligations of Seller or Purchase hereunder, including, without limitation, any terms hereof affording Purchaser a right of termination and/or providing for an adjustment to the Purchase Price based on a reduction in gross income or the tenants in occupancy as of the Closing Date resulting from any such fire or other casualty. If Purchaser shall furnish such notice, the Deposit, together with interest accrued therein, if any, shall be immediately returned to Purchaser, whereupon this Agreement shall become null and void and of no further force or effect.
(b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date If any portion of the casualtyimprovements situated on the Property, and if other than a "material portion of the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee Improvements," shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) damaged or destroyed by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or if there shall be fire or other causes beyond Lessor’s controlcasualty to a "material portion of the Improvements" and Purchaser shall not terminate this Agreement as permitted hereby, but Purchaser shall purchase the Property in no event beyond three hundred sixty accordance with the terms of this Agreement and the Purchase Price shall be reduced by the amount equal to the reduction in value to the Property as a result of such fire or other casualty as estimated by, and set forth in a binding written estimate of, a contractor selected by Purchaser and reasonably acceptable to Seller, unless, the insurance proceeds for such fire or other casualty shall be sufficient to restore the Property and all right, title and interest of Seller in and to such insurance proceeds shall be assigned by Seller to Purchaser at the Closing.
(360c) days from A "material portion of the date of Improvements" shall be deemed to have been damaged or destroyed by fire or other casualty, except for delays caused if the cost of repair and restoration of the damage or destruction shall be in excess of $100,000 as estimated by, and set forth in a binding written estimate of, a contractor selected by LesseePurchaser and reasonably acceptable to Seller.
10.4 Lessor hereby agrees that (d) Seller shall maintain throughout the term of this Agreement casualty insurance with respect to the buildings and the contents thereof in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion an amount not less than one hundred percent (if any100%) of the leased premises, Lessor will use its reasonable best efforts full replacement cost of such buildings and contents and business interruption insurance in an amount sufficient to provide Lessee with substitute space (which is the functional equivalent full coverage for loss of the space damaged rents by the reason of casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.
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Fire or Other Casualty. 10.1 In It is agreed that if, during the event -------------------------- continuance of this lease or any extension, the Building or the leased premises Leased Premises shall be destroyed or rendered untenantable, either wholly or in part, so damaged by fire or other casualty, Lessor not arising from the fault or negligence of the Tenant or those in its employ, so that the Leased Premises shall thereby be rendered untenantable, then and in such case, the rent herein reserved, or a just and proportionate part thereof, according to the nature and extent of the damage which has been sustained, shall be abated until the Leased Premises shall have been duly repaired and restored, which work of repair and restoration shall be done with all reasonable diligence. In case the said building shall be substantially destroyed so that the Leased Premises are not repaired and restored within 120 days, Landlord shall have the fight to cancel this lease and end the term hereof, and in case of such cancellation, any rent, and any other monies due and owing to Landlord at the time of such cancellation, shall be paid by Tenant, and all further obligations upon the part of either party hereto shall cease, and the estate hereby created shall thereupon terminate. In the event the Leased Premises are damaged by fire or other casualty during the last two years of the term of this lease to an extent which renders the Leased Premises untenantable, the Landlord may, at its Landlord's option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent shall be abated in the same proportion as the untenantable portion of the leased premises bears to the whole thereof; but unless Lessor, within sixty thirty (6030) days after the happening of any such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoing, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from following the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor does not warrant to Lessee (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50) days after the date of casualty), whichever is later, that Lessor will have completed the restoration work within one hundred eighty (180) days from the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts immediately terminate this lease and be relieved of God any obligation to rebuild or repair the Leased Premises. This option, if exercised by the Landlord, shall be exercised within thirty (30) days after the occurrence of such fire or other causes beyond Lessor’s controlcasualty. If said Leased Premises, without the fault of the Tenant, shall be slightly damaged by fire or other catastrophe, but not so as to render the same untenantable, the Landlord, after receiving notice in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) writing of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent occurrence of the space damaged by injury, shall cause the casualty) same to be repaired with reasonable promptness; but in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space such event there shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature no abatement of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable conditionrent.
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Samples: Lease Agreement (Banyan Corp /Or/)
Fire or Other Casualty. 10.1 In (a) If the event the Building or the leased demised premises shall be destroyed partially or rendered untenantable, either wholly or in part, totally damaged by fire or other casualty, Lessor may, at its option, restore the Building or leased premises to as near their previous condition as is reasonably possible, and in the meantime the rent damage shall be abated in repaired by and at the same proportion as expense of Landlord, using the untenantable portion proceeds of the leased premises bears insurance referred to in Section 9 hereof; provided, however, that if the cost of repairs, as reasonably estimated by Landlord, will exceed twenty five percent (25%) of the replacement value of the building exclusive of foundation) immediately prior to the whole thereof; but unless Lessoroccurrence of the damage, Landlord shall have the right to elect to terminate this Lease, exercisable by Notice to Tenant given within sixty (60) days after the happening of any occurrence. If such casualty, shall notify Lessee of its election to so restore, this lease shall thereupon terminate and end. Such restoration by Lessor shall partial or total damage is not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements due to the leased premises in excess fault or neglect of those provided for in Tenant or Tenant's agents, employees or invitees, the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated apportioned or abated, as the case may be, from the date of occurrence, according to said office portion the extent to which the demised premises are usable by Tenant, during the duration period of repair or up to the effective date of termination of the period in which such access is unavailable.
10.3 Notwithstanding the foregoingLease, if Landlord shall so elect. Additionally, if damage or destruction of the casualty in question can premises is due to the fault or neglect of Tenant or Tenant's agents, employees or invitees, then if and to the extent not covered by Landlord's fire insurance, the debris shall be repairedremoved by and at the expense of Tenant. If such partial or total damage is due to the fault or neglect of Tenant or Tenant's agents, rebuilt employees or replaced (i.e.invitees, restored) within one hundred eighty (180) days there shall be no apportionment or abatement of rent during the period of repair or from the date of the casualty occurrence to the effective date of termination of the Lease, if Landlord shall so elect, notwithstanding any delay which may arise by reason of adjustment of insurance claims, labor troubles or any other cause beyond Landlord's control.
(without working overtimeb) Notwithstanding anything to the contrary stipulated in the preceding paragraph (a), Lessor if Landlord shall not have duly elected to terminate this Lease but the premises shall not be required restored to so restore. If Lessor does not warrant to Lessee full tenantability within one (a1) within sixty (60) days from month after the date of the casualtyoccurrence, or Tenant shall have the right, by notice to Landlord given within five (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (505) days after the expiration of the foregoing one (1) month period, to terminate this Lease.
(c) If the respective notices by Landlord or Tenant, as the case may be, provided in the preceding paragraphs (a) and (b) hereof shall have been duly given, the term of this Lease shall expire on the third day after the giving of such notice, with the same force and effect as if such date of casualty), whichever is later, that Lessor will have completed were the restoration work within one hundred eighty (180) days from date originally fixed as the date of expiration of the casualtyterm, and Tenant, if then in possession of any portion of the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased entire premises have been restored and surrender the same to a tenantable conditionLandlord.
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Fire or Other Casualty. 10.1 In Section 13 of this Lease entitled “Fire or Other Casualty” is hereby deleted and the event following substituted therefor: A. General. Subject to the provisions of Subsections 13.B and 13.C, if the Premises and/or any portion(s) or components of the Building outside the Premises which are reasonably necessary to provide Tenant with normal access to and from the Premises or which provide Building Services to the leased premises shall be destroyed Premises and the Office Lobby, such as, for example, the Building entrances, lobbies, elevators, stairways, hallways and electrical, plumbing and HVAC systems and equipment, (together or rendered untenantableseparately, either wholly or in part, the “Significant Building Components”) is damaged by fire or other casualty, Lessor may, the damaged areas shall be repaired by and at its option, restore the Building or leased premises expense of Landlord to at least as near their previous good a condition as is reasonably possible, that which existed immediately prior to such damage and in the meantime the rent until such repairs shall be abated in made shall be apportioned from the same proportion as date of such fire or other casualty according to the untenantable portion part of the leased premises bears Premises which is usable by Tenant in a manner substantially similar to that which prevailed before the whole thereof; but unless Lessor, damage. Landlord agrees to commence the repair of such damage within sixty (60) days after the happening occurrence of such damage and complete such repair in an expeditious manner, but in any event (subject to the provisions of Subsection 30.A) within twelve (12) months after the occurrence of such casualtydamage. In the event Landlord does not so repair such damage, Tenant shall notify Lessee of its election have the right to so restoreterminate this Lease provided, however, that Tenant’s right to terminate this lease shall thereupon terminate and end. Such restoration by Lessor shall not include replacement of furniture, equipment or other items that do not become part Lease must be exercised no later than the last day of the Building or any improvements month following the month in which the twelve (12) month period, as it may have been extended by application of the provisions of Subsection 30.A, expires. Notwithstanding anything in this Subsection 13.A to the leased premises in excess of those provided for in the allowance
10.2 If Lessee is deprived of elevator access to the office portion of the leased premises as a result of a casualty, all rent shall be abated as to said office portion during the duration of the period in which such access is unavailable.
10.3 Notwithstanding the foregoingcontrary, if the casualty in question can be repaired, rebuilt or replaced (i.e., restored) within one hundred eighty (180) days from the date of the casualty (without working overtime), Lessor shall be required to so restore. If Lessor Landlord does not warrant restore the Premises or the affected portion to Lessee tenantability within two hundred seventy (a) within sixty (60) days from the date of the casualty, or (b) within ten (10) days after Lessor’s receipt of written request from Lessee which references this Section 10 and asks if such notice will be issued (Lessee’s request to be given not earlier than fifty (50270) days after the date of said casualty), whichever is laterTenant may then terminate this Lease, that Lessor will have completed the restoration work within one hundred eighty (180) days from retroactive to the date of the casualty, and if the casualty materially disrupts the conduct of Lessee’s business at the office portion, branch bank portion or other portions (if any) of its leased premises, Lessee shall be entitled to terminate this entire lease (even if the material disruption is only in the branch bank portion) by giving notice of termination to Lessor on or before that date which is one hundred twenty (120) days from the date of the casualty or three (3) business days after Lessee has received written notice from Lessor that Lessor has received its building permit for the restoration work, whichever occurs first. If Lessor elects or is required to restore, all parties shall proceed diligently to enable the required building permit to be obtained within ninety (90) days from the date of casualty. Provided that Lessor has proceeded diligently to obtain the building permit, said one hundred eighty (180) day period shall be extended by the number of days (if any) in excess of ninety (90) days from the date of casualty to the date the building permit is issued, but in no event beyond three hundred sixty (360) days from the date of casualty. Said original one hundred eighty (180) day period shall be extended by the duration of any delay in substantially restoring the leased premises in question caused by Lessee, strikes, or other labor disputes, material shortages, fire or other casualty, acts of God or other causes beyond Lessor’s control, but in no event beyond three hundred sixty (360) days from the date of casualty, except for delays caused by Lessee.
10.4 Lessor hereby agrees that in the event of a casualty that materially disrupts the conduct of Lessee’s business in the office space portion, branch bank portion or other portion (if any) of the leased premises, Lessor will use its reasonable best efforts to provide Lessee with substitute space (which is the functional equivalent of the space damaged by the casualty) in the Building or in other buildings that Lessor or any affiliate of Lessor may manage, own or control in the central business district of Seattle. Such substitute space shall be provided to Lessee on an “AS IS, WHERE IS” basis and at fair market rent for the substitute space (given the “AS IS, WHERE IS” nature of the tenancy), not to exceed the rent called for herein. Lessee shall pay its own moving expenses. Lessee shall vacate such space promptly after the leased premises have been restored to a tenantable condition.If
Appears in 1 contract
Samples: Office Lease (Pennsylvania Real Estate Investment Trust)