Common use of Fire or Other Casualty Clause in Contracts

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (AMICAS, Inc.)

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Fire or Other Casualty. 7.1.1 Subject (a) If the Premises are damaged by fire or other casualty, the damages shall be repaired by and at the expense of Landlord and the rent until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the provisions of Section 7.1.2 hereof, and the terms part of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term Premises which is hereinafter defined) usable 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, Tenant. Landlord shall forthwith proceed agrees to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the within a reasonable period of time after receipt from Tenant of written notice of such firedamage, 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 except that Tenant is not then in default of may agree to repair and replace its own furniture, furnishings, equipment and any of its obligations under this Lease beyond any applicable cure periodalteration or improvement installed by Tenant. Landlord shall not be responsible liable for any delay which may result inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from any cause beyond Landlord’s reasonable controlsuch damage or the repair thereof. 7.1.2 If(b) If the Premises, howeverin the opinion of Landlord's licensed architect or engineer, are (i) the East Unit, should be damaged or destroyed (a) rendered substantially untenantable by reason of such fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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”)casualty, or (ii) the East Unit, twenty percent (20%) or more of the Premises shall be substantially is damaged in whole by said fire or in part during other casualty and less than six (6) months would remain on the last 2 years Lease term or any renewal thereof upon completion of the Termrepairs or reconstruction, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or fifty percent (iv50%) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, Premises is damaged by said fire or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableother casualty, then Landlord or shall have the right to be exercised by notice in writing delivered to the Tenant maywithin thirty (30) days from and after said occurrence, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects elect to terminate this Lease, and, in such event, this Lease and the Term hereof tenancy hereby created shall end on cease as of the date specified of said occurrence, the rent to be adjusted as of said date. (c) If the Building, in the notice (which sole opinion of Landlord, shall be substantially damaged by fire or other casualty, regardless of whether or not the end of a calendar month Premises were damaged by such occurrence, Landlord shall have the right, to be exercised by notice in writing delivered to the Tenant within thirty (30) days from and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects said occurrence, to terminate this Lease; and in such event, 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 East Unit as are set forth in Section 7.1.4 hereof, and the Term tenancy hereby created shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease cease as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises date of said termination unless terminated as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 date of said occurrence in accordance with Paragraph 24(b) hereof, the provisions of Section 3.4 hereof to the extent not required rent to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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 adjusted as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result date of such damagetermination. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Multi Tenant Office Lease (Qad Inc)

Fire or Other Casualty. 7.1.1 Subject to A. If the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit Premises shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosionthe elements, 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire accident or other casualty (1"Casualty"), and provided that the damage shall not have been caused by negligence or willful acts of Tenant, its concessionaires, officers, employees, licensees or contractors, but the Premises are not rendered untenantable in whole or in part, Landlord shall promptly coordinate such damage to be repaired (but only with respect to those items to be provided by it under Paragraph A and B of Exhibit "B") , and the Annual Basic Rental and other charges shall be abated proportionately as to the extent of 50% or more portion of the cost Premises rendered untenantable from the date of replacement, or (2) so that 50% or more of the principal area contained in such Casualty until the Premises are rendered tenantable. If, as the result of Casualty, and provided that the damage hall not have been caused by negligence or willful acts of Tenant, its concessionaires, officers, employees, licensees or contractors, the Premises are rendered wholly untenantable, subject to the provision of this Section 24(B), the Annual Basic Rental and other charges shall be abated from the date of such Casualty until the Premises have been rendered unusable fully tenantable. In no event shall Landlord be liable for interruption to Tenant's business or for damage to or replacement or repair of Tenant's personal property, including inventory, trade fixtures, floor coverings, furniture and other property removable by Tenant under the purposes originally constructedprovisions of this Lease or to Tenant's leasehold improvements. B. If the Premises are (a) rendered wholly untenantable, or (b) by damaged as a result of any casualty other than those cause which is not covered by Landlord's insurance policies required to be maintained by Landlord under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially is damaged in whole or in part during the last 2 three (3) years of the Term, or (iiic) there shall be damage all repairs required to restore the Premises to its condition prior to the Premises occurrence of a character as the damage cannot reasonably be expected to be repaired be, or are not, completed within 12 four (4) months from of the date occurrence of casualtythe damage, or (ivd) such restoration involves if the demolition Building Area is damaged to the extent of or repair of damage to fifty (50% %) percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableFloor Area, then in any event, Landlord or Tenant may, at their option, may immediately terminate this Lease and notify by giving to the other party as to their election notice within 90 ninety (90) days after the occurrence of such fire or casualtyevent. If either party elects to terminate this Lease, the Term hereof Annual Basic Rental and other charges shall end on be adjusted as of the date specified in of such termination. C. If the notice (which shall be Building Area is so substantially damaged that it is reasonably necessary to demolish same for the end purpose of a calendar month and not sooner than 30 days after such election was made). If neither reconstruction, Landlord nor or Tenant elects to may terminate this Lease as provided hereinby giving to the other party notice within ninety (90) days after the occurrence of the damage, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption and which event this Lease shall remain in full force immediately terminate and effect, subject to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease Annual Basic Rental and other charges shall be adjusted as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess date of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result occurrence of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Bisys Group Inc)

Fire or Other Casualty. 7.1.1 Subject to (a) If the provisions of Section 7.1.2 hereofPremises are damaged by fire or other casualty, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit damages shall be partially damaged repaired by and at the expense of Landlord to at least as good condition as that which existed (as distinguished from “substantially damaged” as such term is hereinafter definedi) 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 Landlord shall not obtain insurance of any kind on Lessee's furniture or furnishings, equipment, fixtures, alterations, improvements and additions; (ii) it is Lessee's obligation to obtain such event, Landlord shall forthwith proceed to repair such damage insurance at Lessee's sole cost and restore the East Unit, 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 expense; and (iii) Landlord shall not be obligated to expend for such repair an amount in excess of any damage thereto or replace 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 controlsame. 7.1.2 If(b) If the Premises, howeverin the reasonable opinion of Landlord, are: (i) rendered substantially untenantable by reason of such fire or other casualty; or (ii) twenty percent (20%) or more of the East UnitPremises is damaged by said fire or other casualty and less than six (6) months would remain in the Lease term or any renewal thereof upon completion of the repairs or reconstruction, should Landlord shall have the right, to be exercised by notice in writing delivered to Lessee within thirty (30) days from and after said occurrence, to elect not to reconstruct the Premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the rent to be adjusted as of said date. (c) If more than fifty percent (50%) of the Building shall be substantially damaged or destroyed (a) by fire or other casualty (1) to the extent casualty, regardless of 50% whether or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in not the Premises were damaged by such occurrence, Landlord shall be rendered unusable for have the purposes originally constructedright, or (b) by any casualty other than those covered by insurance policies required to be maintained exercised by Landlord under this Lease notice in writing delivered to Lessee within thirty (hereinafter “substantially damaged”)30) days from and after said occurrence, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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, and in such event this Lease and the Term hereof tenancy hereby created shall end on cease as of the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease said termination, unless terminated 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction date of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 said occurrence in accordance with Paragraph 21 (b) hereof, the provisions of Section 3.4 hereof to the extent not required rent to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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 adjusted as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result date of such damagetermination. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to (d) If the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither are substantially damaged in that 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 is unable to restore the Premises for Lessee's occupancy within 180 days, Lessee shall have the option, to be subject exercised by notice in writing delivered to Landlord within thirty (30) days after said occurrence, to elect to terminate this Lease, and in such event this Lease and 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 tenancy hereby created 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 cease as of the business date of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dosaid termination.

Appears in 1 contract

Samples: Lease Agreement (Findwhat Com)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit Premises 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, '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 East UnitPremises, 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 's reasonable control. 7.1.2 If, however, (i) the East Unit, Premises should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% twenty-five percent (25%) or more of the cost of replacement, or (2) so that 50% twenty-five (25%) or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeduntenantable, or (b) by any casualty other than those which would be covered by a usual and customary casualty insurance policies required to be maintained by Landlord under this Lease policy with so-called "all-risk" coverage (hereinafter "substantially damaged"), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years year of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 nine (9) months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% twenty-five percent (25%) or more of the Premises, or (v) applicable law requires the demolition of the East Unit Building or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtainedBuilding, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then or (vii) Landlord's mortgagee shall require that the insurance proceeds from such damage or destruction be applied against the principal balance due on any mortgage, Landlord or Tenant may, at their its option, either terminate this Lease or elect to repair the Premises and Landlord shall notify the other party Tenant as to their its election within 90 ninety (90) days after such fire or casualty. If either party Landlord elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 thirty (30) days after such election was made). If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided hereinLease, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit Building 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, subject . If Xxxxxxxx has not elected to terminate this Lease and if there shall be damage to the rent abatement set forth Premises of a character as cannot (in Section 7.1.7the judgment of Landlord's engineer) reasonably be expected to be repaired within nine (9) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant's election shall be made by notice to Landlord within thirty (30) days of Landlord's delivery of the estimate of Landlord's engineer as to the time period required for restoration. 7.1.3 If neither Landlord nor Tenant elects does not elect 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall shall, provided any third party mortgagee of the Building makes insurance proceeds available for restoration, promptly after adjustment of any insurance claim reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenantimprovements, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s 's reasonable control. If Landlord fails to substantially complete such repairs within twelve (12) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant's election shall be made by notice to Landlord within thirty (30) days after the end of such nine (9) month period, and in provided further that such election shall be null and void and of no event shall force and effect if Landlord be required to expend amounts for substantially completes such restoration in excess repairs within thirty (30) days after the date of the insurance proceeds recovered by Landlordsuch notice. 7.1.4 If neither Landlord nor Tenant elects does not elect 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 Section 3.4 6.1.15 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Tenant Xxxxxx agrees to commence the performance of its work when notified by Landlord that the work to be performed by Tenant Xxxxxx can, in accordance with good construction practices, then be commenced and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s 's insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for of restoration and reconstruction as provided for herein. 7.1.6 Any obligation rebuilding of the Landlord set forth Landlord's work referred to in this Section 7.1 to restore the Premises shall be 7.1.3 hereof, subject to the prior rights of Landlord’s mortgagee in any insurance proceedslessor under a ground or underlying lease covering the Building and/or the holder of any mortgage liens against the Building. 7.1.7 7.1.6 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 Premises, having regard to the extent to which Tenant may be forced required to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Idenix Pharmaceuticals Inc)

Fire or Other Casualty. 7.1.1 Subject In the event of damage to or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the provisions of Section 7.1.2 hereofPremises, caused by fire or other casualty, Tenant shall provide immediate notice thereof to Landlord, and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be terminated by Landlord or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restoration. If (i) the damage is of such nature or extent, in the judgment of Xxxxxxxx’s architect, that more than two hundred seventy (270) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and restore the part of the Premises or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord’s sole judgment, it is uneconomic to restore or repair the Premises or the Building, as the case may be, Landlord shall so advise Tenant promptly; and Landlord or Tenant, for a period of ten (10) business days thereafter, shall have the right to terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of the Condominium Documentsthis 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 the event during the Term hereof the East Unit 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 eventfull force and effect, Landlord shall forthwith proceed promptly and diligently to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord Premises to its substantially its similar condition at prior to the time occurrence of such fire, explosion, casualty or occurrencethe damage, provided that Landlord shall not be obligated to expend for such repair an amount or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in excess a manner satisfactory to Landlord, assures payment in full 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 all costs which may result from any cause beyond Landlord’s reasonable control. 7.1.2 If, however, (i) the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies required to be maintained incurred by Landlord under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualtyconnection therewith. If either party elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 sole expense, insure the value of all leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a substantially similar 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess occurrence of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects does not assure or agree to terminate this Lease assure payment of the cost or restoration or repair of any such alteration, fixtures or additions as provided in Section 7.1.2 hereofaforesaid, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against have the cost right to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of determine the Landlord set forth manner in this Section 7.1 to restore which the Premises shall be subject restored so as to be substantially the same as the Premises existed prior to the prior rights damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of Landlord’s mortgagee this Lease shall not be impaired in any insurance proceeds. 7.1.7 way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred seventy (270) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the event case of damage to the Premises not caused by 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 the provisions of Section 7.1.1 or Section 7.1.2 shall become applicableXxxxxx’s continued occupancy is substantially impaired, the Annual Base Rent and additional rent otherwise payable by Tenant hereunder shall be equitably abated or reduced proportionately during any period in which, by reason adjusted for the duration of such damage 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 destruction, there is substantial interference with other casualty on the operation Premises or Building. Tenant shall be responsible to insure and/or repair all of the business of Tenant Tenant’s personal property located in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Deed of Lease (Urgent.ly Inc.)

Fire or Other Casualty. 7.1.1 Subject (a) If the Premises are damaged by fire or other casualty, the damages shall be repaired by and at the expense of Landlord to at least as good a condition as that which existed immediately prior to such damage and the rent until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the provisions of Section 7.1.2 hereof, and the terms part of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term Premises which is hereinafter defined) usable 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, Tenant. Landlord shall forthwith proceed agrees to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the within a reasonable period of time after receipt from Tenant of written notice of such firedamage, explosionsubject to any delays caused by Acts of God, casualty labor strikes or occurrenceother events beyond Landlord's reasonable control. 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. Tenant acknowledges notice (i) that Landlord shall not obtain insurance of any kind on Tenant's furniture or furnishings, provided equipment, fixtures, alterations, improvements and additions, (ii) that it is Tenant's obligation to obtain such insurance at Tenant's sole cost and expense, and (iii) that Landlord shall not be obligated to expend for such repair an amount in excess of any damage thereto or replace 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 controlsame. 7.1.2 If(b) If the Premises, howeverin the sole opinion of Landlord, are (i) rendered substantially untenantable by reason of such fire or other casualty, or (ii) twenty (20%) percent or more of the East UnitPremises is damaged by said fire or other casualty and less than six (6) months would remain of the Lease term or any renewal thereof upon completion of the repairs or reconstruction, should Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within thirty (30) days from and after said occurrence, to elect not to reconstruct the Premises, and, in such event, this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the rent to be adjusted as of, and be payable only up to, said date. (c) If the Building, in the sole opinion of Landlord, shall be substantially damaged by fire or destroyed other casualty, regardless of whether or not the Premises were damaged by such occurrence, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within thirty (a30) days from and after said occurrence, to terminate this Lease, and, in such event, this Lease and the tenancy hereby created shall cease as of the date of said termination unless terminated as of the date of said occurrence in accordance with paragraph 21 (b), the rent to be adjusted as of, and be payable only up to, ---------------- the date of such termination. (d) If the Premises are damaged by fire or other casualty so as to render the same substantially untenantable by Tenant, and such damage is not restored within one hundred and twenty (1120) to days after Landlord adjusts the extent of 50% or more of loss with its insurance company and receives the cost of replacementapplicable insurance proceeds, or within one hundred eighty (2180) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from days after the date of the fire or casualty, not including (in either case) delays caused by Tenant's acts or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableomissions, then Landlord or Tenant may, at their optionby notice to Landlord, 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 rent to be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease adjusted 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 East Unit as are set forth in Section 7.1.4 hereofof, and the Term shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited payable only up to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its date the 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damagewas incurred. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease (Esps Inc)

Fire or Other Casualty. 7.1.1 Subject A. All proceeds (except business interruption insurance proceeds) payable by reason of any property loss, damage, or destruction of or to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty Premises 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 East Unit, or so much portion 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) casualty, under any property policy of insurance required to the extent of 50% or more of be carried hereunder, where the cost of replacement, or repair and/or restoration does not exceed Five Million and 00/100 Dollars (2$5,000,000.00) so that 50% or more (each of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructedforegoing, or (b) by any casualty other than those covered by insurance policies required to be maintained by Landlord under this Lease (hereinafter respectively, a substantially damagedMinor Casualty”), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or paid to Tenant (iiiexcept business interruption proceeds not allocated to Rent expenses) there and shall be used first for the repair of any damage to the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of a character like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit “C” attached hereto, as cannot applicable (collectively, “Restoration Standards”). Tenant shall have the right to reasonably be expected prosecute and settle insurance claims relating to any Minor Casualty, provided that Tenant shall consult with Landlord in the process of adjusting any insurance claims under this Section 18. B. All proceeds (except business interruption insurance proceeds) payable by reason of any property loss, damage, or destruction of or to the Premises or portion thereof by fire or other casualty, under any property policy of insurance required to be repaired within 12 months from carried hereunder where the date cost of casualtyrepair and/or restoration exceeds Five Million and 00/100 Dollars ($5,000,000.00) (each of the foregoing, respectively, a “Major Casualty”), shall be paid to Landlord, to be held by Landlord or (iv) such Landlord Mortgagee for purpose of restoration involves of the demolition Premises and made available to Tenant upon request without unreasonable delay, pursuant to the procedures set forth in this Section 18 for the reasonable costs of or repair preservation, stabilization, emergency restoration, business interruption, reconstruction and repair, as the case may be, of any damage to 50% percent or more destruction of the Premises, or (v) applicable law requires any portion thereof; provided, however, that the demolition 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. Any excess proceeds of insurance remaining after the completion of the East Unit restoration or forbids 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 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, if any) paid to Landlord for such repair and rebuilding of the damaged portion Premises following a Major Casualty as it progresses. Payments shall be made against certification of the East Unit, except Architect responsible for restrictions the supervision of the zoning code for which relief can be obtained, or (vi) repairs and rebuilding that the Condominium Documents requires work had been performed substantially in conformance with the demolition approved plans and specifications therefor and the value of the East Unit or forbids the rebuilding work in place is equal to not less than one hundred ten percent (110%) of the damaged portion aggregate amount advanced by Landlord for the payment of such work. Prior to commencing the East Unit; or (vii) repairing and rebuilding, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such restoration requires repairs in an amount in excess work. Landlord shall contribute to such payments, out of the insurance proceeds recovered or recoverablebeing held by Landlord, then an amount equal to the proportion that the total net amount so held by Landlord or bears to the total estimated cost of repairing and rebuilding, multiplied by the payment by Tenant on account of such work. Landlord may, at their optionhowever, terminate 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, which retention shall be promptly released to Tenant upon the satisfaction of the conditions described in this Lease and notify sentence. In addition, disbursement of such proceeds to Tenant are subject to any customary conditions of a Landlord Mortgagee. D. If the other party as to their election within 90 days after such Premises or any portion thereof is damaged by fire or other casualty, whether or not from a risk covered by insurance, Tenant shall give Landlord prompt written notice thereof and Rent shall continue unabated notwithstanding any casualty. If either party elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (Tenant waives any statutory rights of termination which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 may arise by reason of any of its obligations under the Lease beyond any applicable notice damage or cure period provided for herein, Landlord shall reconstruct as much destruction of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for or any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlordportion thereof. 7.1.4 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereofE. In the event of a fire or other casualty, Tenant shall, at its own cost expense regardless of the amount of any such damage or destruction and expensewhether or not the insurance proceeds attributable such damage or destruction made available to Tenant, repair and restore if any, shall be sufficient for the purpose, cause the Premises to be repaired, restored and replaced in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of all Law, this Section 7.118.D and the Restoration Standards, including, but not limited to, as expeditiously as practicable using reasonable diligence to a condition as nearly as practicable to that which existed immediately prior to occurrence of the repairing and/or replacement of its merchandise, trade fixtures, furnishings fire or other casualty and equipment otherwise in a manner and to at least a condition equal to that prior to its good workmanlike manner, using new materials of like quality. F. No 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess destruction of the insurance proceeds recovered Premises or any portion thereof as a result of such damagefire or any other hazard, risk or casualty whatsoever shall relieve Tenant from Tenant’s liability and obligation to timely pay the full Rent payable under this Lease and Rent shall continue unabated notwithstanding any casualty. 7.1.5 All proceeds payable from Landlord’s insurance policies G. The provisions of this Lease, including this Section 18 constitute an express agreement between Landlord and Tenant with respect to the Premises any and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereofall damage to, Landlord shall disburse and apply so much or destruction of, all or any part of any insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement any Law with respect to any rights or reduction obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall continue for the period commencing with such have no application to this Lease or any damage or destruction to all or damage and ending with the later any part of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doPremises.

Appears in 1 contract

Samples: Lease Agreement (Big Lots Inc)

Fire or Other Casualty. 7.1.1 Subject to Except as provided hereafter in this Section, if at any time during the provisions term of Section 7.1.2 hereofthis Lease Agreement, and the terms Improvements or any part of the Condominium DocumentsImprovements, in the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1including any casualty for which insurance coverage was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, Lessee, at its sole cost and expense, and whether or not the insurance proceeds, if any, shall be sufficient for the purpose, shall proceed with reasonable diligence (excepting delays due to Acts of God, weather conditions, riot, war, court order, and the extent like), subject to a reasonable time allowance for the purpose of 50% adjusting such loss, to repair, alter, restore, replace, or more of rebuild the cost of same as nearly as possible to its value, condition, and character immediately prior to such damage or destruction. Such repairs, alterations, restoration, replacement, or (2) so that 50% rebuilding, including temporary repairs or more the protection of other property pending the completion of any repairs, are sometimes referred to in this Section as the "work." Notwithstanding anything to the contrary as set forth above, in case of the principal area contained destruction of the Improvements on the Leased Premises or damage to the Improvements from any cause so as to make them unusable at any time during the lease term, Lessee, if not then in the Premises shall be 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 default under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects may elect to 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 by written notice served on Lessor within 30 days after the East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much occurrence of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 applicablesuch termination, the Annual Base Rent Lessee shall have the obligation to tear down, raise, and additional rent demolish the Improvements and to restore and reclaim the Leased Premises to its natural condition prior to the execution of this Lease if so requested by Lessor. Such restoration, reclamation, and demolition shall be abated at the sole cost of Lessee whether or reduced proportionately during not the Lessee has the right to receive any period in whichproceeds collected under any insurance policies covering the Improvements. On such termination, rent, taxes, assessments, and any other sums payable by reason of such damage or destruction, there is substantial interference with the operation Lessee to Lessor under this Lease shall be prorated as of the business of Tenant in the Premisestermination date, having regard and Lessee shall remain liable for all obligations and liabilities accrued under this Lease prior to the extent to which Tenant may be forced to discontinue its business date of termination and for all obligations and liabilities that by their express terms survive the termination of this Lease. In the event any rent, taxes, or assessments shall have been paid in the Premisesadvance, and Lessor shall rebate any such abatement or reduction shall continue payment for the unexpired period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dowhich payment shall have been made.

Appears in 1 contract

Samples: Property Lease (Whetstone Ethanol LLC)

Fire or Other Casualty. 7.1.1 Subject 15.1. If the Premises are damaged by fire, the elements, unavoidable accident or other casualty, Landlord shall promptly, at its expense, repair the damage and, if the Premises are not thereby rendered untenantable in whole or in part in Landlord's reasonable discretion, rent shall not axxxx. If the Premises are rendered untenantable only in part, as reasonably determined by Landlord and such casualty was not caused by Tenant's negligence or willful misconduct, rent shall axxxx during such period proportionately as to the portion of the Premises rendered untenantable. If the entire Premises are untenantable as reasonably determined by Landlord and such casualty was not caused by Tenant's negligence or willful misconduct, rent shall axxxx entirely during the period of untenantability. 15.2. In no event shall Landlord be liable for interruption to Tenant's business or for damage to or replacement or repair of Tenant's personal property, including inventory, trade fixtures, floor coverings, furniture, or property removable by Tenant under the provisions of Section 7.1.2 hereofthis Lease, and any alterations by Tenant to the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty Premises 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 East Unit, 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 controlTenant's Improvements. 7.1.2 If, however, (i) 15.3. If the East Unit, should be damaged or destroyed (a) by fire or other casualty Premises are (1) to the extent of 50% or more of the cost of replacementrendered wholly untenantable, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s any cause which is not covered under standard fire and extended coverage insurance policies with respect or (3) substantially damaged during the last two years of the Term or (4) if the Building of which the Premises are a part, but not the Premises, is damaged to the Premises extent that in Landlord's judgment reasonably exercised, it is necessary to demolish the Building and the East Unit shall belong to and shall be payable to Landlord. If neither Premises, then in any of such events, Landlord nor Tenant elects to may terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse by giving to Tenant notice within ninety (90) days after the occurrence of such event. Basic Rent and apply so much of any insurance recovery as Additional Rent and other charges shall be necessary against the cost to Landlord for restoration and reconstruction adjusted as provided for herein. 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 date of such damage or destruction, there is substantial interference with the operation of the business of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to docancellation.

Appears in 1 contract

Samples: Lease Agreement (Universal Security Instruments Inc)

Fire or Other Casualty. 7.1.1 Subject If the Premises or the Property shall be damaged by fire or other cause Landlord shall at its option either (a) undertake to the provisions of Section 7.1.2 hereofrestore such damage with all due diligence, and the terms of the Condominium Documents, or (b) in the event during the Term hereof Premises or the East Unit Property are damaged by fire or other cause to such extent that damage cannot, in Landlord’s sole judgment, be economically repaired within ninety (90) days after the date of such damage (taking into account the time necessary to effectuate a satisfactory settlement with any insurance company and using normal construction methods without overtime or other premium), terminate this Lease, by notice given to Tenant within sixty (60) days after the date of the damage. Any termination hereunder by reason of damage to the Premises shall be partially damaged (effective as distinguished from “substantially damaged” of the date of the damage. Any termination by reason of damage to the Property but not the Premises shall be effective as such term of the date notice is hereinafter defined) by firegiven. If Landlord elects to restore, 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 East Unit, 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 restore 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained improvements in the Premises shall be rendered unusable for the purposes originally constructed, or (b) which were not owned and constructed by any casualty other than those covered by insurance policies required to be maintained Landlord. Upon substantial completion by Landlord under this Lease (hereinafter “substantially damaged”)of its work, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereofundertake to restore its leasehold improvements and trade fixtures with all due diligence. This Lease shall, and the Term shall continue without interruption and unless terminated by Landlord pursuant to this Lease shall Section, remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of effect following such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable controland, in the case of damage to the Premises, the Base Rent and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 7.1.4 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereofadditional rent, Tenant shall, at its own cost and expense, repair and restore the Premises in accordance with the provisions of Section 3.4 hereof prorated to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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 Premises are rendered untenantable, shall be performed by Tenant can, in accordance with good construction practices, then be commenced and Tenant shall complete equitably abated until such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, repairs are completed; provided, however, that if Tenant does not restore its leasehold improvements and trade fixtures with due diligence, abatement shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess cease as of the insurance proceeds recovered as a result of such damagedate restoration could have been completed using due diligence. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Sten Corp)

Fire or Other Casualty. 7.1.1 Subject (a) In the event of partial or total damage or destruction to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) Premises by fire, explosionother casualty, casualty or any other occurrence covered or as may be required to be coveredcause whatsoever (except condemnation), as herein provided, by Landlord’s insurance, or by such casualty plus required demolition, or by action taken to reduce that is not the impact responsibility of any such event, Landlord shall forthwith proceed the Tenant to repair such damage and restore the East Unit, 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, howeverreconstruct, (i) the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) Tenant promptly shall give Notice thereof to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 City; (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption and this Lease shall remain continue in full force and effect, subject except as otherwise provided by this Section 19; and (iii) the City, to the rent abatement set forth extent that funds are available to the City therefor, shall thereupon cause such damage or destruction to the Premises to be repaired with reasonable speed at the expense of the City, due allowance being made for reasonable delay which may arise by reason of adjustment of loss under insurance policies on the part of the Tenant, and for reasonable delay on account of “labor troubles” or any other cause beyond the City’s control. To the extent that the Premises, in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease as provided whole or in Section 7.1.2 hereof and if Tenant part, is not then in default of any of its obligations under rendered untenantable for more than five (5) consecutive days, the Lease beyond any applicable notice or cure period provided for herein, Landlord Rent shall reconstruct as much proportionately xxxxx based upon the portion of the Premises that are untenantable until the Premises, or portion of the Premises, are restored to a condition substantially similar to the condition as was originally constructed by Landlord (existed immediately prior to the damage or destruction. If the damage or destruction shall be so extensive to the Building as to render it being understood by uneconomical, in the City’s or Tenant’s reasonable opinion, to restore the Premises for the use of the Tenant that Landlord as specified herein or the City shall decide not be responsible for any reconstruction to repair or rebuild the Building within a reasonable period of leasehold improvements made by Tenanttime, which reconstruction is the sole responsibility of Tenant) to substantially its condition this Lease, at the time option of either party, shall be terminated upon Notice thereof to the other party and the Rent shall, in such event, be paid to or adjusted as of the date of such damage, and this Lease shall terminate upon the third (3rd) business day after such Notice is given. The Tenant shall thereupon vacate the Premises and surrender the same to the City in accordance with Section 22, but Landlord no such termination shall not be responsible for any delays which may result release the Tenant from any cause beyond Landlord’s reasonable control, and in liability to the City arising from such damage or from any of the obligations or duties imposed on the Tenant hereunder prior to such termination. (b) In no event shall Landlord the City be required liable for interruption to expend amounts the Tenant’s business or for such restoration in excess damage to or replacement or repair of the insurance proceeds recovered Tenant’s personal property, including inventory, trade fixtures, floor coverings, furniture and other property removable by Landlord. 7.1.4 If neither Landlord nor the 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to under the provisions of this Section 7.1Lease, includingunless such interruption or damage is caused by fire or other casualty, but not limited toor the gross negligence or willful misconduct of the City or the City’s contractors, employees, agents, licensees or invitees. (c) If the Premises are substantially damaged, in the City’s reasonable opinion, during the last two (2) years of the Term or any Renewal Term, then in any such events, the repairing and/or replacement City may terminate this Lease by giving the Tenant Notice thereof within ninety (90) calendar days after the occurrence of its merchandise, trade fixtures, furnishings such event. Rent and equipment in 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 other charges shall be performed by Tenant can, in accordance with good construction practices, then be commenced and Tenant shall complete such work adjusted as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result date of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Market House Lease Agreement

Fire or Other Casualty. 7.1.1 Subject A. The parties hereto mutually agree that if at any time during the Lease Term if fifty percent (50%) or more of the Leased Premises or of the Building are destroyed or totally destroyed by fire or other casualty covered by the fire and extended coverage insurance to be carried by Lessor under the terms hereof, then Lessor may, at its option, upon thirty (30) days written notice to Lessee, repair and restore the Leased Premises and Building as soon as it is reasonably practicable, to substantially the same condition in which the Leased Premises and the Building were before such damage, or it may terminate the Lease; provided, however, that in the event the Leased Premises are completely destroyed or so badly damaged that repairs cannot be commenced within sixty (60) days and completed within six (6) months thereafter, then this Lease shall be terminable as of the date of the occurrence of the damage or destruction by either party hereto serving written notice upon the other, and provided further, that in any event repairs have not been commenced within sixty (60) days from the date of said damage and thereafter completed within a reasonable time, in no case to exceed six (6) months, this Lease may be immediately terminated by Lessee as of the date of occurrence of the damage or destruction by serving notice upon the Lessor. B. 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 partially destroyed or damaged by fire or other hazard so that the Leased Premises can be only partially used by Lessee for the purposes herein provided, then there shall be a partial abatement in the rent corresponding to the time and extent to which the Leased Premises cannot be used by Lessee. C. If the Leased Premises shall be damaged by fire or other casualty resulting from the fault or negligence of Lessee, or the agents, employees, licensees, or invitees of Lessee, then such damage shall be repaired by and at the expense of Lessee, under the direction and supervision of Lessor, and rent shall continue without abatement subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 East Unit, 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 control30. 7.1.2 If, however, (i) the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (3dx Technologies Inc)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in In the event during that the Term hereof the East Unit Leased Premises 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 East Unit, 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 East Unit, should be damaged or destroyed (a) rendered wholly untenantable by fire or other casualty (1) casualty, the Landlord shall be entitled to the extent proceeds of 50% all applicable insurance maintained by Landlord, and may, at its option, (a) terminate this Lease Agreement by giving Tenant written notice thereof within thirty (30) days from the date of said damage or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeddestruction, or (b) by any casualty other than those covered by insurance policies required repair or replace the Leased Premises to be maintained by Landlord under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage same condition as prior to the Premises of a character as cannot reasonably be expected damage or destruction. If the Landlord fails to be repaired commence to repair the damage or destruction within 12 months thirty (30) days from the date of casualtysuch damage or destruction, or if the Leased Premises shall not have been substantially replaced or repaired within one hundred twenty (iv120) days after the date of such restoration involves the demolition of damage or repair of damage to 50% percent or more of the Premisesdestruction, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, may at their its option, terminate this Lease and notify the other party as Agreement by giving written notice to their election Landlord within 90 fifteen (15) days after Landlord’s failure to commence or substantially complete said repairs within the applicable time period. The rent herein required to be paid shall xxxxx during the period of such untenantability. If the Leased Premises shall be damaged in part by fire or other casualty, but still remain partially tenantable, Landlord shall repair the Leased Premises to substantially the same condition as prior to the damage. If either party elects to terminate this Lease, Landlord shall commence repair of the Term hereof shall end on damage or destruction within sixty (60) days from the date specified in of occurrence. During the notice (which shall be the end period of a calendar month such repairs and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate restorations, 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 East Unit as are set forth in Section 7.1.4 hereof, and the Term Agreement shall continue without interruption and this Lease shall remain in full force and effect, subject and Tenant shall be required to pay the rent herein reserved, abated by the percentage of area of the Leased Premises destroyed or unusable as compared to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither total area of the Leased Premises. In the event that any damage or destruction occurs during the last twelve (12) months of the Initial Term or the Renewal Term, if any, to the extent of fifty percent (50%) or more of the insurable value of the Leased Premises, Landlord nor Tenant elects may elect 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 Lease beyond any applicable Agreement by giving notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required election to expend amounts for Tenant within thirty (30) days after such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Tenant agrees to commence In such event, Landlord shall receive 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess proceeds of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect without obligation to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 to rebuild or 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Leased Premises, and such abatement Tenant shall execute any waiver which may be required of it by any insurer or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doLandlord.

Appears in 1 contract

Samples: Lease Agreement (Homeowners Choice, Inc.)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in (a) In the event during that the Term hereof the East Unit shall be partially damaged Premises (as distinguished from “substantially damaged” as such term is hereinafter defined) by fireother than Tenant's Alterations), explosion, casualty or any other occurrence covered or as may be required to be covered, as herein provided, by Landlord’s insurancepart thereof, or by such casualty plus required demolitionaccess thereto, or by action taken to reduce the impact of any such event, Landlord shall forthwith proceed to repair such damage and restore the East Unit, 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of insured casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as provided herein, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and but Tenant shall perform such repairs in the East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect have reasonably convenient access to the Premises and the East Unit Premises shall belong to not thereby be rendered unfit for use and shall be payable to Landlord. If neither Landlord nor occupancy by Tenant elects to terminate this Lease as provided in Section 7.1.2 hereoffor the Permitted Use, Landlord shall disburse and apply so much of any insurance recovery as repair such damage or destruction (except damage or destruction to Tenant's property or Tenant's Alterations) with reasonable diligence. During the period when such repair work is being conducted, the rent shall not be necessary against the cost to Landlord for restoration and reconstruction as provided for hereinabated or suspended. 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 (b) In the event that the provisions of Section 7.1.1 Premises or Section 7.1.2 shall become applicableany part thereof, the Annual Base Rent and additional rent or access thereto, shall be abated so damaged or reduced proportionately during any destroyed by fire or other insured casualty that Tenant shall not have reasonably convenient access to the Premises or the Premises shall thereby be rendered unfit for use and occupancy by Tenant for the Permitted Use, and if in the sole judgment of Landlord the damage or destruction may be repaired within one hundred eighty (180) days after the occurrence of the damage or destruction, then Landlord shall so notify Tenant within thirty (30) days after the occurrence of the damage or destruction and Landlord shall repair such damage or destruction (except damage or destruction to Tenant's property or Tenant's Alterations) with reasonable diligence. If in the sole judgment of Landlord the Premises or means of access thereto cannot be repaired within one hundred eighty (180) days after the occurrence of the damage or destruction or if Landlord does not give Tenant the notice referred to in the preceding sentence of this Paragraph 14, then either party shall have the right to terminate the term of this Lease by giving written notice of such termination to the other party within the period in whichof thirty (30) to forty-five (45) days after the occurrence of such damage or destruction. If neither party gives such notice of intention to terminate the term of this Lease, then Landlord shall repair the damage or destruction with reasonable diligence. (c) In the event that Tenant shall not have reasonably convenient access to the Premises or the Premises shall otherwise be rendered unfit for the Permitted Use by Tenant by reason of such damage or destruction, there is substantial interference with and if such damage or destruction was not caused by the operation of the business negligence or willful act or omission of Tenant in or any of its officers, employees, contractors, agents or invitees, then the Premises, having regard to Base Rent shall be equitably suspended or abated until Landlord shall have substantially completed the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated and the means of access thereto. (d) In addition to doand apart from the foregoing provisions of this Paragraph 14, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction (i) if more than twenty-five percent (25%) of the Premises shall be totally or almost totally damaged or destroyed by fire or other cause at any time during the last six (6) months of the term of this Lease or any renewal thereof, Landlord or Tenant may terminate the term of this Lease by giving written notice of such termination within thirty (30) days after the occurrence of such damage or destruction, and (ii) if the Building is damaged or destroyed by fire or other cause to such extent that the cost to repair the darnage or destruction as reasonably estimated by Landlord, will be more than twenty-five percent (25%) of the replacement value of the Building immediately prior to the occurrence of such damage or destruction, then Landlord may terminate the term of this Lease by giving written notice of such termination to Tenant within thirty (30) days after the occurrence of such damage or destruction. (e) No damages, compensation or claim shall be payable by Landlord to Tenant, or any other person, by reason of inconvenience, loss of business or annoyance arising from any damage or destruction, or any repair thereof, as is obligated referred to doin this Paragraph 14. (f) In addition to and apart from the foregoing provisions of this Paragraph, in the event any mortgage under a mortgage deed or security agreement on the Building should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Cornerstone Bancorp Inc)

Fire or Other Casualty. 7.1.1 Subject In the event of damage to or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the provisions of Section 7.1.2 hereofPremises, caused by fire or other casualty, Tenant shall provide notice thereof to Landlord as soon as reasonably possible, and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be terminated by Landlord or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restoration. If (i) the damage is of such nature or extent, in the judgment of Landlord's architect, that more than two hundred ten (210) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and restore the part of the Premises or Building which has been damaged, (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to restore or repair the Premises or the Building, as the case may be, or (iii) 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, Landlord shall so advise Tenant promptly; and Landlord or Tenant, for a period of ten (10) days thereafter, shall have the right to terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of the Condominium Documentsthis Section 17, and if (y) sufficient casualty insurance proceeds are available for use for such restoration or repair, and (z) this Lease is then in the event during the Term hereof the East Unit 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 eventfull force and effect, Landlord shall forthwith proceed promptly and diligently to repair such damage and restore the East UnitBuilding, or so much thereof as was originally constructed or delivered by Landlord Land and Premises to its substantially its similar condition at prior to the time occurrence of such fire, explosion, casualty or occurrencethe damage, provided that Landlord shall not be obligated to expend for such repair an amount or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in excess a manner satisfactory to Landlord, assures payment in full of the insurance proceeds recovered as a result of such damage and, further provided that Tenant is not then all costs which may be incurred by Landlord in default of any of its obligations under this Lease beyond any applicable cure periodconnection therewith. Landlord shall not be responsible for insure any delay which may result from any cause beyond Landlord’s reasonable control. 7.1.2 If, however, (i) the East Unit, should be damaged improvements or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage alterations to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered Standard Tenant Work, or recoverableany fixtures, then Landlord equipment or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility property of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 sole expense, insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a substantially similar condition equal to that prior to its damage occurrence of the damage. If there be any such alteration, fixtures 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 additions and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall does not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated assure or agree to expend for such repair an amount in excess assure payment of the insurance proceeds recovered cost or restoration or repair as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereofaforesaid, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against have the cost right to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of determine the Landlord set forth manner in this Section 7.1 to restore which the Premises shall be subject restored so as to be substantially the same as the Premises existed prior to the prior rights damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of Landlord’s mortgagee this Lease shall not be impaired in any insurance proceeds. 7.1.7 way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred ten (210) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the event case of damage to the Premises not caused by the willful misconduct of the Tenant or any of its agents, employees or invitees, and which is of a nature or extent that the provisions of Section 7.1.1 or Section 7.1.2 shall become applicableTenant's continued occupancy is substantially impaired, the Annual Base Rent and additional rent otherwise payable by Tenant hereunder shall be equitably abated or reduced proportionately during any period in which, by reason adjusted for the duration of such damage 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 destructionother casualty on the Premises or Building. Tenant shall be responsible to insure and/or repair all of Tenant's leasehold improvements and all equipment, there is substantial interference with the operation of the business of Tenant fixtures and personal property located in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Averstar Inc)

Fire or Other Casualty. 7.1.1 Subject to If the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be Premises or Building are 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 East Unit, 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 East Unit, should be totally damaged or destroyed (a) rendered untenantable by fire or other casualty (1) to or if the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises Building shall be rendered unusable for the purposes originally constructeddamaged that Landlord shall decide to demolish it or to rebuild it, 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 East Unit, or the Premises shall be substantially damaged in whole then or in part during the last 2 years of the Termany such events Landlord shall, or within thirty (iii30) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or other casualty, give Tenant written notice of Landlord's election to repair and rebuild the Premises or to terminate the term of this Lease. If either party In the event the Landlord elects to terminate this the Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as provided hereinshall expire by lapse of time upon the third day after the aforesaid notice is given, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in vacate the East Unit Premises and surrender the same to Landlord and Tenant's liability for rent shall cease as are set forth in Section 7.1.4 hereofof the day following the casualty. In the event the Landlord elects to repair and rebuild, and the Term shall continue without interruption and this Lease shall remain in full force and effecteffect and Landlord shall cause the damages to be repaired to at least as good a condition as that which existed immediately prior to such damage and the rent until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the part of the Premises which is usable by Tenant. In the event Landlord elects to repair or rebuild the Premises, Landlord agrees to repair such damage within a reasonable period of time after receipt from Tenant of written notice of such damage, subject to any delays caused by Acts of God, labor strikes or other events beyond Landlord' control. In the rent abatement set forth in Section 7.1.7. 7.1.3 If neither event Landlord nor notifies Tenant elects to that Landlord cannot repair and rebuild as herein provided within one hundred eighty (180) days from Tenant's receipt of said notice, Tenant may terminate this Lease as provided Lease. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in Section 7.1.2 hereof and if any way from such damage or the repair thereof. Tenant is acknowledges notice (i) that Landlord shall not then in default obtain insurance of any of its obligations under the Lease beyond any applicable notice kind on Tenant's furniture or cure period provided for hereinfurnishings, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord equipment, fixtures, alternations, improvements and additions, (ii) that it being understood by Tenant is Tenant's obligation to obtain such insurance at Tenant's sole cost and expense, and (iii) that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of any damage thereto or replace the insurance proceeds recovered as a result of such damagesame. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Real Property Lease Agreement (World Health Alternatives Inc)

Fire or Other Casualty. 7.1.1 Subject a. In the event of minor damage to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) Premises by fire or other casualty cause which renders the Premises untenantable in part but Tenant is able to conduct its business therein, and Tenant continues to occupy them in part, the rent shall be apportioned and reduced from the date the damage occurs in the proportion that the unoccupied portion of the Premises bears to the entire Premises until the damage has been repaired. b. In the event of substantial damage (1including destruction) to the Premises by fire or any other causes which renders the Premises untenantable in whole or in such part that it is impractical for Tenant to conduct its business therein, the rent shall wholly abate and be apportioned from the dxxx xhe damage occurs until the damage has been repaired. c. In the event of either minor or substantial damage, unless this Lease is terminated as hereafter provided in Paragraph 0 hereof, Landlord shall commence within ten (10) days after the date the damage occurs (or within ten (10) days after receipt of such notice is given) to repair the Premises to the condition in which they were immediately prior to such damage, and Landlord shall complete such repair with due diligence and dispatch. if the damage is not repaired within a reasonable time or in any event within sixty (60) days from the date the damage occurs in the case of minor damage and one hundred twenty (120) days from the date the damage occurs in the case of substantial damage, Tenant shall have the right to terminate this Lease by giving Landlord written notice (served no later than thirty (30) days after such right to cancel and terminate arises) of termination. Tenant may terminate this Lease immediately in the event that the damage cannot be repaired within one hundred twenty (120) days and Tenant provides to Landlord the written opinion of a registered professional engineer so stating. d. Tn the event the Premises are damaged at any time by fire or any other cause to the extent of fifty percent (50% %) or more of the cost of replacement, or (2) so that 50% or more replacement value thereof as of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeddate such damage occurs, or (b) by any casualty other than those covered by insurance policies required to be maintained by Landlord under this Lease may be terminated at the election of Landlord by giving notice in writing of such election to Tenant within twenty (hereinafter “substantially damaged”), or (ii20) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months days from the date of casualtythe damage occurs. Upon such termination, any unearned rent or (iv) such restoration involves other payments and deposits paid in advance beyond the demolition of or repair of damage to 50% percent or more date of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can damage shall immediately be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as refunded 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereofTenant, and the Term shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and Security Instrument shall be payable returned 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for hereinTenant. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Lease (Global Med Technologies Inc)

Fire or Other Casualty. 7.1.1 Subject to 10.1 If the provisions of Section 7.1.2 hereof, and the terms Premises (excluding Tenant improvements or contents of the Condominium Documents, in the event during the Term hereof the East Unit Premises) 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire or other risk covered by standard form fire and extended coverage casualty (1) insurance and is not thereby rendered untenantable, in whole or in part, Landlord shall promptly, upon receipt of insurance proceeds, cause such damage to be repaired and the extent rent shall not be abated; if, by reason of 50% or more of the cost of replacementsuch occurrence, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for untenantable only in part, the purposes originally constructedLandlord shall promptly, or (b) by any casualty other than those covered by upon receipt of insurance policies required proceeds, cause the damage to be maintained repaired and the minimum rent, meanwhile, shall be abated proportionately as to the portion of the Premises rendered untenantable; if, by reason of such occurrence, the Premises should be rendered wholly untenantable, the Landlord under this Lease (hereinafter “substantially damaged”)shall promptly, or (ii) upon receipt of insurance proceeds, cause such damage to be repaired, and the East Unitminimum annual rent, or meanwhile, shall be abated in whole; provided, however, if the leased Premises shall be substantially damaged in whole damaged, whether or in part during the last 2 years not from a risk of the Termtype covered by Landlord's fire and extended coverage casualty insurance, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or extent that such damage is fifty percent (iv50%) such restoration involves the demolition of or repair of damage to 50% percent or more of the then replacement cost of the leased Premises, or then, in such event, the Landlord shall have the right, at Landlord's option, to declare this Lease canceled by giving appropriate written notice to the Tenant within thirty (v30) applicable law requires the demolition days first following said occurrence, whereupon this Lease Agreement and tenancy hereby created shall cease as of the East Unit or forbids date of damage occurrence, all rentals to be adjusted as of such date. The obligation of Landlord, where such obligation exists under the rebuilding foregoing sentence, to repair damages shall be limited to repair and restoration of the damaged portion of the East Unit, except for restrictions of Premises to substantially the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much condition of the Premises as was originally constructed by Landlord (it being understood by existed upon delivery of possession of the Premises to Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time commencement of the term of this Lease, is modified by ordinary wear and tear preceding such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 to restore the Premises shall be subject damaged, whether, or nt from a risk of the type covered by Landlord's fire and extended coverage insurance, provided such damage was not caused by the negligent or willful acts of the Tenant, and is thereby rendered untenantable, wholly or in part, following which the Landlord is unable to repair the Premises within 120 days after receipt by the Landlord of the insurance proceeds, then, in such event, the Tenant shall have the right, at Tenant's option, to declare this Lease canceled by giving appropriate written notice to the prior rights Landlord within ten (10) days first following said 120 day period, following which this Lease Agreement and tenancy hereby created shall cease as of Landlord’s mortgagee in any insurance proceedsthe date of such notice. 7.1.7 In 10.2 It is further understood and agreed that, if fifty percent (50%) or more of the event that gross floor area of the provisions building of Section 7.1.1 the Business Park wherein the Premises are located (whether or Section 7.1.2 shall become applicablenot the Premises are damaged) are rendered untenantable by fire or other casualty, following which the Landlord does not elect to commence restoration of said damages within sixty (60) days after such occurrence of damages, then, in such event, the Annual Base Rent Landlord shall have the option right to declare this Lease canceled by giving appropriate written notice, within thirty (30) days first following said sixty (60) day period, following which this Lease Agreement and additional rent tenancy hereby created shall be abated or reduced proportionately during any period in which, by reason cease as of the last day of the next full calendar month first following the date of such damage or destruction, there is substantial interference with the operation of the business of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dotermination notice.

Appears in 1 contract

Samples: Business Lease Agreement (Industrial Data Systems Corp)

Fire or Other Casualty. 7.1.1 Subject The parties hereto mutually agree that if any time during the Term the Premises or any portion of the Building are partially or totally destroyed by fire or other casualty, Lessor may, at its option and upon written notice to Lessee, delivered within thirty (30) days after such occurrence, elect either (i) to repair and restore the provisions of Section 7.1.2 hereofPremises and the Building, as soon as it is reasonably practicable, to substantially the same conditions in which the Premises and the Building were before such damage, or (ii) if, and only if the terms estimate time (determined according to commercially reasonable standards) for such repair and restoration is in excess of 180 days and more than 50% of the Condominium Documentsleased premises is destroyed, to terminate the Lease with such termination to be effective on the date of such fire or other casualty provided, however, in the event Lessee has occupied and conducted business on the Premises during the Term hereof interim between the East Unit shall fire or other casualty and the delivery of the written notice, the termination will be partially damaged (as distinguished from “substantially damaged” as effective on the date Lessee last occupied and conducted business on the Premises. In the event that after such term is hereinafter defined) by fire, explosion, casualty damage 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 destruction Lessor elects to repair such damage and restore the East UnitPremises and the Building, and such damage or so much thereof as was originally constructed or delivered by Landlord destruction prevents Lessee from using the Premises prior 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 and restoration, Lessee shall have the right to terminate this Lease if the estimated time to required to repair and restore the Premises and the Building is in excess of one hundred eighty (180) days. In 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) event the East Unit, should be Premises are completely destroyed or so damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by the fire and extended coverage insurance policies required to be maintained carried by Landlord Lessor under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as terms hereof that it cannot reasonably be expected to be repaired within 12 months from used by Lessee for the date of casualtypurposes herein provided, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption and this Lease is not terminated as above provided, then there shall remain be a total abatement of all rent and other sums due hereunder until the Premises are made usable. In the event the Premises are partially destroyed or damaged by fire or other hazard so that the Premises can be only partially used by Lessee for the purposes herein provided, then there shall be a partial abatement in full force and effect, subject the rent corresponding to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects time and extent 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of which the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall cannot be responsible for any reconstruction of leasehold improvements made used by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 7.1.4 Lessee. 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 are damaged by fire or other casualty resulting from the provisions fault or negligence of Section 3.4 hereof Lessee, or the agents employees, licensees, or invitees of Lessee, then, to the extent not required to covered by Lessor’s insurance, such damage shall be repaired by Landlord pursuant to and at the provisions expense of this Section 7.1Lessee, including, but not limited to, under the repairing and/or replacement direction and supervision of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable controlLessor, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.without abatement. Lessor Lessee

Appears in 1 contract

Samples: Lease Agreement (Bankrate, Inc.)

Fire or Other Casualty. 7.1.1 Subject If the Premises or the Building shall be damaged or destroyed by fire or other casualty, then Landlord shall repair or restore the Premises and the Building with reasonable diligence (subject to delays caused by reason of strikes, lockouts, labor troubles, inability to procure materials, failure of power or other reasons of a like nature not the provisions fault of Section 7.1.2 hereofLandlord), and during the terms period of such restoration or repair the Condominium DocumentsBase Rent shall equitably abatx xx the extent the Premises are materially affected thereby; PROVIDED, HOWEVER, in the event during the Term hereof the East Unit 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, casualty damage renders the Premises or the Building partially or totally untenantable ( in Landlord's sole judgement) Landlord shall forthwith proceed have the right to repair such damage and restore terminate this Lease by giving notice thereof to Tenant within thirty (30) days following the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the time occurrence of such firecasualty, explosion, casualty or occurrence, provided that and if 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, howeverso elects, (i) the East Unit, should be damaged Landlord shall have no obligation to repair or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in restore the Premises shall be rendered unusable for or the purposes originally constructedBuilding, 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 East Unit, or the Premises this Lease shall be substantially damaged in whole or in part during the last 2 years automatically terminate as of the Termday of such notice, or (iii) there the Base Rent, additional rent and other charges shall be damage adjusted as of the date of the occurrence of such casualty and (iv) neither party shall have any liability by reason of such termination. In the event Landlord intends to restore, it shall notify Tenant within thirty (30) days of the Premises date of a character as damage. If restoration cannot reasonably be expected to be repaired completed within 12 months from one hundred twenty (120) days of the date Landlord notifies Tenant of casualtyits intention to restore, or (iv) such restoration involves Tenant shall have the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects option to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable by written notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration unless Landlord provides Tenant comparable quality and reconstruction as provided for hereinsize office space reasonably acceptable to Tenant. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Building Lease (Primewatch Inc)

Fire or Other Casualty. 7.1.1 Subject to If the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially building is so 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be are rendered unusable unfit for occupancy (whether or not 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 Premises are damaged), or (ii) then, at either party's option, the East Unitterm of this lease, or upon written notice from such party given within 30 days after the Premises occurrence of such damage, shall be substantially damaged in whole or in part during the last 2 years terminate as of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of the fire or other casualty. In such case, or (iv) Tenant shall pay the rent apportioned to the time of such restoration involves termination, and Landlord may enter upon and repossess the demolition premises without further notice. If neither party elects to terminate the term of or this lease, Landlord will repair of damage to 50% percent or more the building, and Landlord may enter and possess the Premises for that purpose. While Tenant is deprived of the Premises, or (v) applicable law requires rent shall be suspended in proportion to the demolition number of square feet of the East Unit Premises rendered untenantable. If the Premises or forbids the rebuilding of building shall be damaged so that such damage does not render the damaged Premises unfit for occupancy, Landlord will repair whatever portion of the East Unit, except for restrictions Premises or of the zoning code building that may have been damaged, and Tenant will continue in possession, and rent will be apportioned or suspended to the extent that the Premises are partially untenantable as a result of the damage. In the event Landlord elects to repair or rebuild the Premises pursuant to this paragraph, Tenant agrees to furnish Landlord with all insurance proceeds which Tenant recovers for which relief can damage to the Premises, excluding improvements paid for by Tenant. The reconstruction of the Premises beyond Exhibit "C" shall be obtainedTenant's sole responsibility, at Tenant's option. Despite any other provisions of this Article 11, if any damage is caused by or results from the gross negligence of Tenant, those claiming under Tenant, or (vi) the Condominium Documents requires the demolition of the East Unit their employees or forbids the rebuilding of the damaged portion of the East Unit; invitees, rent shall not be suspended or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableapportioned, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 pay, as additional rent upon demand, the East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 cost of any of its obligations under the Lease beyond any applicable notice repairs, made or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1made, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect . Any lack of telephone service (except any lack of telephone service caused by or the fault of Southern Bell), xny lack of air conditioning, and any lack of electricity (except any lack of electricity caused by or the fault of Florida Power & Light) that continues for more than five working days shall render the Premises unfit for occupancy, and shall entitle Tenant to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided abatement of rent in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein16(c). 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease (Ameriquest Technologies Inc)

Fire or Other Casualty. 7.1.1 Subject (a) If the Premises are damaged by fire or other casualty, the damages shall be repaired by and at the expense of Landlord and the rent and other charges until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the provisions of Section 7.1.2 hereof, and the terms part of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term Premises that is hereinafter defined) usable 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, Tenant. Landlord shall forthwith proceed agrees to repair such damage within a reasonable period of time after the occurrence of fire or other damage, except that Tenant shall be responsible to repair and restore the East Unitreplace its own furniture, furnishings, equipment and any alteration or so much thereof as was originally constructed or delivered improvement installed by Landlord to substantially its condition at the time of such fireTenant, explosion, casualty or occurrence, provided that Landlord shall not be obligated liable for any inconvenience or annoyance to expend for such repair an amount in excess Tenant or injury to the business of the insurance proceeds recovered as a result of Tenant resulting from such damage and, further provided that Tenant is not then or the repair thereof. All repairs shall be performed with due diligence and 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 controla good and workmanlike manner. 7.1.2 If, however, (ib) If the East Unit, should be damaged or destroyed (a) Premises are rendered substantially untenantable by fire or other casualty (1) to the extent of 50% or more of the cost of replacementcasualty, or (2) so that 50% or more of the principal area contained in and the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired fully restored within 12 months from 120 days of the date of casualty, or Tenant shall have the option to terminate the Lease upon written notice to Landlord. (ivc) such restoration involves the demolition of or repair of damage to 50% percent or more of If the Premises, in the opinion of Landlord’s licensed architect or engineer, are rendered substantially untenantable by reason of such fire or other casualty, and less than six (v6) applicable law requires months remain on the demolition Lease term from the date of the East Unit or forbids the rebuilding of the damaged portion of the East Unitloss, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableincluding any options to renew, then Landlord or shall have the right to be exercised by notice in writing delivered to the Tenant maywithin thirty (30) days from and after said occurrence, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects elect to terminate this Lease, and, in such event, this Lease and the Term hereof tenancy hereby created shall end on cease as of the date specified in of said occurrence, the notice rent to be adjusted as of said date. (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as provided herein, then d) Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof procure and Tenant shall perform such repairs in maintain the East Unit as are set forth in Section 7.1.4 hereof, following insurance coverage during the term and the Term shall continue without interruption and this Lease shall remain in full force and effectall renewal periods at Landlord’s expense, subject to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease reimbursement as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 Lease: “all-risk” (also known as “causes of loss — special form”) property damage insurance on all buildings and common area improvements, to restore the extent insurable, for the full replacement cost of such buildings and improvements. Such insurance shall be issued for periods of not less than one (1) year by companies having an AM Best rating of A- or better (or equivalent) and authorized to issue such insurance in the state in which the Premises is located. The policy or policies shall provide that any loss will be paid notwithstanding any act or negligence of Landlord, Tenant or any other tenant or occupant. Upon request by Tenant, Landlord shall deliver to Tenant copies of certificates evidencing the policies (XXXXX or equivalent standard form). The certificates of insurance shall provide that no lapse, cancellation or material modification of the policy shall be subject effective until at least twenty (20) days after mailing of written notice thereof to the prior rights of Landlord’s mortgagee in Tenant. All loss proceeds payable under any insurance proceedsrequired of Landlord under this Section (d) shall be disbursed and utilized solely for the purpose of repairing and restoring the buildings and improvements. 7.1.7 (e) In the event that the provisions insurance proceeds obtained as a result of Section 7.1.1 fire or Section 7.1.2 shall become applicableother casualties set forth within this paragraph 16, the Annual Base Rent are not sufficient to fully repair 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 restore the Premises, having regard then the Tenant has the right to contribute the extent deficiency for purposes of such repair or restoration. In the event that the Premises are totally destroyed by fire or other casualty, and the Tenant does not put up any money related to which Tenant may be forced to discontinue its business in rebuilding, and the Landlord rebuilds the Premises, and such abatement or reduction the Tenant shall continue for have the period commencing right of first refusal with such destruction or damage and ending with the later respect to that portion of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion new building which otherwise would have been occupied by Tenant of such work or repair and/or reconstruction of on the Premises same terms and conditions as Tenant is obligated to doprovided, herein.

Appears in 1 contract

Samples: Lease Agreement (Inpellis, Inc.)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms damage to or destruction of all or any portion of the Condominium DocumentsBuilding, in including the event during Premises, or the Term hereof Premises or the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) fixtures and equipment therein by fire, explosionor other casualty, casualty or any untenantability of the Premises resulting there from, shall not terminate this Lease or entitle Tenant to surrender the Premises. In the event of any such damage to or destruction of any portion of the Premises, Tenant shall immediately notify Landlord upon its discovery of the casualty. Within twenty (20) days after its receipt of notice of such damage or destruction, Landlord shall notify Tenant of the length of time that Landlord reasonably estimates will be required to repair or restore the Premises subject to force majeure. In the event that such estimated length of time is greater than one hundred eighty (180) days, Landlord and Tenant thereafter shall each have the right to terminate this Lease by written notice to the other within fifteen (15) days following Landlord’s notice of such estimated length of time for repair or restoration. In the event that the Lease is not terminated by either Landlord or Tenant within such fifteen (15) day period, Landlord, subject to the rights of the mortgagee, shall proceed with due diligence to collect the proceeds of any available insurance, and promptly and diligently shall restore the Premises to substantially as good condition and of not less value and utility than immediately prior to the casualty. For purposes hereof, “force majeure” shall mean an act of God, strike, lock-out or other labor dispute, war, invasion, insurrection, riot, natural disaster, civil disturbance, inability to obtain supplies or services not within Landlord’s reasonable control, act or restraint of any governmental body or authority, or any other occurrence covered or as may be required to be covered, as herein provided, by matter beyond Landlord’s insurancereasonable control. During any period of time that the Premises are untenantable, or by such casualty plus required demolition, or by action taken to reduce rent shall xxxxx in the impact of any such event, Landlord shall forthwith proceed to repair such damage and restore same proportion as the East Unit, 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 untenantable portion 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 periodPremises bears to the entire Premises. Landlord shall not be responsible to Tenant for damage to, or destruction of, any delay which may result from any cause beyond Landlord’s reasonable control. 7.1.2 Iffurniture, howeverequipment, (i) the East Unit, should be damaged or destroyed (a) by fire improvements or other casualty (1) changes made by Tenant in, on, or about the Premises regardless of the cause of the damage or destruction. Notwithstanding anything in the foregoing to the extent of 50% contrary, if such damage or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part destruction occurs during the last 2 years twenty-four (24) months of the TermLease term, Landlord shall have no obligation to repair or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of restore the Premises, or (v) applicable law requires unless Tenant has an option to extend the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East UnitLease term, except for restrictions of the zoning code for in which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as provided herein, then event Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 or restore the Premises in accordance with the foregoing provisions of Section 3.4 hereof only if Tenant exercises its option to extend the extent not required to be repaired by Landlord pursuant to the provisions term of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damageLease. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Building Lease (DERMAdoctor, LLC)

Fire or Other Casualty. 7.1.1 Subject In the event of damage to or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the provisions of Section 7.1.2 hereofPremises, caused by fire or other casualty, Tenant shall provide immediate notice thereof to Landlord, and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be terminated by Landlord or Tenant 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 one hundred twenty (120) consecutive days, after the event of the damage or destruction would be required (with normal work crews and hours) to repair and restore the part of the Premises or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to restore or repair the Premises or the Building or the repairs to the Premises or the Building will take more than one hundred twenty (120) days to substantially complete, as the case may be, Landlord shall so advise Tenant in writing within thirty (30) days of the date of the destruction, and Landlord or Tenant, for a period of ten (10) days thereafter, shall have the right to terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of the Condominium Documentsthis 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 the event during the Term hereof the East Unit 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 eventfull force and effect, Landlord shall forthwith proceed promptly and diligently to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord Premises to its substantially its similar condition at prior to the time occurrence of such fire, explosion, casualty or occurrencethe damage, provided that Landlord shall not be obligated to expend for such repair an amount or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in excess a manner satisfactory to Landlord, assures payment in full of the insurance proceeds recovered as a result of such damage and, further provided that Tenant is not then all costs which may be incurred by Landlord in default of any of its obligations under this Lease beyond any applicable cure periodconnection therewith. Landlord shall not be responsible for insure any delay which may result from any cause beyond Landlord’s reasonable control. 7.1.2 If, however, (i) the East Unit, should be damaged improvements or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage alterations to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered Standard Tenant Work, or recoverableany fixtures, then Landlord equipment or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility property of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 sole expense, insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a substantially similar condition equal to that prior to its damage occurrence of the damage. If there be any such alteration, fixtures 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 additions and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall does not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated assure or agree to expend for such repair an amount in excess assure payment of the insurance proceeds recovered cost or restoration or repair as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereofaforesaid, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against have the cost right to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of determine the Landlord set forth manner in this Section 7.1 to restore which the Premises shall be subject restored so as to be substantially the same as the Premises existed In the case of damage to the prior rights Premises is of Landlord’s mortgagee in a nature or extent that Tenant's continued occupancy of all or any insurance proceeds. 7.1.7 In material part of the event that the provisions of Section 7.1.1 or Section 7.1.2 shall become applicablePremises is substantially impaired, the Annual Base Rent and additional rent otherwise payable by Tenant hereunder shall be equitably abated or reduced proportionately during any period in which, by reason adjusted for the duration of such damage impairment. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or destructionother casualty on the Premises or Building. Tenant shall be responsible to insure and/or repair all of Tenant's leasehold improvements and all equipment, there is substantial interference with the operation of the business of Tenant fixtures and personal property located in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Filetek Inc)

Fire or Other Casualty. 7.1.1 (a) Subject to paragraphs (b), (c) and (d) of this Article 21 below, if the provisions Premises are damaged by fire or other casualty, the damage shall be repaired by and at the expense of Section 7.1.2 hereof, Landlord and the terms Rent until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the part of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term Premises which is hereinafter defined) usable 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, Tenant. Landlord shall forthwith proceed agrees to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the within a reasonable period of time after receipt from Tenant of written notice of such firedamage, 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 except that Tenant is not then in default of agrees to repair and replace its own furniture, furnishings, equipment and any of its obligations under this Lease beyond any applicable cure periodalteration or improvement installed by Tenant. Landlord shall not be responsible liable for any delay which may result inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from any cause beyond Landlord’s reasonable controlsuch damage or the repair thereof. 7.1.2 If(b) If the Premises, howeverin the opinion of Landlord's licensed architect or engineer, are (i) the East Unit, should be damaged or destroyed (a) rendered substantially untenantable by reason of such fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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”), casualty; or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or twenty (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% 20)% percent or more of the Premises, Premises is damaged by said fire or other casualty and less than six (v6) applicable law requires months would remain on the demolition Lease Term or any renewal thereof upon completion of the East Unit repairs or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unitreconstruction; or (viiiii) such restoration requires repairs in an amount in excess of fifty (50%) percent or more on the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such Premises is damaged by said fire or other casualty. If either party elects ; then in any such events Landlord shall have the right to be exercised by notice in writing delivered to Tenant within thirty (30) days from and after said occurrence, to elect to terminate this Lease, and, in such event, this Lease and the Term hereof tenancy hereby created shall end on cease as of the date specified of said occurrence, the Rent to be adjusted as of said date. (c) If the Building, in the notice (which sole opinion of Landlord, shall be substantially damaged by fire or other casualty, regardless of whether or not the end Premises were damaged by such occurrence, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within thirty (30) days from and after said occurrence, to terminate this Lease; and in such event, this Lease and the tenancy hereby created shall cease as of a calendar month and not sooner than 30 the date of said termination, the Rent to be adjusted as of the date of such termination. (d) In the event that any mortgagee unilaterally refuses to make the proceeds of any policy of insurance available for restoration, Landlord shall have the right, to be exercise by notice in writing delivered to Tenant within thirty (30) days after from notice of such election was made). If neither Landlord nor Tenant elects refusal to terminate this Lease as provided hereinand in such event, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit as are set forth in Section 7.1.4 hereof, this Lease and the Term tenancy hereby created shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease cease as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises date of said termination, the Rent to be adjusted as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time date of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlordtermination. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease (American Bio Medica Corp)

Fire or Other Casualty. 7.1.1 Subject 11.01 Damage by fire or other casualty to the provisions of Section 7.1.2 hereof, Building and to the terms core and shell of the Condominium Documents, in Premises (excluding the event during the Term hereof the East Unit tenant improvements and betterments and Tenant’s personal property) shall be partially damaged repaired at the expense of Landlord (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 insuranceRestoration Work”), or by such casualty plus required demolitionbut without prejudice to the rights of subrogation, or by action taken if any, of Landlord’s insurer to reduce the impact of any such event, Landlord shall forthwith proceed to repair such damage and restore the East Unit, 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 extent not waived herein. Landlord shall not be obligated required to expend for such repair an amount or restore any of Tenant’s property or any alteration, installation or leasehold improvement made in excess of and/or to the insurance proceeds recovered Premises. If, as a result of such damage andto the Building or to the core and shell of the Premises, further provided that the Premises are rendered untenantable, the Rent shall xxxxx in proportion to the portion of the Premises not usable by Tenant from the date of such fire or other casualty until Landlord’s Restoration Work is not then in default of any of its obligations under this Lease beyond any applicable cure periodsubstantially completed. Landlord shall not be responsible liable to Tenant for any delay which may result from any cause beyond in performing Landlord’s reasonable control. 7.1.2 IfRestoration Work (so long as Landlord uses commercially reasonably efforts to expeditiously complete such work), howeverTenant’s sole remedy being the right to an abatement of Rent, (i) as provided above. Tenant shall cooperate with Landlord in connection with the East Unit, should be damaged or destroyed (a) performance by Landlord of Landlord’s Restoration Work. If the Premises are rendered wholly untenantable by fire or other casualty (1) and if Landlord shall decide not to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of restore the Premises, or if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it (vwhether or not the Premises have been damaged), Landlord may within ninety (90) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects other cause give written notice to terminate Tenant of its election that the term of this Lease, the Term hereof Lease shall end on the date specified in the notice automatically expire no less than ten (which shall be the end of a calendar month and not sooner than 30 10) days after such election was made)notice is given. If neither Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Landlord nor Tenant elects to terminate this Lease as provided herein, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof 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 perform be in force only if both releasors’ insurance policies contain a clause providing that such repairs 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 East Unit as are set forth in Section 7.1.4 hereof, and event that the Term shall continue without interruption Premises has been damaged or destroyed and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 has not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 been terminated in accordance with the provisions of this Article, Tenant shall (i) cooperate with Landlord in the restoration of the Premises and shall remove from the Premises as promptly as reasonably possible all of Tenant’s salvageable inventory, movable equipment, furniture and other property and (ii) repair the damage to the tenant improvements and betterments and Tenant’s personal property and restore the Premises within one hundred eighty (180) days following the date upon which the core and shell of the Premises shall have been substantially repaired by Landlord. 11.03 For purposes of this Section 3.4 hereof 11.03, a “Major Casualty” shall mean damage or destruction (i) to the core and shell of the Premises or (ii) the Building to the extent that Tenant’s access to the Premises has been substantially impaired. Provided that Landlord does not required elect to be repaired by Landlord pursuant to terminate this Lease in accordance with the provisions of this Section 7.1Article, includingin the event of a Major Casualty, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its if: (i) there has been substantial damage or destruction. Tenant agrees destruction to commence any portion or portions of the performance of its work when notified by Building and 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond have substantially restored Tenant’s reasonable control, and in no event shall Tenant be obligated access to expend for such repair an amount in excess of the insurance proceeds recovered as a result Premises within twelve (12) months from the date of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect Major Casualty, or within such period after such date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been delayed in doing so by reasons of Force Majeure (defined below); or (ii) if damage is confined substantially to the Premises and Landlord shall not have substantially completed the East Unit making of the required repairs to the core and shell of the Premises within nine (9) months from the date of such Major Casualty, or within such period after such date (not exceeding three (3) months) as shall belong to equal the aggregate period Landlord may have been delayed in doing so by reasons of Force Majeure, then, and shall be payable to Landlord. If neither Landlord nor in such event, Tenant elects may elect to terminate this Lease upon giving written notice to Landlord within thirty (30) days after the end of such twelve (12) or nine (9) month period, as provided the case may be, and as the same may be extended in Section 7.1.2 accordance with the provisions hereof, Landlord and the term of this Lease shall disburse and apply so much of any insurance recovery as expire on the date set forth therein which shall be necessary against not less than thirty (30) days after the cost date such notice is given (the “Cancellation Date”) provided that Landlord does not substantially complete the required repairs to Landlord for restoration the Building or to the core and reconstruction as provided for herein. 7.1.6 Any obligation shell of the Landlord set forth in this Section 7.1 to restore Premises, as the Premises shall be subject case may be, prior to the prior rights Cancellation Date. For purposes of Landlord’s mortgagee in any insurance proceeds. 7.1.7 In this Article, “Force Majeure” shall mean the event that the provisions inability 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, Landlord to perform an obligation accruing under this Article by reason of such damage accidents, strikes, the inability to secure a proper supply of fuel, gas, steam, water, electricity, labor or destructionsupplies, there is substantial interference with governmental restrictions, regulations or controls or by reason of any other similar cause beyond the operation reasonable control of the business of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doLandlord.

Appears in 1 contract

Samples: Lease Agreement (Tiziana Life Sciences PLC)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit Premises 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, '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 East UnitPremises, 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 's reasonable control. 7.1.2 If, however, (i) the East Unit, Premises should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% twenty-five percent (25%) or more of the cost of replacement, or (2) so that 50% twenty-five (25%) or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeduntenantable, or (b) by any casualty other than those which would be covered by a usual and customary casualty insurance policies required to be maintained by Landlord under this Lease policy with so-called "all-risk" coverage (hereinafter "substantially damaged"), or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years year of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 nine (9) months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% twenty-five percent (25%) or more of the Premises, or (v) applicable law requires the demolition of the East Unit Building or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtainedBuilding, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then or (vii) Landlord's mortgagee shall require that the insurance proceeds from such damage or destruction be applied against the principal balance due on any mortgage, Landlord or Tenant may, at their its option, either terminate this Lease or elect to repair the Premises and Landlord shall notify the other party Tenant as to their its election within 90 ninety (90) days after such fire or casualty. If either party Landlord elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 thirty (30) days after such election was made). If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided hereinLease, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit Building 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, subject . If Landlord has not elected to terminate this Lease and if there shall xx xxxxxe to the rent abatement set forth Premises of a character as cannot (in Section 7.1.7the judgment of Landlord's engineer) reasonably be expected to be repaired within nine (9) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant's election shall be made by notice to Landlord within thirty (30) days of Landlord's delivery of the estimate of Landlord's engineer as to the time period required for restoration. 7.1.3 If neither Landlord nor Tenant elects does not elect 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall shall, provided any third party mortgagee of the Building makes insurance proceeds available for restoration, promptly after adjustment of any insurance claim reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenantimprovements, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s 's reasonable control. If Landlord fails to substantially complete such repairs within twelve (12) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant's election shall be made by notice to Landlord within thirty (30) days after the end of such nine (9) month period, and in provided further that such election shall be null and void and of no event shall force and effect if Landlord be required to expend amounts for substantially completes such restoration in excess repairs within thirty (30) days after the date of the insurance proceeds recovered by Landlordsuch notice. 7.1.4 If neither Landlord nor Tenant elects does not elect 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 Section 3.4 6.1.15 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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 xx Xxxdlord that the work to be performed by Tenant can, in accordance with good construction practices, then be commenced xxxxxxced and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s 's insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for of restoration and reconstruction as provided for herein. 7.1.6 Any obligation rebuilding of the Landlord set forth Landlord's work referred to in this Section 7.1 to restore the Premises shall be 7.1.3 hereof, subject to the prior rights of Landlord’s mortgagee in any insurance proceedslessor under a ground or underlying lease covering the Building and/or the holder of any mortgage liens against the Building. 7.1.7 7.1.6 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 Premises, having regard to the extent to which Tenant may be forced required to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Novirio Pharmaceuticals LTD)

Fire or Other Casualty. 7.1.1 Subject to (a) If the provisions of Section 7.1.2 hereofPremises are damaged by fire or other casualty, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit damages shall be partially damaged (repaired by and at the expense of Landlord to at least as distinguished from “substantially damaged” good condition as that which existed immediately prior to 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, damage. Landlord shall forthwith proceed agrees to repair such damage and restore the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the within a reasonable period of time after receipt from Lessee of written notice of such firedamage, explosionsubject to any delays caused by acts of God, casualty labor strikes or occurrenceother events beyond Landlord's control; provided, provided however, that if Landlord is unable to complete such repairs within ninety (90) days, then Lessee shall have the option to terminate by providing Landlord with ten (10) days notice of the intent to terminate. Landlord shall not be liable for any inconvenience or annoyance to Lessee or injury to the business of Lessee in any way from such damage or the repair thereof. Lessee acknowledges notice that: (i) Landlord shall not obtain insurance of any kind on Lessee's furniture or furnishings, equipment, fixtures, alterations, improvements and additions; (ii) it is Lessee's obligation to obtain such insurance at Lessee's sole cost and expense; and (iii) Landlord shall not be obligated to expend for such repair an amount in excess of any damage thereto or replace 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 controlsame. 7.1.2 If(b) If the Premises, howeverin the reasonable opinion of Landlord, are: (i) rendered substantially untenantable by reason of such fire or other casualty; or (ii) twenty percent (20%) or more of the East UnitPremises is damaged by said fire or other casualty and less than six (6) months would remain in the Lease term or any renewal thereof upon completion of the repairs or reconstruction, should Landlord shall have the right, to be exercised by notice in writing delivered to Lessee within thirty (30) days from and after said occurrence, to elect not to reconstruct the Premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the rent to be adjusted as of said date. (c) If more than fifty percent (50%) of the Building shall be substantially damaged or destroyed (a) by fire or other casualty (1) to the extent casualty, regardless of 50% whether or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in not the Premises were damaged by such occurrence, Landlord shall be rendered unusable for have the purposes originally constructedright, or (b) by any casualty other than those covered by insurance policies required to be maintained exercised by Landlord under this Lease notice in writing delivered to Lessee within thirty (hereinafter “substantially damaged”)30) days from and after said occurrence, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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, and in such event this Lease and the Term hereof tenancy hereby created shall end on cease as of the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease said termination, unless terminated 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction date of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 said occurrence in accordance with Paragraph 21(b) hereof, the provisions of Section 3.4 hereof to the extent not required rent to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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 adjusted as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result date of such damagetermination. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to (d) If the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither are substantially damaged in that 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth in this Section 7.1 is unable to restore the Premises for Lessee's occupancy within ninety (90) days, Lessee shall have the option, to be subject exercised by notice in writing delivered to Landlord within ten (10) days after said occurrence, to elect to terminate this Lease, and in such event this Lease and 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 tenancy hereby created 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 cease as of the business date of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dosaid termination.

Appears in 1 contract

Samples: Lease Agreement (Neogenomics Inc)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event The parties hereto mutually agree that if any time during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty Leased Premises 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 East Unit, 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 portion of the insurance proceeds recovered as a result Building are partially (more than 20% 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, (ireplacement cost) the East Unit, should be damaged or totally destroyed (a) by fire or other casualty covered by the fire and extended coverage insurance, the Lessor may, at its option, upon written notice to Lessee, delivered within sixty (160) days after such occurrence, elect either (i) to promptly repair and restore the extent of 50% or more of Leased Premises and the cost of replacementBuilding, or (2) so that 50% or more of as soon as it is reasonably practicable, to substantially the principal area contained same conditions in which the Leased Premises shall be rendered unusable for and 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”)Building were before such damage, or (ii) to terminate the East UnitLease with such termination to be effective on the date of such fire or other casualty; provided, or however in the event Lessee has occupied and conducted business on the Leased Premises shall be substantially damaged in whole or in part during the last 2 years interim between the fire or other casualty and the delivery of the Termwritten 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 (iii) there shall so damaged by fire or other casualty covered by the fire and extended coverage insurance to be damage to carried by Lessor under the Premises of a character as terms hereof that it cannot reasonably be expected to be repaired within 12 months from used by Lessee for the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as purposes herein 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 East Unit as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption and this Lease is not terminated as above provided, then there shall remain be a total /s/ /s/ ---------------------------------- ------------------------------------- Lessor Lessee 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 full force and effect, subject the rent corresponding to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects time and extent 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 which the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Leased Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall cannot be responsible for any reconstruction used by Lessee. If the Leased Premises shall be damaged by fire or other casualty resulting from the fault or negligence of leasehold improvements made by TenantLessee, which reconstruction is or the sole responsibility agents employees, licensees, or invitees of Tenant) to substantially its condition at the time of such damageLessee, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable controlthen, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to covered by insurance, such damage shall be repaired by Landlord pursuant to and at the provisions expense of this Section 7.1Lessee, including, but not limited to, under the repairing and/or replacement direction and supervision of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable controlLessor, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dowithout abatement.

Appears in 1 contract

Samples: Office Lease Agreement (Applied Science Fiction Inc)

Fire or Other Casualty. 7.1.1 Subject 14.1. In the event the Premises are damaged by fire, the elements, unavoidable accident or other casualty, Landlord shall promptly at its expense repair the damage and if the Premises are not thereby rendered untenantable in whole or in part, rent shall not axxxx. If the Premises are rendered untenantable only in part, as reasonably determined by Landlord, and such casualty was not caused by Tenant, rent shall axxxx during such period proportionately as to the portion of the Premises rendered untenantable. If the entire Premises are untenantable and the casualty was not caused by Tenant, rent shall axxxx entirely during the period of untenantability. 14.2. In no event shall Landlord be liable for interruption to Tenant’s business or for damage to or replacement or repair of Tenant’s personal property, including inventory, trade fixtures, floor coverings, furniture, or property removable by Tenant under the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 insurancethis Lease, 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 East Unit, 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 controlalterations by Tenant to the Premises or leasehold improvements. 7.1.2 If, however, (i) 14.3. If the East Unit, should be damaged or destroyed (a) by fire or other casualty Premises are (1) to the extent of 50% or more of the cost of replacementrendered wholly untenantable, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from any cause which is not covered under standard fire and extended coverage insurance or (3) substantially damaged during the last two years of the Term or (4) if the Building of which the Premises are a part, but not the Premises, is damaged to the extent that in Landlord’s insurance policies with respect judgment reasonably exercised, it is necessary to demolish the Premises Building and the East Unit shall belong to and shall be payable to Landlord. If neither Premises, then in any of such events, Landlord nor Tenant elects to may terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse by giving to Tenant notice within ninety (90) days after the occurrence of such event. Basic Rental and apply so much of any insurance recovery as Additional Rental and other charges shall be necessary against the cost to Landlord for restoration and reconstruction adjusted as provided for herein. 7.1.6 Any obligation of the Landlord date of such cancellation in the event of damage set forth in subsection (4) of 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 14.3 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 as of the business of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later date of the completion by Landlord damage in subsections (1), (2) and (3) of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in this Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do14.3.

Appears in 1 contract

Samples: Lease Agreement (Telvent Git S A)

Fire or Other Casualty. 7.1.1 7.1.1. Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit Premises or the Building 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, 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 East UnitPremises, 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 7.1.2. If, however, (i) the East Unit, Premises or the Building should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% twenty-five percent (25%) or more of the cost of replacement, or (2) so that 50% twenty-five (25%) or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeduntenantable, 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years year of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 five (5) months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% twenty-five percent (25%) or more of the PremisesPremises or the Building, or (v) applicable law requires the demolition of the East Unit Building or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtainedBuilding, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then or (vii) Landlord’s mortgagee shall require that the insurance proceeds from such damage or destruction be applied against the principal balance due on any mortgage, Landlord or Tenant may, at their its option, either terminate this Lease or elect to repair the Premises and Landlord shall notify the other party Tenant as to their its election within 90 ninety (90) days after such fire or casualty. If either party Landlord elects to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 thirty (30) days after such election was made). If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided hereinLease, then Landlord shall perform promptly commence and diligently pursue the performance of such repairs as are set forth in Section 7.1.3 7.13 hereof after adjustment of insurance claims and Tenant shall perform such repairs in the East Unit Building 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, subject . If Xxxxxxxx has not elected to terminate this Lease and (a) if there shall be damage to the rent abatement set forth Premises of a character as cannot (in Section 7.1.7the judgment of Xxxxxxxx’s engineer) reasonably be expected to be repaired within five (5) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant’s election shall be made by notice to Landlord within thirty (30) days of Landlord’s delivery of the estimate of Xxxxxxxx’s engineer as to the time period required for restoration, or (b) if Landlord has not substantially completed repairs to the Premises such that Tenant can reasonably occupy the Premises for the conduct of its business within five (5) months from the date of casualty, then Tenant may, at its option, terminate this Lease provided that Tenant’s election shall be made by notice to Landlord before Landlord substantially completes such repair, provided, however, that if Landlord substantially completes such repair within thirty (30) days of Tenant’s notice, the exercise by Tenant of its option to terminate shall be null and void and of no force and effect, and the Lease shall continue. 7.1.3 7.1.3. If neither Landlord nor or Tenant elects does not elect to terminate this Lease as provided in Section 7.1.2 7.12 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for herein, Landlord shall shall, reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenantimprovements, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 7.1.4 7.1.4. If neither Landlord nor or Tenant elects does not elect 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 Section 3.4 6,1.15 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Tenant Xxxxxx agrees to commence the performance of its work when notified by Landlord that the work to be performed by Tenant Xxxxxx can, in accordance with good construction practices, then be commenced and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damagepromptly. 7.1.5 7.1.5. All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for of restoration and reconstruction as provided for herein. 7.1.6 Any obligation rebuilding of the Landlord set forth Landlord’s work referred to in this Section 7.1 to restore the Premises shall be 7.1.3 hereof, subject to the prior rights of Landlord’s mortgagee in any insurance proceedslessor under a ground or underlying lease covering the Building and/or the holder of any mortgage liens against the Building. 7.1.7 7.1.6. In the event that the provisions of Section 7.1.1 Premises or Section 7.1.2 shall become applicablethe Building suffers a casualty, the Annual Base Rent and additional rent shall be reasonably and equitably 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 Premises, having regard to the extent to which Tenant may be forced required to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Lightspace Corp)

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Fire or Other Casualty. 7.1.1 Subject 14.1 In the event of damage to the provisions of Section 7.1.2 hereof, and the terms or destruction of the Condominium Documents, in Premises or the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) Building caused by fire or other casualty (1) “Event of Casualty”), Landlord shall undertake to the extent 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 50% or more of such proceeds to cover the cost of replacementsuch repairs and restorations. Landlord shall, or within forty-five (245) so that 50% or more days after the Event of Casualty, provide Tenant with a good faith estimate of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies time required to be maintained by Landlord under this Lease (hereinafter “substantially damaged”), or (ii) repair the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises or the Building, as the case may be. If, in Landlord’s reasonable judgment, the damage is of a character as cannot reasonably such nature or extent that (A) more than two hundred-seventy (270) days after the Event of Casualty would be expected required (with normal work crews and normal work hours) to be repaired within 12 months from repair and restore the date of casualtyPremises or the Building, or (ivB) such restoration involves less than one (1) year remains on the demolition 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 repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverableBuilding, then the Premises or the Building, as the case may be, shall be deemed “substantially damaged.” If the Premises or the Building are deemed “substantially damaged,” Landlord or Tenant may, at their option, may elect to terminate this Lease and notify the other party as to their election by giving Tenant written notice of such termination within 90 sixty (60) days after the Event of Casualty. In addition, if the Premises or the Building are deemed “substantially damaged,” and if as a result of the same the Premises are rendered untenantable for the Permitted Use, then Tenant may elect to terminate this Lease by giving Landlord written notice of such fire or casualtytermination within sixty (60) days after the Event of Casualty. If either party elects to terminate this LeaseLease as set forth above, then the Term hereof of this Lease shall end on expire thirty (30) days after the date specified in the such written notice (which is given, Base Rent and Additional Rent shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease as provided hereinequitably abated in accordance with Section 14.3 below, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs thereafter vacate the Premises and surrender the same to Landlord in accordance with the East Unit as are set forth in Section 7.1.4 hereofterms, covenants and conditions of this Lease. 14.2 In the Term shall continue without interruption and event this Lease shall remain is not terminated pursuant to the terms of Section 14.1 above and is otherwise in full force and effect, subject and sufficient casualty insurance proceeds are available for application to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof such repair and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for hereinrestoration, Landlord shall reconstruct as much of 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 originally constructed by Landlord (it being understood by Tenant immediately prior to the Event of Casualty, subject to Legal Requirements; provided, however, that Landlord shall not be responsible for obligated to repair or restore (A) any reconstruction of leasehold improvements made by Tenant, which reconstruction is ’s Work or Alterations to the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration Premises in excess of the insurance proceeds recovered Landlord’s Work, even if such work was performed by Landlord. 7.1.4 If neither ’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 (B) 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 nor in connection therewith. Notwithstanding anything to the contrary contained herein, in the event Landlord does not repair or restore the Premises within three hundred sixty-five (365) days after the Event of Casualty, Tenant elects shall have the right 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 Section 3.4 hereof upon thirty (30) days written notice to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, Landlord; provided, however, that if Landlord completes the required repair or restoration of the Premises within such thirty (30) day period following Tenant’s termination notice, such termination notice shall be rescinded and this Lease shall continue in full force and effect. 14.3 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 responsible liable for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall inconvenience or annoyance to Tenant be obligated or injury to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 resulting in any way from such damage or the Premisesrepair thereof, having regard except that Base Rent and Additional Rent shall be equitably abated from the date of the Event of Casualty until the Premises has been substantially restored for any portion of the Premises that is unusable (and unused) by Tenant. Notwithstanding the foregoing, if the Event of Casualty was due to the extent to which act or omission of Tenant may be forced to discontinue its business in the Premisesor Tenant’s Agents, and such abatement or reduction shall continue for be made only if and to the period commencing with such destruction or damage and ending with the later extent of the completion any proceeds of rental interruption insurance actually received by Landlord of such work of repair and/or reconstruction of and allocated to the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doPremises.

Appears in 1 contract

Samples: Lease (Flywire Corp)

Fire or Other Casualty. 7.1.1 Subject In the event of damage to or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the provisions of Section 7.1.2 hereofPremises, caused by fire or other casualty, Tenant shall provide immediate notice thereof to landlord, and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be terminated by Landlord or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restoration. If (i) the damage is of such nature or extent, in the reasonable judgment of Landlord's architect, the more than one hundred fifty (150) consecutive days, after the date of the casualty, would be required (with normal work crews and hours) to repair and restore the part of the Premises or Building which has been damage, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to restore or repair the premises or the building, as the case may be, Landlord shall so advise Tenant within thirty (30) days of the date of the casualty; and Landlord or Tenant, for a period of twenty (20) days thereafter, shall have the right to terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of the Condominium Documentsthis 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 the event during the Term hereof the East Unit full effect, landlord 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 proceed promptly and diligently 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 East Unit, or so much thereof as was originally constructed or delivered by Landlord Premises to its substantially its similar condition at prior to the time occurrence of such fire, explosion, casualty or occurrencethe damage, provided that Landlord shall not be obligated to expend for such repair an amount or restore any alterations, additions or fixtures which Tenant or any other Tenant may have installed unless Tenant, in excess a manner satisfactory to Landlord, assures payment in full of the insurance proceeds recovered as a result of such damage and, further provided that Tenant is not then all costs which may be incurred by Landlord in default of any of its obligations under this Lease beyond any applicable cure periodconnection therewith. Landlord shall not be responsible for insure any delay which may result from improvements or alterations to the Premises in excess of Standard Tenant Work, or any cause beyond Landlord’s reasonable control. 7.1.2 Iffixtures, however, (i) the East Unit, should be damaged or destroyed (a) by fire equipment or other casualty (1) property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the extent Premises to its substantially similar condition prior to occurrence of 50% the damage. If there be any such alteration, fixtures or more additions and Tenant does not assure or agree to assure payment of the cost of replacementor restoration or repair as aforesaid, or (2) so that 50% or more of Landlord shall have the principal area contained right to determined the manner in which the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies required restored so as to be maintained by Landlord under 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 (hereinafter “substantially damaged”)shall not be impaired in any way by, or (ii) the East UnitLandlord shall have no liability as a result of, or the failure of Landlord to complete repairs and restoration of the Premises shall be substantially damaged in whole or in part during the last 2 years of the TermBuilding within one hundred fifty (150) consecutive days after commencement of work, or (iii) there shall even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be damage completed within such period, provide that Landlord proceeds diligently with such repair and restoration and prosecutes the same diligently to completion. Notwithstanding the foregoing, in the event the restoration of the Premises of a character as canis not reasonably be expected to be repaired within 12 months substantially complete with two hundred ten (210) days from the date of casualty, or (iv) such restoration involves Tenant shall have the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects right to terminate this Lease, the Term hereof shall end by delivering written notice to Landlord on or before two hundred twenty (220) days from the date specified in of the notice (which shall be casualty. In the end case of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject damage to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Premises not caused by the negligence or willful misconduct of the Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof and if Tenant is not then in default of or any of its obligations under agents, employees or invitees, and which is of a nature or extent that Tenant's continued occupancy is substantially abated or adjusted for the Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time duration of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in impairment. In no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, providedevent, however, that 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 not be responsible for any delay which may result from any cause beyond to insure and/or repair all of Tenant’s reasonable control's leasehold improvements and all equipment, fixtures and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 personal property located in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Visual Networks Inc)

Fire or Other Casualty. 7.1.1 (a) Subject to the provisions of Section 7.1.2 hereofparagraphs (b) and (c) below, if the Premises and/or any portion(s) or component(s) of the Building or the Common Areas outside the Premises that are reasonably necessary to provide Tenant with normal access to and from the Premises or which provide Building Services or Common Area Services to the Premises, such as, for example, Building entrances, lobbies, hallways and electrical, plumbing and HVAC systems and equipment (together or separately, the "Significant Building Components") are damaged by fire or other insured casualty, Tenant shall give prompt notice of such event to Landlord and the terms damages shall be repaired by and at the expense of Landlord and restored to substantially the Condominium Documentscondition that existed immediately prior to such damage (provided that no difference in the condition may adversely affect Tenant's operation; and, in the event during case of the Term hereof Premises, as required by the East Unit standards for the initial Tenant Finish Work as described in Section 27) and the Base Rent and Additional Rent shall be partially damaged (as distinguished apportioned from “substantially damaged” as the date of such term fire or other casualty until substantial completion of the repairs, according to the part of the Premises which is hereinafter defined) usable 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, Tenant. Landlord shall forthwith proceed agrees to repair such damage and restore the East Unit, or so much thereof in an expeditious manner as was originally constructed or delivered by Landlord to substantially its condition at the time quickly as possible after receipt from Tenant of written notice of such firedamage, explosionsubject to any delays caused by Acts of God or other events beyond Landlord's control relating to the actual construction (excluding cost) which Landlord has used its best efforts to avoid or overcome. 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, casualty but Tenant shall be entitled to abatement of Base Rent and Additional Rent, as aforesaid. Tenant acknowledges notice that (i) Landlord shall not obtain insurance of any kind on Tenant's furniture or occurrencefurnishings, provided that equipment, fixtures, alterations, improvements and additions, (ii) it is Tenant's obligation to obtain such insurance at Tenant's sole cost and expense, and (iii) Landlord shall not be obligated to expend for such repair an amount in excess of any damage thereto or replace the insurance proceeds recovered as a result of same, unless such damage andis caused by the negligence or misconduct of Landlord, 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 controlagents, servants or employees. 7.1.2 If, however, (b) If (i) the East UnitPremises are rendered substantially untenantable or any Significant Building Component is rendered substantially unusable or inoperable by reason of such fire or other casualty, should or (ii) twenty percent (20%) or more of the Premises is damaged by said fire or other casualty, and, in either case, Landlord's engineer or architect reasonably estimates that it will take more than three (3) months to substantially complete the required repairs and restoration, Landlord or Tenant shall have the right, upon written notice to the other within fifteen days after said occurrence, in the case of Landlord to elect not to repair and restore the Premises or Significant Building Component, and in the case of Tenant (except with respect to a fire or other casualty caused by the negligence or wilful misconduct of Tenant, its agents and employees) to terminate this Lease, and in such event, this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the Base Rent and Additional Rent to be adjusted and apportioned as of said date. (c) If, in the reasonable opinion of Landlord, the Building shall be substantially damaged or destroyed (a) by fire or other casualty (1) and Landlord's lender refuses to permit available insurance proceeds to be used by Landlord to restore the Building and the Premises to the extent of 50% or more condition that existed immediately prior to the occurrence of the cost of replacement, fire or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves Landlord shall have the demolition of or repair of damage right, upon written notice to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 fifteen days after such fire or casualty. If either party elects said occurrence, to terminate this Lease, and in such event, this Lease and the Term hereof tenancy hereby created shall end on cease and the Base Rent and Additional Rent shall be adjusted and apportioned as of the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to terminate this Lease said termination unless terminated 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction date of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 said occurrence in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damageparagraph (b) above. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Lease (Quantum Epitaxial Designs Inc)

Fire or Other Casualty. 7.1.1 Subject A. All proceeds (except business interruption insurance proceeds not allocated to the provisions of Section 7.1.2 hereofRent expenses and personal property proceeds, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter definedif any) 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 East Unit, 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 Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction 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) or to the East Unit, should be damaged or destroyed (a) Premises by fire or other casualty (1) to the extent of 50% or more of the cost of replacementcasualty, or (2) so that 50% or more any portion thereof, under any property policy of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies required to be maintained carried hereunder, shall be paid to Landlord, to be held by Landlord under for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Lease Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (hereinafter “substantially damaged”other than any amount allocated to Rent expenses), or (ii) reconstruction and repair, as the East Unitcase may be, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be any damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more destruction of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged any portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unitthereof; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall not be responsible used first for the repair of any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect damage to the Premises and (other than such payment of Rent). Any excess proceeds of insurance remaining after the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation completion 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 restoration 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord is obligated to do, or in the end process of the 120 day period set forth in adjusting any insurance claims under this Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do18.

Appears in 1 contract

Samples: Master Lease Agreement (Cracker Barrel Old Country Store, Inc)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit Premises 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, '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 East UnitPremises, 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 any applicable deductible 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 's reasonable control. 7.1.2 If, however, (i) the East Unit, Premises should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% twenty-five percent (25%) or more of the cost of replacement, or (2) so that 50% twenty-five (25%) or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructeduntenantable, 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years year of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 twelve (12) months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% twenty-five percent (25%) or more of the Premises, or (v) applicable law requires the demolition of the East Unit Building or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtainedBuilding, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverablerecoverable plus the applicable deductible, then if any, or (vii) Landlord's mortgagee shall require that the insurance proceeds from such damage or destruction be applied against the principal balance due on any mortgage, Landlord or Tenant may, at their its option, either terminate this Lease or elect to repair the Premises and Landlord shall notify the other party Tenant as to their its election within 90 ninety (90) days after such fire or casualty. If either party Landlord elects to terminate this Lease, the Term Temi hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 thirty (30) days after such election was made). If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided hereinLease, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit Building 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, subject . If Xxxxxxxx has not elected to terminate this Lease and if there shall be damage to the rent abatement set forth Premises of a character as cannot (in Section 7.1.7the judgment of Landlord's engineer) reasonably be expected to be repaired within nine (9) months from the date of casualty, then Tenant may, at its option, teminate this Lease provided that Xxxxxx's election shall be made by notice to Landlord within thirty (30) days of Landlord's delivery of the estimate of Landlord's engineer as to the time period required for restoration. If Landlord fails to complete such restoration with such nine (9) month period, then Tenant, at its option, may terminate this Lease provided that Tenant's election shall be made by notice to Landlord within thirty (30) days following the expiration of such nine (9) month period. 7.1.3 If neither Landlord nor or Tenant elects does not elect 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall shall, provided any third party mortgagee of the Building makes insurance proceeds available for restoration, reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of Tenant's leasehold improvements made by Tenantimprovements, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s 's reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 7.1.4 If neither Landlord nor or Tenant elects does not elect 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 Section 3.4 6.1.15 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Tenant Xxxxxx agrees to 'commence the performance of its work when notified by Landlord that the work to be performed by Tenant Xxxxxx can, in accordance with good construction practices, then be commenced and Tenant shall complete such work as promptly thereafter as is practicable, but in no event more than 120 90 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s 's insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects does not elect to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for of restoration and reconstruction as provided for herein. 7.1.6 Any obligation rebuilding of the Landlord set forth Landlord's work referred to in this Section 7.1 to restore the Premises shall be 7.1.3 hereof, subject to the prior rights of Landlord’s mortgagee in any insurance proceedslessor under a ground or underlying lease covering the Building and/or the holder of any mortgage liens against the Building. 7.1.7 7.1.6 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 equitably 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 Premises, having regard to the extent to during which Tenant may be forced required to discontinue all or a portion of its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or arid/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Javelin Pharmaceuticals, Inc)

Fire or Other Casualty. 7.1.1 Subject A. Tenant shall give prompt notice to Landlord of fire damage or other casualty (including windstorm and flood) to or in the Leased Premises or AMERICAN YACHT HARBOR or any part thereof. B. If (i) the Leased Premises shall be damaged to the provisions extent that the cost of Section 7.1.2 hereof, and the terms replacement of the Condominium Documents, in Leased Premises exceeds Thirty Dollars ($30.00) per square foot multiplied by the event during amount of Floor Space or (ii) any one or more of the Term hereof the East Unit buildings comprising AMERICAN YACHT HARBOR shall be partially damaged to the extent of more than fifty percent (50%) of the cost of replacement thereof, whether or not the Leased Premises shall be damaged, or (iii) the Leased Premises or AMERICAN YACHT HARBOR shall be damaged as distinguished from “substantially damaged” as such term is hereinafter defineda result of an uninsured risk, or (iv) by fire, explosion, casualty or any other occurrence covered or as may be required to be covered, as herein provided, by the Landlord’s insuranceinsurance carrier is rendered insolvent and cannot pay claims, or by such casualty plus required demolition(v) the cost of repairing or replacing the Building in which the Leased Premises are located at AMERICAN YACHT HARBOR exceeds One Million Dollars ($1,000,000.00), or by action taken to reduce the impact of then within ninety (90) days after any such event, Landlord may terminate this Lease by notice to Tenant, and upon the date specified in such notice, which shall forthwith proceed be not less than thirty (30) days nor more than sixty (60) days after the giving of said notice, this Lease shall terminate as if such date were the Expiration Date. C. If the Leased Premises are damaged by fire or any other insured casualty, then, subject to repair such Landlord’s right to terminate set out in Subsection B, the damage and restore the East Unit, or so much thereof as was originally constructed or delivered for which Landlord is responsible shall be required by Landlord within a reasonable time period after the casualty, but (i) Landlord will not be required to substantially its condition at commence such repairs until Landlord has full access to the time Leased Premises and has received the proceeds of such firethe Landlord’s insurance for these repairs, explosion, casualty or occurrence, provided that (ii) Landlord shall will not be obligated to expend for such repair an amount in excess of perform repairs costing more than the net 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies required to be maintained received by Landlord under this Lease (hereinafter “substantially damaged”)for these repairs, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or and (iii) there shall be damage to the Premises of a character as canLandlord will not reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess repair or restore any of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, includingTenant’s Work (include, but not limited to, the repairing and/or replacement its flooring or wall coverings), or any of its merchandiseinventory, fixtures, trade fixtures, furnishings equipment, furniture, or other property, and equipment in a manner and to at least a condition equal to that prior to its damage the Leased Premises will not be considered untenantable or destruction. Tenant agrees to commence unusable by reason of the performance of its work when notified by Landlord fact that the work Tenant’s Work or its inventory, fixtures, equipment, furniture, or other property has not been repaired or restored, and (iv) the Landlord’s repairs shall be limited to providing an enclosed space or shell with the lines connected for electricity and pipes for plumbing (if any). All repairs and restoration of the Leased Premises not required of Landlord to undertake shall be performed by Tenant, at its expense, promptly and with due diligence. All repairs and restoration to be performed by Tenant can, in accordance with good construction practicesshall be first approved by Landlord. D. Upon any damage to the Leased Premises or its contents, then be commenced and Tenant shall complete such work as commencing promptly thereafter as is practicableafter the damage, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as if Landlord is obligated to doperform repairs to the Leased Premises, commencing promptly after Landlord has completed its repairs to a degree sufficient to permit Tenant to commence performing its work, Tenant shall (i) restore Tenant’s Work to its condition immediately before the casualty, (ii) repair or replace its inventory, fixtures, Trade fixtures, equipment, furniture, and other property, and (iii) if Tenant has closed, reopen for business. If Tenant fails to begin, produce with, or complete the end repair and restoration of Tenant’s Work (including, without limitation, its wall and floor coverings) or its inventory, fixtures, trade fixtures, equipment, furniture, or other property promptly as required in this Lease, or to reopen for business as promptly as required, then at Landlord’s option, an Event of Default will occur, and in addition to its other rights and remedies for this Event of Default, Landlord shall have the right to receive all proceeds of Tenant’s insurance covering Tenant’s Work and all other Tenant property that is to remain on the Leased Premises at the Expiration Date or sooner termination of the 120 day period set forth Lease. E. If the fire or other casualty shall in Section 7.1.4 for completion by Landlord’s opinion, make the Leased Premises unusable and the damage was not due to the act or omission of Tenant or any of such work its agents, contractors, licensees, or repair and/or reconstruction employees, then the Base Rent will be abated in the same proportion that the Floor Area of the Leased Premises made unusable bears to the entire Floor Area of the Leased Premises immediately before the casualty. This proportionate abatement will begin on the date of the casualty and will end when Lxxxxxxx has completed its work in the Leased Premises to a degree sufficient to permit Tenant to commence performing its work in the Leased Premises. There will be no rent abatement if only Tenant’s Work or its inventory, fixtures, equipment, furniture, or other property are damaged or no work by Landlord in the Leased Premises is required. F. The “cost of replacement”, as Tenant such term is obligated used in Subsection B of this Section, shall be determined by the company or companies selected by Landlord insuring Landlord against the casualty in question, or if there shall be no insurance, then as the parties hereto shall agree, or in the absence of an insurance company determination or an agreement, by arbitration according to dothe rules and practice of the American Arbitration Association.

Appears in 1 contract

Samples: Lease Agreement (Amphitrite Digital Inc)

Fire or Other Casualty. 7.1.1 Subject In the event of damage to the provisions of Section 7.1.2 hereof, and the terms Demised Premises or those portions of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) Building PTOvidin2 access or essential services thereto. by fire, explosion, casualty hurricane 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 eventcasualty, Landlord shall forthwith proceed at its expense cause the damage to repair such damage be repaired to a condition as nearly as practicable to that existing prior to the damage. with reasonable speed and restore the East Unit, 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 perioddiligence. Landlord shall not however. be responsible for any delay which may result from any cause beyond Landlord’s reasonable control. 7.1.2 If, however, (i) obligated to restore or rebuild the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) Demised Premises to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount condition in excess of that in which it was delivered from Landlord to Tenant as specified in Paragraph 6 hereof. nor in an, event to repair, restore or rebuild any of Tenant's property or any alterations or additions made by Tenant after commencement of the term hereof. To the extent and for the time that the Demised Premises are thereby rendered untenantable. the rent shall proportionately xxxxx unless the damage was due to the negligence of Tenant. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide not to repair or rebuild the Building. or if any mortgagee of the Building shall not permit the application of adequate insurance proceeds recovered for repair or recoverablerestoration of the Building, then Landlord or Tenant mayif the casualty of the Building shall not be of a type insured against under standard fire policies with extended type coverage. this Lease shall, at their optionthe option of Landlord, terminate this Lease and notify the other party exercisable by written notice to Tenant given within sixty (60) days thereof. be terminated 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 of a date specified in the such notice (which shall not be more than thirty (30) Xxxxx thereafter) and the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects rent (taking into account any abatement as aforesaid) shall be prorated to terminate this Lease as provided herein, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof the termination date and Tenant shall perform such repairs in thereupon promptly vacate the East Unit 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, subject to the rent abatement set forth in Section 7.1.7Demised Premises. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Lease (Envirometrics Inc /De/)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof(a) If, and the terms of the Condominium Documents, in the event during the Term hereof of this Lease, the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty Leased Premises or any portion of the Property are partially or totally destroyed by fire or other occurrence covered or as may casualty, the following provisions shall apply. (b) If such damage is not substantial in extent, and can reasonably 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 eventrestored with diligence within ninety (90) days, Landlord shall forthwith proceed to repair promptly and diligently restore same, and this Lease shall continue in effect, provided that rent shall be equitably abated from the date of damage in accordance with subsection (i) below. (c) If the damage to the Building exceeds fifty (50) percent of the area of the Leased Premises, either Tenant or Landlord shall have the right to terminate the Lease effective as of the date of the damage, and Tenant shall be granted access for a period of thirty (30) days after notice from the Landlord (at its sole risk and subject to appropriate safety precautions) to remove all of its personal property and Trade Fixtures. Tenant or Landlord shall make an election to terminate within thirty (30) days after the date of the damage by written notice to Landlord or Tenant, as the case may be, and if no such notice is provided within said thirty-day period, neither Landlord or Tenant shall be entitled to terminate the Lease under this subsection (c) due to such damage. (d) If (1) neither Tenant nor Landlord elect to terminate the lease as provided in subsection (c) above or (2) the damage to the Building is substantial but does not exceed fifty (50) percent of the Leased Premises, Landlord shall, within thirty (30) days after the date of damage, advise Tenant (i) whether, based on good faith estimates secured by Landlord from its architect and/or contractor, the damage (including any damage to the Tenant Improvements) can be restored within one hundred twenty (120) days of the date of damage, and (ii) whether Landlord elects to restore the East Unitdamage within such period in accordance with the provisions below. If Landlord (a) fails to so notify Tenant, or (b) notifies Tenant that the damage cannot be restored within one hundred twenty (120) days from the date of damage, then (unless the damage was caused by Tenant’s fault) Tenant may terminate this Lease upon written notice to Landlord within thirty (30) days after receipt of notice from Landlord, and shall surrender the Leased Premises in accordance with Section 4.4 above. If Landlord notifies Tenant within such thirty (30) day period of its conclusion in good faith that the damage to the Building and/or the Leased Premises cannot be restored within one hundred twenty (120) days from the date of damage, or that Landlord cannot secure funding (whether from insurance proceeds or otherwise to complete such restoration) then Landlord may terminate this Lease upon notice to Tenant, and Tenant shall surrender the Leased Premises in accordance with Section 4.4. If Landlord instead timely notifies Tenant that the restoration can be completed within such one hundred twenty (120) days and that Landlord is willing to do so much thereof as was originally constructed or delivered by Landlord and has the funding necessary to substantially its condition at the time of such firedo so, explosion, casualty or occurrencethis Lease shall not terminate, provided that Landlord shall not be obligated to expend for such repair an amount in excess thereafter diligently pursue restoration of the insurance proceeds recovered Building and the Leased Premises (including Tenant Improvements) so as a result to achieve completion within not more than one hundred eighty (180) days in accordance with this Section 6.4. If Landlord does not diligently pursue the restoration, or fails to complete the restoration within one hundred eighty (180) days for any reason, Tenant may, upon notice, terminate this Lease. (e) Notwithstanding the foregoing, if the damage to the Building occurs during the last twelve (12) months of the Lease Term, either party may terminate this Lease. (f) If there is damage to the Property other than the Building (not attributable to Tenant’s fault), and either 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, or the restoration efforts (i) the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) restrict access to the extent of 50% Building by Tenant or more of the cost of replacementits invitees, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Termimpair their parking rights, or (iii) there create a hazard or nuisance for Tenant or its invitees, such that Tenant cannot fully enjoy the Permitted Use in the Leased Premises, Tenant shall receive an equitable abatement of rent while the condition persists, and Landlord shall promptly undertake to resolve such problem(s) so as to enable Tenant to have access to parking, access to the Building, and use of the Leased Premises without hazard or nuisance, and if such problem(s) cannot be resolved within thirty (30) days, Tenant may terminate this Lease by notice to Landlord. (g) Notwithstanding the foregoing, Tenant shall not have the right to terminate this Lease on account of fire or other casualty if the damage was attributable to its fault or that of its agents, contractors or invitees, and in such event if Landlord’s insurance proceeds are insufficient to cover the full cost of restoration attributable to the damage caused by Tenant, Tenant shall be required to pay Landlord the additional cost necessary to restore the damage, including a ten (10) percent administrative fee. By way of clarification, subject to this subsection (g), Tenant shall have no duty to repair the Leased Premises if the Lease is terminated as permitted in this Section 6.4, but the foregoing shall not affect Tenant’s liability with respect to damage attributable to its fault. (h) If Landlord undertakes to restore the Property or the Building (or any portion thereof) it shall do so as soon as reasonably practicable to substantially the same condition of such improvements prior to the Premises damage, provided that except as required in Section 4.5, Landlord shall not be required to restore or replace any part of a character as cannot reasonably Tenant’s Trade Fixtures or other personal property owned or removable by Tenant under the provisions of this Lease or to expend any funds for such reconstruction in excess of insurance proceeds received for such fire or casualty. (i) Unless the damage was attributable to Tenant’s fault, Tenant’s rent shall be expected to be repaired within 12 months equitably abated from the date of casualty, or (iv) such damage until the restoration involves is completed in proportion to the demolition of or repair of damage to 50% percent or more extent the utility of the Premises, or (v) applicable law requires Leased Premises for the demolition Permitted Uses is diminished as a result of the East Unit or forbids damage and the rebuilding of the damaged portion of the East Unitrepairs, except for restrictions of the zoning code for which relief can be obtainedtaking into consideration any noise, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereofdust, and fumes resulting from the Term shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damagerestoration, but Landlord shall not be responsible otherwise liable to Tenant for any delays which may result noise, inconvenience or injury (including loss of property or injury to business) naturally resulting from any cause beyond Landlordthe restoration efforts. In addition, if the Leased Premises are destroyed by fire or other casualty not attributable to Tenant’s reasonable controlfault, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for maintenance or repairs or other costs attributable to the unoccupied portion of the Leased Premises while they are being restored. This provision shall take precedence over any delay which may result inconsistent provision in any other Section of this Lease. (j) Tenant shall provide Landlord with prompt written notice of any damage or destruction of any portion of the Leased Premises, provided that Tenant shall not be in default hereof if despite the failure to provide prompt written notice, Landlord has actually secured prompt notice from another source. (k) Except as expressly provided in Article 6, any cause beyond insurance carried by Landlord or Tenant against loss of damage to the Property or to the Leased Premises shall be for the sole benefit of the party carrying such insurance. Notwithstanding the above, if the Leased Premises or any part thereof shall be damaged by fire or other casualty resulting from the fault or negligence of Tenant’s reasonable control, or its agents, employees, licensees, or invitees and in no event shall Tenant be obligated the costs to expend for such repair an and restore the Leased Premises exceed the amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies actually received by Landlord with respect to such fire or other casualty, then the Premises Base Rent shall continue without abatement to be paid by Tenant or by any applicable insurance, and Tenant shall repay the East Unit shall belong to cost of such repairs and shall be payable to Landlord. If neither Landlord nor Tenant elects to terminate this Lease as provided restoration in Section 7.1.2 hereof, Landlord shall disburse and apply so much excess of any applicable insurance recovery proceeds. Except as shall be necessary against the cost to Landlord for restoration and reconstruction as expressly provided for herein. 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 applicable6.4, the Annual Base Rent and additional rent shall be abated or reduced proportionately during any period in which, by reason of such no damage or destruction, there is substantial interference with the operation destruction of the business Leased Premises by fire or other casualty as contemplated herein shall allow Tenant to terminate the Lease and surrender possession of Tenant in the Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement Leased Premises or reduction shall continue affect Tenant’s liability for the period commencing with such destruction or damage and ending with the later payment of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to doBase Rent, Tenant’s Additional Rent, or the end of the 120 day period set forth in Section 7.1.4 for completion any other sum payable by Tenant of such work hereunder, or repair and/or reconstruction of the Premises as Tenant is obligated Tenant’s obligation to doperform any other covenant herein contained.

Appears in 1 contract

Samples: Lease Agreement (Pharmaceutical Product Development Inc)

Fire or Other Casualty. 7.1.1 Subject If the Premises or the Building shall be damaged or destroyed by fire or other casualty, then Landlord shall repair or restore the Premises and the Building with reasonable diligence (subject to delays caused by reason of strikes, lookouts, labor troubles, inability to procure materials, failure of power or other reasons of a like nature not the fault of Landlord), and during the period of such restoration or repair the Base Rent shall equitably abate to the provisions of Section 7.1.2 hereofextent the Premises are materially affected thereby; PRXXXXXD, and the terms of the Condominium DocumentsHOWEVER, in the event during the Term hereof the East Unit 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, casualty damage renders the Building more than fifty percent (50%) untenantable Landlord shall forthwith proceed have the right to repair such damage and restore terminate this Lease by giving notice thereof to Tenant within thirty (30) days following the East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at the time occurrence of such firecasualty, explosion, casualty or occurrence, provided that and if 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, howeverso elects, (i) the East Unit, should be damaged Landlord shall have no obligation to repair or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in restore the Premises shall be rendered unusable for or the purposes originally constructedBuilding, 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 East Unit, or the Premises this Lease shall be substantially damaged in whole or in part during the last 2 years automatically terminate as of the Termday of such notice, or (iii) there the Base Rent, additional rent and other charges shall be damage adjusted as of the date of the occurrence of such casualty and (iv) neither party shall have any liability by reason of such termination. In the event Landlord intends to restore, it shall notify Tenant within forty-five (45) days after the Premises date of a character as the damage. If restoration cannot reasonably be expected to be repaired completed within 12 months from one hundred twenty (120) days of the date the Landlord notifies Tenant of casualtyits intention to restore, or (iv) such restoration involves Tenant shall have the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such fire or casualty. If either party elects option to terminate this Lease, the Term hereof shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable by written notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration unless Landlord provides Tenant comparable quality and reconstruction as provided for hereinsize office space with parking, all reasonably acceptable to Tenant. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Building Lease (Pioneer Financial Services Inc)

Fire or Other Casualty. 7.1.1 Subject 21.1 Except as provided below, in case of damage to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) Premises by fire, explosion, casualty fire 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 eventinsured casualty, Landlord shall forthwith proceed repair the damage. In case of damage to Common Areas outside of the Building, Landlord shall repair the damage or cause the responsible party under the Master Deed or Master Declaration to repair such the damage. Such repair work shall be commenced promptly following notice of the damage and restore completed with due diligence, taking into account the East Unit, or so much thereof as was originally constructed or delivered by time required for 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 effect a settlement with and procure insurance proceeds recovered as a result from the insurer, except for delays due to governmental regulation, scarcity of such damage andor inability to obtain labor or materials, further provided that Tenant is not then in default intervening acts 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 God or other causes beyond Landlord’s 's reasonable controlcontrol and delays caused by Tenant. 7.1.2 If21.2 Notwithstanding the foregoing, however, if (i) the East Unitdamage is of a nature or extent that, should in Landlord's reasonable judgment (to be damaged or destroyed communicated to Tenant within thirty (a30) by fire or other days from the date of the casualty), the repair and restoration work would require more than two hundred seventy (270) days to complete after the casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained assuming normal work crews not engaged in the Premises shall be 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”overtime), or (ii) if more than twenty-five (25%) percent of the East Unit, total area of the Building is extensively damaged or if the Common Areas are damaged to the extent that Tenant’s use and occupancy of the Premises shall be substantially damaged in whole or in part during the last 2 years of the Termare materially adversely affected, or (iii) there the casualty occurs in the last year of the Term and Tenant has not exercised a renewal right, either party shall be damage have the right to terminate this Lease (provided that with respect to (ii) Landlord shall only have the right to terminate if it terminates all leases in the Building) and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the Premises other within ten (10) days of Tenant's receipt of the notice from Landlord described above. Such notice is to specify a character termination date no less than fifteen (15) days after its transmission. 21.3 If the insurance proceeds received by Landlord as cannot reasonably dictated by the terms and conditions of any financing then existing on the Building (excluding any rent insurance proceeds) would be expected materially insufficient to pay for repairing the damage or are required to be repaired applied on account of any mortgage which encumbers any part of the Premises or Building, or if the nature of loss is not covered by Landlord's insurance coverage and Landlord has complied with its insurance obligations hereunder, Landlord may elect either to (i) repair the damage as above provided notwithstanding such fact or (ii) terminate this Lease by giving Tenant notice of Landlord's election as aforesaid within 12 months thirty (30) days following such casualty, provided that Landlord shall simultaneously terminate all leases in the Building. 21.4 In the event Landlord has not commenced restoration of the Premises within one hundred twenty (120) days from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, may terminate this Lease and notify by written notice to Landlord within ten (10) days following the other party expiration of such one hundred twenty (120) day period (as to their election extended for delays caused by Tenant) unless, within 90 thirty (30) days after following receipt of such fire or casualtynotice, Landlord shall commence such restoration. If either party elects to terminate this Lease, In the Term hereof shall end on event Landlord has not completed restoration of the Premises within three hundred (300) days from the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor casualty, Tenant elects to may terminate this Lease as upon thirty (30) days’ prior written notice to Landlord at any time thereafter until such restoration is complete, provided herein, then that if Landlord shall perform complete restoration within such repairs as are set forth in Section 7.1.3 hereof and Tenant thirty (30) day period, Tenant’s termination shall perform such repairs in the East Unit as are set forth in Section 7.1.4 hereof, and the Term shall continue without interruption be deemed rescinded and this Lease shall remain continue in full force and effect, subject . Rent shall axxxx as to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much those portions of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenantare, which reconstruction is the sole responsibility of Tenant) from time to substantially its condition at the time of such damagetime, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered untenantable as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect . References to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation of the Landlord set forth “Premises” in this Section 7.1 to restore the Premises 21.4 shall be subject to the prior rights of Landlord’s mortgagee in any insurance proceedsinclude access thereto and parking and other Common Areas. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Erytech Pharma S.A.)

Fire or Other Casualty. 7.1.1 Subject to If the provisions of Section 7.1.2 hereof, and Premises or the terms of the Condominium Documents, in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term Building 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 East Unit, 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 East Unit, should be damaged or destroyed (a) in whole or in part, by fire or other casualty at any time during the Term and if, substantial alteration or reconstruction of the Building shall, in Landlord's opinion, be required (whether or not the Premises shall have been damaged by such casualty) or in the event there is less than one (1) year of the Term remaining or in the event of any material uninsured loss to the extent Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of 50% such termination within ninety (90) days after the date of such casualty. In addition, either Landlord or more Tenant shall have the right to terminate this Lease within thirty (30) days after the date of such damage or destruction if Landlord determines that the restoration or replacement of the cost of replacement, damaged or (2) so that 50% or more destroyed portion of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as Building cannot reasonably be expected to be repaired completed within 12 months from one hundred eighty (180) days after the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 7.1.3 If neither Landlord nor Tenant elects to terminate this Lease is not terminated as provided in Section 7.1.2 hereof and if Tenant is not then in default of any of its obligations under the Lease beyond any applicable notice or cure period provided for hereinthis Paragraph, Landlord shall reconstruct as much promptly commence to restore or replace the damaged or destroyed portions of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold Building and the improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 located within the Premises in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired by for which Landlord had financial responsibility pursuant to the provisions of this Section 7.1, including, but not limited to, Work Letter Agreement or pursuant to the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and Existing Lease to at least a substantially the same condition equal to that existed immediately prior to its such 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, but in no event more than 120 days thereafter, ; provided, however, that Tenant Landlord shall have no obligation to spend any sums in excess of insurance proceeds actually received in restoring the Building and the Premises. Landlord shall not be responsible liable for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall inconvenience or annoyance to Tenant be obligated or injury to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 resulting in any way from such damage or the Premisesrepair thereof, having regard except that, subject to the provisions of the next sentence, Landlord shall abate Rent during the time and to the extent the Premises are unfit fxx xxcupancy. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, Rent shall not be diminished during the repair of such damage and Tenant shall be liable to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue Landlord for the period commencing with such destruction or damage and ending with the later cost of the completion by Landlord of such work of repair and/or reconstruction and restoration of the Premises as Landlord is obligated to do, or Building and the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of improvements located within the Premises as Tenant for which Landlord had financial responsibility pursuant to the Work Letter Agreement or pursuant to the Existing Lease caused thereby to the extent such cost and expense is obligated to donot covered by insurance proceeds.

Appears in 1 contract

Samples: Lease Agreement (Telvent Git S A)

Fire or Other Casualty. 7.1.1 A. In case of damage to the Demised Premises or damages to the Building specifically caused by the Tenant or its agents or invitees by fire or other casualty, Tenant shall give immediate notice thereof to Landlord. Subject to the provisions rights of Section 7.1.2 hereofany mortgagee of Landlord's estate, Landlord may, at its option, thereupon undertake the repair and restoration of the Demised Premises or the Building to substantially the same condition as existed prior to the casualty, at the expense of the Tenant, subject to the delays which may arise by reason of adjustment of loss under insurance policies and for delays beyond the reasonable control of Landlord. In the event the damage shall be such that Landlord reasonably determines that it cannot be repaired within ninety (90) calendar days from the date of such damage, Landlord may at its option either: (a) by written notice to Tenant given within sixty (60) calendar days after Landlord is notified of the casualty, terminate this Lease as of a date specified in such notice (which shall not be more than ninety (90) calendar days after the occurrence as aforesaid) and the terms of Rent (taking into account any abatement) shall be adjusted to the Condominium DocumentsTermination Date and Tenant shall thereupon promptly vacate the Demised Premises; or (b) restore the Building and/or Demised Premises with reasonable promptness in which event Rent shall equitably xxxxx. B. Notwithstanding the foregoing, Tenant may cancel this Lease by delivering written notice to Landlord in the event during that the Term hereof Landlord elects to repair the East Unit shall be partially damaged Demised Premises or the Building and such repairs are not substantially complete within one hundred twenty (as distinguished from “substantially damaged” as such term is hereinafter defined120) by fire, explosion, casualty or any other calendar days of the 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 of the impact of any such event, damage. C. Landlord shall forthwith proceed to repair such damage and restore the East Unit, 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 pursue all claims it has with insurance proceeds recovered companies 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 East Unit, should be damaged or destroyed (a) loss by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dodeems appropriate.

Appears in 1 contract

Samples: Lease (Startec Global Communications Corp)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) If the Premises are damaged by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 damages shall end on the date specified in the notice (which shall be the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by and at the expense of Landlord pursuant and restored to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that which existed immediately prior to its such 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 apportioned from the date of such fire or reduced proportionately during other casualty until substantial completion of the repairs, according to the part of the Premises 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, subject to any period delays caused by Acts of God, labor strikes or other events beyond Landlord's control. Landlord shall not be liable for any inconvenience to Tenant or injury to the business of Tenant resulting in whichany way from such damage or the repair thereof. Tenant hereby acknowledges that (i) Landlord shall not be obligated to obtain insurance of any kind on Tenant's furniture or furnishings, equipment, trade fixtures, alterations, improvements and additions, (ii) it is Tenant's obligation to obtain such insurance at Tenant's sole cost and expense, and (iii) Landlord shall not be obligated to repair any damage thereto or replace the same. (b) If, in the reasonable opinion of Landlord, the Premises are (i) substantially damaged (i.e. more than 50%) by reason of such damage fire or destructionother casualty, there is substantial interference with the operation or (ii) twenty (20%) per cent or more of the business of Tenant Premises is damaged by said fire or other casualty and less than six (6) months would remain in the Premisescurrent Lease term upon substantial completion of the repairs and restoration, having regard Landlord shall have the right, upon written notice to the extent Tenant within thirty (30) days after said occurrence, to which Tenant may be forced elect not to discontinue its business in repair and restore the Premises, and in such abatement or reduction event, this Lease and the tenancy hereby created shall continue for the period commencing with such destruction or damage and ending with the later cease as of the completion date of said occurrence, the Base Rent and additional rent to be adjusted and apportioned as of said date. (c) If, in the reasonable opinion of Landlord, the Building shall be substantially damaged by fire or other casualty, regardless of whether or not the Premises were damaged by such occurrence, Landlord of shall have the right, upon written notice to Tenant within thirty (30) days after said occurrence, to terminate this Lease, and in such work of repair and/or reconstruction event, this Lease and the tenancy hereby created shall cease and the Base Rent and additional rent shall be adjusted and apportioned as of the Premises date of said termination unless terminated as Landlord is obligated to do, or the end of the 120 day period set forth date of said occurrence in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doaccordance with paragraph 20(b) above.

Appears in 1 contract

Samples: Lease (Judge Group Inc)

Fire or Other Casualty. 7.1.1 Subject to If the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit leased premises shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosionthe elements, 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 East Unit, 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 East Unit, should be damaged or destroyed (a) by fire unavoidable accident or other casualty (1) to the extent of 50% or more of the cost of replacementcasualty, or (2) so that 50% or more of the principal area contained in the Premises shall be but are not thereby 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 East Unit, or the Premises shall be substantially damaged untenantable in whole or in part part, Landlord shall promptly at its own expense cause such damage to be repaired, and the rent shall not be abated; if by reason of such occurrence, the premises shall be rendered untenantable only in part, Landlord shall promptly at its own expense cause the damage to be repaired, and the minimum rent meanwhile shall be abated proportionately as to the portion of the premises rendered untenantable; if by reason of such occurrence the premises shall be rendered wholly untenantable, Landlord shall promptly at its own expense cause such damage to be repaired, and the minimum annual rent meanwhile shall be abated in whole, unless within sixty (60) days after said occurrence Landlord shall give Tenant written notice that it has elected not to reconstruct the destroyed premises, in which event this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the minimum rental and the percentage rental to be adjusted as of such date. Landlord's election not to reconstruct the destroyed premises, shall not be exercised within the first ten (10) years of this Lease, and Landlord covenants that should the leased premises be damaged by fire or any other casualty so as to render them untenantable during the last 2 first ten (10) years of the Termthis Lease, he will repair or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected reconstruct said premises, said repairs to be repaired completed within 12 six months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease and notify the other party as to their election within 90 days after such said 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Blue Ridge Real Estate Co)

Fire or Other Casualty. 7.1.1 Subject to the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in In the event during the Term hereof the East Unit Leased Premises shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosionor other casualty, casualty or any other occurrence covered or as may the Tenant shall give prompt notice thereof to the Landlord, and after such notice, an equitable reduction of rent shall be required to be covered, as herein provided, allowed 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 East Unit, or so much thereof as was originally constructed or delivered by Landlord to substantially its condition at Tenant for the time of such fire, explosion, casualty part or occurrence, provided that Landlord shall not be obligated to expend for such repair an amount in excess parts 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 East Unit, should be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Leased Premises shall be rendered unusable for the purposes originally constructedremain untenantable or incapable of use and occupancy, or (b) by any casualty other than those covered by insurance policies required to be maintained by Landlord under and this Lease (hereinafter “substantially damaged”)lease agreement shall, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character unless notice is given as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereofbelow, and the Term shall continue without interruption and this Lease shall remain in full force and effect, subject to and the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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, with reasonable promptness, subject to force majeure as defined in Section 25, and delays in making of insurance adjustments by Landlord, repair the Premises. Landlord need not restore fixtures and restore the Premises in accordance with the provisions of Section 3.4 hereof to the extent not required to be repaired improvements owned by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixturesTenant or floor coverings, furnishings and equipment other decorative features furnished by Tenant. In the event the Leased Premises or the Office Building shall before or after the commencement of the term, be so damaged that it shall be reasonably estimated to take more than 180 days to repair from the date of the casualty, either party may, upon notice to the other, terminate this lease, and upon exercise of such right, the term of this lease shall cease and terminate, effective as of the time of the damage, and the accrued rent, if any, shall be paid up to the time of the damage. All proceeds of insurance payable as a result of fire or other casualty shall be the sole property of the Landlord. Landlord agrees that if the repairs provided for herein cannot be made within four (4) months from the date of the casualty, subject to force majeure as defined in 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, Section 25 (but in no event more than 120 180 days thereafterfrom the date of the casualty), provided, however, that then in such event Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable controlhave the right, and in no event shall Tenant be obligated after said four (4) months period but prior to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor Tenant elects substantial completion, to terminate this Lease as provided in Section 7.1.2 hereof, Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost lease on thirty (30) days written notice to Landlord for restoration and reconstruction as provided for hereinLandlord. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Office Lease Agreement (Advanced Cell Technology, Inc.)

Fire or Other Casualty. 7.1.1 13.1 Subject to the provisions rights of Section 7.1.2 hereof, and the terms of the Condominium Documentstermination set forth below, in the event during of damage to the Term hereof the East Unit 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 East Unit, 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 East Unit, should be damaged or destroyed (a) Premises by fire or other casualty (1) not caused by the gross negligence or willful misconduct of Tenant, Landlord shall at its expense cause the damage to the extent of 50% or more Premises, exclusive of the cost Tenant Work and other improvements made by or for Tenant or any prior tenant, to be repaired to a condition as nearly as practicable to that which existed immediately prior to the casualty, with reasonable promptness and diligence. Notwithstanding the foregoing, Landlord’s obligation to repair casualty damage shall be limited to Landlord’s expenditure of replacementthe net proceeds of insurance recovered for the casualty damage, and shall be subject to zoning and building laws or ordinances then in existence. For purposes hereof, the term “net proceeds of insurance recovered” refers to the gross amount of insurance proceeds actually made available to Landlord (and not retained by any ground lessor or mortgagee of the Property) less the reasonable expenses of Landlord incurred in connection with the collection of such proceeds, including, without limitation, fees and expenses for legal and appraisal services. Landlord shall not, however, be obligated to repair, restore or rebuild any of Tenant’s personal property (including all furniture, trade fixtures and equipment), the Tenant Work, or any other alterations or additions within the Premises made by or for Tenant or any prior tenant (2collectively, “Tenant’s Property”). 13.2 In the event of casualty damage to the Premises, as part of Landlord’s repair obligation Landlord shall first remove all debris from the Premises and dispose thereof. As used herein, “debris” means all material of every kind and nature contained within the Premises which has been damaged or destroyed by the casualty to such an extent that it retains little or no salvage value and is intended to be disposed of. Prior to commencement of debris removal, Landlord shall afford Tenant an opportunity, upon five (5) so that 50% or more business days advance notice from Landlord, for Tenant’s designated representative to tour the Premises with Landlord’s representative in order to designate any of the principal area contained Tenant’s Property which Tenant desires to salvage. If Tenant’s representative fails to participate in such tour following such advance notice from Landlord, Tenant shall be deemed to have waived all right to salvage any of Tenant’s Property in the Premises and Landlord may freely dispose of same as debris. If Tenant’s representative tours the Premises, then (i) Landlord may freely dispose of all Tenant’s Property not designated for salvage as debris, and (ii) Tenant shall cause all of Tenant’s Property designated for salvage to be removed from the Building promptly and diligently, in accordance with the terms and conditions set forth in Section 13.3 below, at Tenant’s expense. In the event that any portions of the Tenant Work, or other tenant improvements within the Premises not constituting personalty, are not damaged and are desired by Tenant to be retained in place rather than removed as aforesaid, Landlord shall nonetheless be entitled to require Tenant to elect either to remove same for salvage or to declare same to be debris (and Tenant’s failure to elect to remove same for salvage shall constitute Tenant’s election to declare same to be debris), if Landlord determines that such elements must be removed in order for Landlord to efficiently prosecute Landlord’s repair of the Premises or the Building. Landlord may make such determination at any time during or after the tour of the Premises with Tenant’s representative and, if after, Landlord shall give Tenant written notice of such determination and Tenant shall have three (3) business days within which to make such election (failure of Tenant to timely respond being deemed an election to declare such elements to be debris). All costs incurred by Landlord in removing and disposing of Tenant’s Property designated or deemed to be debris pursuant to the terms of this Section 13.2 shall be rendered unusable reimbursed to Landlord by Tenant within thirty (30) days following Tenant’s receipt of a xxxx therefor, as additional Rent (nothing contained herein shall preclude Tenant from seeking reimbursement of such costs from Tenant’s property insurer which provides coverage of the Premises and Tenant’s Property). The obligation of Tenant to reimburse Landlord for the purposes originally constructedcosts of debris removal in accordance with this Section 13.2 shall survive any termination of this Lease as a result of a casualty, or (b) by notwithstanding any casualty other than those covered by insurance policies required provision of this Article. 13.3 Any of Tenant’s Property elected to be maintained salvaged by Tenant pursuant to the terms of 13.2 above shall be removed from the Premises in accordance with the following terms and conditions: (i) Tenant shall comply with all applicable laws and regulations in performing such removal, and shall obtain any and all permits and governmental consents respecting same; (ii) all provisions of this Lease, including without limitation the release, indemnity and insurance provisions hereof, shall be fully applicable to Tenant’s entry upon the Building and the Premises, regardless of whether this Lease has been terminated pursuant to any termination right contained in this Article; (iii) Tenant’s employees and contractors shall be subject to Landlord’s supervision and scheduling so as not to interfere with or delay Landlord’s performance of its repair and restoration work in the Premises and the Building (but such supervision and scheduling shall not be construed to impose liability upon Landlord for any acts or omissions of Tenant’s employees or contractors in performing such work, all of which shall be solely Tenant’s responsibility); (iv) Tenant shall employ only contractors approved in advance by Landlord, which approval shall not be unreasonably withheld so long as Landlord determines that a proposed contractor (x) will maintain all types and coverages of insurance, including without limitation coverage amounts and parties named as additional insureds, reasonably deemed appropriate by Landlord under this Lease the circumstances, and (hereinafter “substantially damaged”)y) will not disturb harmonious labor relations in or about the Building; (v) Tenant and its employees and contractors shall obey all reasonable rules and regulations promulgated by Landlord respecting entry into the Building and removal of Tenant’s Property therefrom; and (vi) if Landlord determines that there is present in the Building, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires upon the demolition articles of Tenant’s Property which Tenant desires to salvage, any substances generated or dispersed as a result of the East Unit or forbids the rebuilding casualty, regardless of the damaged portion source thereof, which are generally recognized to be hazardous to persons or to the environment, including without limitation any toxic substances regulated by law and any microbial contamination deemed hazardous to health (“Contaminants”). Landlord may condition Tenant’s entry into the Building and the removal of Tenant’s Property upon Tenant’s prior execution and delivery to Landlord of an agreement releasing Landlord from and indemnifying Landlord against any and all liability resulting from or arising out of the East Unitexposure of Tenant’s employees, except for restrictions agents or contractors to Contaminants while within the Building, or the exposure of any individual to Contaminants by virtue of exposure to the salvaged items of Tenant’s Property following the removal thereof from the Building, or the improper release or disposal of Contaminants in the course of Tenant’s cleaning or disposal of the zoning code for salvaged Tenant’s Property following removal, which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, terminate this Lease release 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 indemnity agreement shall be in form acceptable to Landlord in every respect. 13.4 Following completion of Landlord’s repairs and restoration within the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects Premises pursuant to terminate this Lease as provided hereinSection 13.1 above, then Landlord shall perform such repairs as are set forth in Section 7.1.3 hereof and Tenant shall perform such repairs in the East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 7.1.4 If neither Landlord nor Tenant elects to terminate this Lease as provided in Section 7.1.2 hereof, Tenant shallpromptly thereafter, at its own cost and expensewith due diligence, repair and restore the Tenant Work and any other improvements to the Premises in accordance with the provisions of Section 3.4 hereof made by or for Tenant or any prior tenant at least to the extent of the value and as nearly as possible to the character of the property involved as it was immediately before the loss. To the extent the Premises are rendered untenantable by a casualty not caused by the willful misconduct of Tenant, the monthly payments owing under this Lease on account of Minimum Rent, Real Estate Taxes and Operating Expenses shall proportionately xxxxx from the date of the casualty until the first to occur of (a) thirty (30) days after Landlord has tendered to Tenant the damaged portion of the Premises, restored by Landlord to the extent required hereunder, or (b) Tenant’s resumed occupancy of the Premises. 13.5 In the event the casualty damage shall involve the Building generally and shall be so extensive that Landlord decides not to repair or rebuild the Building, or if available insurance proceeds for the Building are insufficient to repair or rebuild the damage, or if any mortgagee shall not permit the application of adequate insurance proceeds for repair or restoration, or if the casualty to the Building shall not be of a type insured against under standard fire policies with extended type coverage, this Lease shall, at the option of Landlord, exercisable by written notice to Tenant given within ninety (90) days after Landlord is notified of the extent of the casualty and the amount of insurance proceeds available for restoration, be terminated as of a date specified in such notice (which shall not be more than sixty (60) days thereafter) and the Minimum Rent and Additional Rent (taking into account any abatement as aforesaid) shall be adjusted proportionately as of the date of the termination and Tenant shall thereupon promptly vacate the Premises. Furthermore, if the damage to the Premises by fire or other casualty not caused by the gross negligence or willful misconduct of Tenant renders more than fifty percent (50%) of the Premises untenantable and the completion of the repairs to the Premises which Landlord is required to perform hereunder will require a period of in excess of three hundred (300) days following the commencement of construction (as reasonably estimated by Landlord or its experts, of which Tenant shall receive notice within ninety (90) days after Landlord is notified of the extent of the casualty and the amount of insurance proceeds available for restoration), then either Landlord or Tenant may terminate this Lease by written notice given to Landlord within thirty (30) days after Landlord’s notice to Tenant thereof (such termination to occur as of a date specified in such notice which shall not be more than sixty (60) days thereafter), and Minimum Rent and Additional Rent (taking into account any abatement as aforesaid) shall be adjusted proportionately from the date of the termination. 13.6 Promptly following the occurrence of any casualty damage to the Premises, and within five (5) days following Landlord’s written request, Tenant shall tender to Landlord true, correct and complete copies of all policies of casualty and liability insurance which Tenant is obligated to maintain under the terms of this Lease. In connection with Landlord’s removal of debris from the Premises, Landlord shall be entitled to coordinate with Tenant’s casualty insurer to obtain coverage for such removal to the extent the debris constitutes improvements or personal property which are required to be repaired insured by Landlord pursuant to the provisions of Tenant under this Section 7.1, includingLease, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant coordination shall not be responsible deemed or construed to excuse Tenant from its obligation to reimburse Landlord for any delay which may result from any cause beyond debris removal pursuant to Section 13.2 above. 13.7 Tenant agrees that Landlord’s obligation to restore, and the rental abatement provided in this Article, shall be Tenant’s reasonable controlsole recourse against Landlord in the event of casualty damage to the Premises, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be payable to Landlord. If neither Landlord nor waives any other rights Tenant elects may have under any applicable law to terminate this Lease as provided in Section 7.1.2 hereof, or seek damages against Landlord shall disburse and apply so much of any insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 casualty damage or destruction, there is substantial interference with the operation of the business of Tenant in the Premises, having regard to the extent Premises or the Building. This Article represents the entire agreement between the parties respecting casualty damage to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to doBuilding.

Appears in 1 contract

Samples: Office Lease (Active Network Inc)

Fire or Other Casualty. 7.1.1 Subject to A. If the provisions of Section 7.1.2 hereofPremises shall be damaged by fire, the elements, accident or other casualty ("Casualty"), and the terms of the Condominium Documents, Premises are not rendered untenantable in the event during the Term hereof the East Unit shall be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty whole 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 eventin part, Landlord shall forthwith proceed to repair promptly coordinate such damage to be repaired (but only with respect to those items to be provided by it under Exhibits "A" and restore "B"), and the East Unit, or so much thereof Annual Basic Rent and other charges shall be abated proportionately as was originally constructed or delivered by Landlord to substantially its condition at the time portion of the Premises rendered untenantable from the date of such fireCasualty until the Premises are rendered entirely tenantable. If, explosionas the result of Casualty, casualty or occurrencethe Premises are rendered wholly untenantable, provided that subject to the provision of Section 23(B), the Annual Basic Rental and other charges shall be abated from the date of such Casualty until the Premises have been rendered fully tenantable. In the event of such Casualty, Landlord shall not be obligated liable for interruption to expend Tenant's business or for such damage to on replacement or repair an amount in excess of Tenant's personal property, including inventory, trade fixtures, floor coverings, furniture and other property removable by Tenant under the insurance proceeds recovered as a result provisions 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 controlor to Tenant's leasehold improvements. 7.1.2 If, however, (i) B. If the East Unit, should be damaged or destroyed Premises are (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructedwholly untenantable, or (b) by damaged as a result of any casualty other than those cause which is not covered by Landlord's insurance policies required to be maintained by Landlord under this Lease (hereinafter “substantially damaged”), or (ii) the East Unit, or the Premises shall be substantially is damaged in whole or in part during the last 2 three (3) years of the Term, or (iiic) there shall be damage all repairs to restore the Building and the Premises to its condition prior to the Premises occurrence of a character as the damage cannot reasonably be expected to be repaired be, or are not, completed within 12 six (6) months from of the date occurrence of casualtythe damage, or (ivd) such restoration involves if the demolition Building is damaged to the extent of or repair of damage to fifty (50% %) percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverabletotal square footage, then in any event, Landlord or Tenant may, at their option, may immediately terminate this Lease and notify by giving to the other party notice. Annual Basic Rent and other charges shall be adjusted 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 of the date specified in of such Casualty. C. If the notice (which shall be Building is so substantially damaged that it is reasonably necessary to demolish same for the end purpose of a calendar month and not sooner than 30 days after such election was made). If neither reconstruction, Landlord nor or Tenant elects to may 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 East Unit 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, subject by giving to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable other party notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord within ninety (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant90) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.after the

Appears in 1 contract

Samples: Lease (Bisys Group Inc)

Fire or Other Casualty. 7.1.1 In case of damage to the Demised Premises or damages to the Building specifically caused by the Tenant or its agents or invitees by fire or other casualty, Tenant shall give immediate notice thereof to Landlord. Subject to the provisions rights of Section 7.1.2 hereofany mortgagee of Landlord's estate, Landlord may, at its option thereupon undertake the repair and restoration of the Demised Premises or the Building to substantially the same condition as existed prior to the casualty, at the expense of the Tenant, subject to the delays which may arise by reason of adjustment of loss under insurance policies and for delays beyond the reasonable control of Landlord. In the event the damage shall be such that Landlord reasonably determines that it cannot be repaired within ninety (90) days from the date of such damage, Landlord may at its option either (a) by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty, terminate this Lease as of a date specified in such notice (which shall not be more than ninety (90) days after the occurrence as aforesaid) and the terms of Rent (taking into account any abatement) shall be adjusted to the Condominium Documentstermination date and Tenant shall thereupon promptly vacate the Demised Premises, or (b) restore the Building and/or Demised Premises with reasonable promptness in which event Rent shall equitably xxxxx. Notwithstanding the foregoing, Tenant may cancel this Lease by delivering written notice to Landlord in the event during that the Term hereof Landlord elects to repair the East Unit shall be partially damaged (as distinguished from “Demised Premises and such repairs are not substantially damaged” as such term is hereinafter defined) by fire, explosion, casualty or any other complete within 110 days of the 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 of the impact of any such event, damage. Landlord shall forthwith proceed to repair such damage and restore the East Unit, 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 pursue all claims it has with insurance proceeds recovered companies 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 East Unit, should be damaged or destroyed (a) loss by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be 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 East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to dodeems appropriate.

Appears in 1 contract

Samples: Lease Agreement (Startec Global Communications Corp)

Fire or Other Casualty. 7.1.1 (a) Landlord agrees to maintain standard fire and extended coverage insurance covering the Building, of which the Premises are a part, in an amount not less than eighty percent (80%) (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof, as such term is defined in the Replacement Cost Endorsement to be attached thereto insuring against the perils of risks of direct physical loss, such coverage and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the State of Texas for use by insurance companies admitted in the State of Texas for the writing of such insurance on risks located within the State of Texas. Subject to the provisions of Section 7.1.2 hereofSections 10(c), 10(d), and 10(e) , such insurance shall be for the terms sole benefit of the Condominium Documents, Landlord and under its sole control. In addition Lxxxxxxx agrees to maintain general liability coverage insurance in an amount deemed prudent and necessary by Landlord or required by any mortgagee presently (or in the event during future) holding a mortgage and/or deed(s) of trust constituting a lien against the Term hereof Premises and/or the East Unit shall Building. (b) If the Building situated upon the Property should be partially damaged (as distinguished from “substantially damaged” as such term is hereinafter defined) or destroyed by fire, explosion, casualty or any other occurrence covered or as may be required to be covered, as herein provided, by Landlord’s insurancetornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord. (c) Except if caused by such casualty plus required demolitionTenant or Tenant's representatives, employees, agents, contractors, licensees, or invitees, if the Building situated upon the Property should be totally destroyed by action taken fire, tornado, or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot, in Landlord's estimation, be completed within two hundred seventy (270) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. Landlord shall provide such notice of termination to reduce the impact Tenant within a commercially reasonable amount of time following any such event. Should Landlord terminate the Lease pursuant to this subparagraph, Landlord Tenant shall forthwith proceed have no obligation to rebuild or repair such damage and restore the East UnitPremises. (d) Except if caused by Tenant or Tenant's representatives, employees, agents, contractors, licensees, or so much thereof as was originally constructed or delivered invitees, if the Building should be damaged by any peril covered by the insurance to be provided by Landlord under Section 19(A) above, but only to such extent that rebuilding or repairs can, in Landlord's estimation, be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall, at its sole cost and expense, but only to the extent of insurance proceeds actually received by Landlord pursuant to the insurance obtained by Landlord described in Section 19(A) above, thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially its the condition at the time of in which it existed prior to such firedamage, explosion, casualty or occurrence, provided except that Landlord shall not be obligated required to expend for rebuild, repair, or replace any part of the partitions, fixtures, additions, or other improvements that may have been placed in, on, or about the Premises by Tenant. Except if caused by Tenant or Tenant's representatives, employees, agents, contractors, licensees, or invitees, if the Premises are untenable in whole or in part following such repair an damage, the Rent payable hereunder during the period in which it is untenable shall be reduced pro rata by the amount of the Premises rendered so untenable. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may, at its option, terminate this Lease by delivering written notice of termination to Landlord as Txxxxx's exclusive remedy, whereupon all rights and obligations accruing after the date of notice by Tenant to Landlord of such damage hereunder shall cease and terminate. (e) Notwithstanding anything herein to the contrary, in excess the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises and/or the Building requires that the insurance proceeds recovered be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder as of the date of receipt by Tenant of such notice shall cease and terminate. (f) In the event of damage to or destruction of the whole or any part of the improvements comprising the Premises by fire or any other casualty at any time during the term of this Lease, Tenant, at Tenant’s sole cost and expense, shall rebuild, repair and restore such improvements to a complete architectural unit, regardless of whether insurance proceeds received as a result of such damage and, further provided that or destruction are sufficient for such purpose. All such repairs and restoration efforts to complete such repairs and restoration shall be performed in a commercially reasonable time (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 use reasonable control. 7.1.2 If, however, (i) the East Unit, should be damaged or destroyed (a) by fire or other casualty (1) efforts to complete such repairs and restoration prior to the extent of 50% or more end of the cost Term) and in a manner and quality consistent with the terms and conditions of replacementSection 11 hereof. All insurance proceeds attributable to the damage or the destruction to the Building shall be made available to Tenant for purposes of completing the repairs and restoration. Except if caused by Tenant or Tenant's representatives, employees, agents, contractors, licensees, or (2) so that 50% or more of the principal area contained in invitees, if the Premises shall be 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 East Unit, or the Premises shall be substantially damaged are untenable in whole or in part following such damage, the Rent payable hereunder during the last 2 years of the Term, or (iii) there period in which it is untenable shall be damage to reduced pro rata by the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 the end of a calendar month and not sooner than 30 days after such election was made). If neither Landlord nor Tenant elects to 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 East Unit 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, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) to substantially its condition at the time of such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlordrendered so untenable. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in 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, but in no event more than 120 days thereafter, provided, however, that Tenant shall not be responsible for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount in excess of the insurance proceeds recovered as a result of such damage. 7.1.5 All proceeds payable from Landlord’s insurance policies with respect to the Premises and the East Unit shall belong to and shall be 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 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 Premises, having regard to the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to do.

Appears in 1 contract

Samples: Lease Agreement (Cellteck Inc.)

Fire or Other Casualty. 7.1.1 Subject to Should the provisions of Section 7.1.2 hereof, and the terms of the Condominium Documents, in the event during the Term hereof the East Unit 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 East Unit, 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 East Unit, should Leased Premises be damaged or destroyed (a) by fire or other casualty (1) to the extent of 50% or more of the cost of replacement, or (2) so that 50% or more of the principal area contained in the Premises shall be rendered unusable for the purposes originally constructed, or (b) by any casualty other than those covered by insurance policies required to cause and such damage or destruction be maintained by Landlord under of such a nature that it may be repaired or restored within a period of one hundred twenty (120) days after the occurrence, then this Lease (hereinafter “substantially damaged”)shall not terminate, or (ii) the East Unit, or the Premises shall be substantially damaged in whole or in part during the last 2 years of the Term, or (iii) there shall be damage to the Premises of a character as cannot reasonably be expected to be repaired within 12 months from the date of casualty, or (iv) such restoration involves the demolition of or repair of damage to 50% percent or more of the Premises, or (v) applicable law requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit, except for restrictions of the zoning code for which relief can be obtained, or (vi) the Condominium Documents requires the demolition of the East Unit or forbids the rebuilding of the damaged portion of the East Unit; or (vii) such restoration requires repairs in an amount in excess of the insurance proceeds recovered or recoverable, then Landlord or Tenant may, at their option, 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 but it shall be the end obligation of a calendar month and not sooner than 30 days after Landlord to repair or restore the Leased Premises as nearly as possible to its condition prior to such election was made). If neither Landlord nor Tenant elects to 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 East Unit as are set forth in Section 7.1.4 hereofdamage or destruction, and the Term shall continue without interruption and this Lease shall remain in full force and effect, subject to the rent abatement set forth in Section 7.1.7. 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 Lease beyond any applicable notice or cure period provided for herein, Landlord shall reconstruct as much of the Premises as was originally constructed by Landlord (it being understood by Tenant that Landlord shall not be responsible for any reconstruction of leasehold improvements made by Tenant, which reconstruction is the sole responsibility of Tenant) proceed promptly to substantially its condition at the time of make such damage, but Landlord shall not be responsible for any delays which may result from any cause beyond Landlord’s reasonable control, and in no event shall Landlord be required to expend amounts for such restoration in excess of the insurance proceeds recovered by Landlord. 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 Section 3.4 hereof to the extent not required to be repaired by Landlord pursuant to the provisions of this Section 7.1, including, but not limited to, the repairing and/or replacement of its merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage repairs 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, but in no event more than 120 days thereafter, restoration; provided, however, that Tenant shall not such repairs or restoration can be responsible made by Landlord for any delay which may result from any cause beyond Tenant’s reasonable control, and in no event shall Tenant be obligated to expend for such repair an amount not in excess of the insurance proceeds amount recovered as by Landlord on the fire and extended insurance. There shall be an equitable abatement of rent during the period that the Leased Premises may be wholly or partially unavailable for use by Tenant for the operation of its business. If Landlord determines that the damage or destruction is of a result character that will not permit repair or restoration of the Leased Premises within the one hundred twenty (120) days after the occurrence thereof, or if the cost of such damage. 7.1.5 All proceeds payable from repair or restoration exceeds Landlord’s 's insurance policies with respect recovery and Landlord elects not to pay the difference between the insurance recovery and the actual cost of the restoration, then Landlord shall promptly deliver written notice of this fact to Tenant, in which case either Landlord or Tenant shall have the privilege of canceling the unexpired term of this Lease upon giving written notice to the Premises and other within ten (10) business days after the East Unit shall belong date the notice is delivered to and shall be payable to LandlordTenant. 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 insurance recovery as shall be necessary against the cost to Landlord for restoration and reconstruction as provided for herein. 7.1.6 Any obligation damage or destruction occurs during the last six months of the Lease term, or if Landlord set forth in this Section 7.1 fails to restore complete the Premises shall be subject to restoration following any damage or destruction within the prior rights one hundred twenty (120) day period after the occurrence 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 Tenant shall have the operation of right to terminate the business of Tenant in Lease by written notice delivered on or before the Premises, having regard to 130th day after the extent to which Tenant may be forced to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the later of the completion by Landlord of such work of repair and/or reconstruction of the Premises as Landlord is obligated to do, or the end of the 120 day period set forth in Section 7.1.4 for completion by Tenant of such work or repair and/or reconstruction of the Premises as Tenant is obligated to docasualty.

Appears in 1 contract

Samples: Lease Agreement (Wire One Technologies Inc)

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