Common use of Landlord’s Option to Repair Clause in Contracts

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 10 contracts

Samples: Lease (Oric Pharmaceuticals, Inc.), Lease (Oric Pharmaceuticals, Inc.), Lease (Tenaya Therapeutics, Inc.)

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Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 10 contracts

Samples: Lease Agreement (Nkarta, Inc.), Lease (Biotech Acquisition Co), Lease (Annexon, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant Xxxxxx agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by TenantXxxxxx.

Appears in 3 contracts

Samples: Lease Agreement, Lease (Denali Therapeutics Inc.), Lease (Denali Therapeutics Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty casualty, whether or causenot the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and fully covered by Landlord’s insurance policies (plus the cost amount of restoration exceed five percent Landlord’s deductibles applicable thereto); (5%iv) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)intentionally omitted); or (iiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Xxxxxx. Furthermore, if neither Landlord nor Tenant has terminated this Lease, and the repairs are not actually completed within such 180-day period, Tenant shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be less than ten (10) business days following the end of each such month. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord’s receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty-day period, then this Lease shall terminate upon the expiration of such thirty-day period. At any time, from time to time, after the date occurring sixty (60) days after the date of the damage, Xxxxxx may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and Landlord shall respond to such request within five (5) business days. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default under this Lease (beyond the applicable notice and cure period set forth in this Lease); and (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises. In the event this Lease is terminated in accordance with the terms of this Section 11.2, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under items (ii) and (iii) of Section 10.3.2 of this Lease.

Appears in 2 contracts

Samples: Office Lease (Roka BioScience, Inc.), Office Lease (Roka BioScience, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire Casualty, whether or other casualty or causenot the Premises is affected, and one or more of the following conditions is present: (i) in Landlord’s commercially reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, fully covered by Landlord’s insurance policies (excluding deductible amounts) and the cost of restoration exceed five percent to repair exceeds One Million and 00/100 Dollars (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)$1,000,000.00); or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than cannot be repaired within sixty (60) days to restoredays; provided, however, that if the Premises and/or access thereto are materially damaged by Casualty, and Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either the repairs cannot, in the reasonable opinion of Landlord, not be completed within eight two hundred seventy (8) months 270) days after the date of discovery of the damage or the damage occurs during the last twelve (or are not in fact completed within nine (912) months after the date of discovery of the damage)Lease Term, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Furthermore, if neither Landlord nor Tenant has terminated this Lease, and the repairs are not actually completed within sixty (60) days of the date that Landlord originally estimated for completion in “Landlord’s Repair Estimate Notice” (as that term is defined hereinbelow), then Tenant shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be less than ten (10) business days following the end of each such month. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord’s receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty-day period, then this Lease shall terminate upon the expiration of such thirty-day period. At any time, from time to time, after the date occurring sixty (60) days after the date of the damage, Tenant may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and Landlord shall respond to such request within five (5) business days (“Landlord’s Repair Estimate Notice”). Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by Casualty was not caused by the gross negligence or intentional misconduct of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default under this Lease beyond any applicable notice and cure period; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as a result of the damage to the Project, Tenant does not occupy or use the Premises at all. In the event this Lease is terminated in accordance with the terms of this Section 11.2, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.3.2(ii) and (iii) of this Lease, provided that Tenant shall be entitled to retain a portion of the insurance proceeds, if any, in excess of the sum of (i) $5,366,805.00 (i.e., the Xxxxx 000 Xxxxxxxxx, xxx Xxxxx 000 Xxxxxxxxx, and the Suite 200 Allowance) with respect to the Phase 1 Premises, (ii) $3,737,325.00 (i.e., the Suite 300 Allowance) with respect to the Suite 300 Premises, (iii) $953,175.00 (i.e., the Suite 750 Allowance) with respect to the Suite 750 Premises, and (iv) $2,987,325.00 (i.e., the Suite 900 Allowance) with respect to the Suite 900 Premises (the “Excess Proceeds”). Tenant shall be entitled to retain the portion of the Excess Proceeds which is equal to the product of (i) a fraction, the numerator of which is the number of months in the Lease Term which would be remaining as of the date of the Casualty, and the denominator of which is the total number of months in the Lease Term, and (ii) the amount of the Excess Proceeds.

Appears in 2 contracts

Samples: Office Lease (DoorDash Inc), Office Lease (DoorDash Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent fully covered by Landlord’s insurance policies; (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iiiiv) the damage occurs during the last twelve (12) months of the then-current Lease Term and will take more Term; or (v) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred seventy (8) months 270) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 2 contracts

Samples: Office Lease (Yelp Inc), Office Lease (Yelp Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Premises and/or Building and/or Project, and instead terminate this Lease, Lease by notifying Tenant in writing of such termination within sixty ninety (6090) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year after days of the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost holder of restoration exceed five percent (5%) of the replacement cost of any mortgage on the Building (unless Tenant agrees or ground lessor with respect to pay the Real Property shall require that the insurance proceeds or any uninsured amount in excess of such five percent (5%))portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreis not fully covered, except for deductible amounts, by Landlord’s insurance policies; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days one year after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. At any time, from time to time, after the date occurring sixty (60) days after the date of the damage, Tenant may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and Landlord shall respond to such request within five (5) business days.

Appears in 2 contracts

Samples: Office Lease (Spinal Elements Holdings, Inc.), Office Lease (Spinal Elements Holdings, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord’s insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 2 contracts

Samples: Office Lease (Apptio Inc), Office Lease (Apptio Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises is affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent fully covered (5%except for any deductibles) of the replacement cost of the Building by Landlord’s insurance policies (unless Tenant agrees to pay any for the uninsured amount in excess cost of repairs) and Landlord elects not to repair such five percent (5%))damage; or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 2 contracts

Samples: Sublease Agreement (Oportun Financial Corp), Sublease Agreement (Oportun Financial Corp)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 2 contracts

Samples: Lease (Nkarta, Inc.), Lease (Adverum Biotechnologies, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60one hundred twenty(120) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, Landlord terminates the leases of all tenants of the Building that are affected by the casualty in a manner similar to Tenant, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one three hundred sixty and (1360) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) except for an amount not to exceed the "Threshold Amount," as that term is defined below, the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord's insurance policies; or (iii) the damage occurs during the last twelve nine (129) months of the Lease Term and will take more than sixty (60) days to restore; providedTerm. Notwithstanding the foregoing, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight three hundred sixty and (8) months 360) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) 120 days after the date such notice is given by Tenant. For purposes of this Section 11.2, the "THRESHOLD AMOUNT" shall equal $2,000,000.00.

Appears in 1 contract

Samples: Office Lease (Equity Marketing Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord’s insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (i) material damage affecting Tenant’s use of the Premises occurs during the last twelve (12) months of the Lease Term, or (ii) the repairs cannot, in the on a commercially reasonable opinion of Landlordbasis, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.. 692326.07/WLA 123056-00076/7-12-12/ral/sew EXHIBIT X-0 -00- XXXXX XXXXXX [Xxxxxxx, Inc.]

Appears in 1 contract

Samples: Office Lease (Blucora, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building Premises and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant at least sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s 's architect's or contractor's reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Project or ground lessor with respect to the Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Leasefully covered by Landlord's insurance policies (other than deductibles), and unless in an instance described in the foregoing clauses (ii) or (iii), the cost of restoration exceed five to repair is less than three percent (53%) of the replacement cost of the Building (unless Tenant agrees Building, in which event Landlord shall not have the option to pay any uninsured amount in excess of such five percent (5%))terminate this Lease; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term Term; and will take more than sixty such damage cannot be repaired within thirty (6030) days to restore; after the date of discovery of the damage, provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of LandlordTenant's Construction Representative, be completed within eight two hundred seventy (8) months 270) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty thirty (6030) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.later

Appears in 1 contract

Samples: Office Lease (Netgear, Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant Xxxxxx agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by TenantXxxxxx.

Appears in 1 contract

Samples: Lease (Harpoon Therapeutics, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent fully covered by Landlord’s insurance policies; (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more Term; or (v) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (c) as a result of the damage to the Project, Tenant does not occupy or use the Premises at all.

Appears in 1 contract

Samples: Lease (Inhibrx, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord's insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and either (i) material damage to the Premises occurs during the last twelve (12) months of the Lease Term, or (ii) the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if as a result of the damage, Tenant cannot reasonably conduct business from the Premises.

Appears in 1 contract

Samples: Office Lease

Landlord’s Option to Repair. Notwithstanding the terms of Section SECTION 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Premises and/or Building and/or Project, and instead terminate this Lease, Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, cause and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year after days of the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums)) certified by a contractor mutually acceptable to Landlord and Tenant; or (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) dollar amount of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess damage or condition arising as a result of such five percent damage not covered, including deductible amounts, by Landlord’s insurance policies is equal to or greater than Five Million Dollars (5%$5,000,000.00)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect shall only have the right to terminate this Lease pursuant to Landlord’s termination right as provided under items (i) and (ii), above, if Landlord terminates the leases of tenants occupying at least seventy-five percent (75%) of the rentable square footage of the Building (inclusive of the square footage of the Premises) and the repairs canLandlord does not, in the reasonable opinion good faith, intend to relet such space so terminated for a period of Landlord, be completed within eight twelve (8) months days after the date of discovery of the damage (or are not in fact completed within nine (912) months after the date of discovery of the damage)such termination; provided, Tenant may electfurther, no earlier than however, that if Landlord’s general contractor within sixty (60) days after the date of the damage and fails to certify in writing to Tenant (after written request by Tenant to Landlord for such certification) that the Building can be restored within two hundred seventy (270) days after the date of the damage, Tenant shall then have the right, to be exercised not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to elect to terminate this Lease by written notice to Landlord effective as of on the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Furthermore, if neither Landlord nor Tenant have terminated this Lease, and the repairs are not actually completed within such two hundred seventy (270) day period, Tenant shall have the right to terminate this Lease, which right if exercised must be exercised by Tenant in writing (the “DAMAGE TERMINATION NOTICE”) within the thirty (30) day period immediately following the expiration of the foregoing two hundred seventy (270) day period, and which termination shall be effective as of a date set forth in the Damage Termination Notice (the “DAMAGE TERMINATION DATE”), which Damage Termination Date shall not be earlier than thirty (30) days nor more than sixty (60) days after the sending of such Damage Termination Notice. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending sixty (60) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord’s receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within sixty (60) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such sixty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such sixty-day period, then this Lease shall terminate upon the expiration of such sixty-day period. At any time, from time to time, after the date of the damage, Tenant may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and Landlord shall reasonably respond to such request within ten (10) days.

Appears in 1 contract

Samples: Office Lease (Wh Holdings Cayman Islands LTD)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant Xxxxxx agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease (Pliant Therapeutics, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the base building of the Premises, Building and/or ProjectBuildings and Common Areas as set forth in Section 11.1, above, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building Buildings or Project shall be damaged by fire or other casualty or cause, only if the Premises are materially adversely affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that not fully covered by Landlord’s insurance policies (or the insurance policies which Landlord is not required to insure under would have maintained had Landlord complied with the terms of this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (a) the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred seventy (8) months 270) days after being commenced, or (b) if material damage occurs during the date of discovery last twelve (12) months of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)Lease Term, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Xxxxxx. In the event this Lease is terminated in accordance with the terms of this Section 11.2, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under items (ii) and (iii) of Section 10.3.2 of this Lease to the extent the same relate to the unamortized value of the Tenant Improvements (to the extent paid for with the Tenant Improvement Allowance).

Appears in 1 contract

Samples: Office Lease (Childrens Place Retail Stores Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Further, if the damage occurs during the last twelve (12) months of the Lease Term, and will take more than one hundred twenty (120) days to restore, Tenant may elect to terminate this Lease by written notice to Landlord effective as of the date specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease (Annexon, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60one hundred twenty(120) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, Landlord terminates the leases of all tenants of the Building that are affected by the casualty in a manner similar to Tenant, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one three hundred sixty and (1360) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) except for an amount not to exceed the "Threshold Amount," as that term is defined below, the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord's insurance policies; or (iii) the damage occurs during the last twelve nine (129) months of the Lease Term and will take more than sixty (60) days to restore; providedTerm. Notwithstanding the foregoing, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight three hundred sixty and (8) months 360) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) 120 days after the date such notice is given by Tenant.. For purposes of this Section 11.2, the "Threshold Amount" shall equal $2,000,000.00; provided, however, that such amount shall be reduced by an amount equal to $55,555.55 on the first day of each month following the last day of the seventh (7th)

Appears in 1 contract

Samples: Office Lease (Artistdirect Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight six (8) 6) months days after the date of discovery of the damage (or are not in fact completed within nine seven (97) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease (Graphite Bio, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Office Lease (Docusign Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the at least One Hundred Thousand Dollars ($100,000.00) of damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))covered by Landlord’s insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. In addition to the foregoing, if Landlord elects to make restoration following such casualty and does not complete such restoration within one hundred eighty (180) days (or such longer period as initially estimated for such repair), Tenant may terminate this lease upon not less than thirty (30) days prior written notice to Landlord, provided however, this Lease shall not terminate in the event Landlord so completes such restoration within thirty (30) days after the date of Tenant’s termination notice. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (c) as a result of the damage to the Project, Tenant does not occupy or use the Premises at all. In addition, Tenant may terminate this Lease if the damage to the Premises occurs during the last twelve (12) months of the Lease Term, and, as a result of such damage, Tenant cannot reasonably conduct business from the Premises for a period of thirty (30) days or more.

Appears in 1 contract

Samples: Lease Agreement (Kalobios Pharmaceuticals Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost holder of restoration exceed five percent (5%) of the replacement cost of any mortgage on the Building (unless Tenant agrees or Project or ground lessor with respect to pay the Building or Project shall require that the insurance proceeds or any uninsured amount in excess of such five percent (5%))portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, not reasonably be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Office Lease (Arthrocare Corp)

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Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent fully covered by Landlord's insurance policies; (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more Term; or (iv) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred seventy (8) months 270) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of discovery of the damage and not later than ninety (90) days after the date of discovery of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord 795344.01/WLA 377082-00004//ejs/ejs -30- 000 X. Xxxxxxxx Xxxxxxxxx [Arrowhead Pharmaceuticals, Inc.] Landlord, such termination being effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by TenantTenant (provided, however, that in such event all Rent shall be deemed to have been abated from and after the date of the casualty). Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions are satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default under this Lease beyond all applicable notice and cure periods; and (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises.

Appears in 1 contract

Samples: Office Lease (Arrowhead Pharmaceuticals, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or ProjectCommon Areas, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damageCasualty, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building and Common Areas shall be damaged by fire or other casualty Casualty or cause, cause and one or more of the following conditions is present: (i) in Landlord’s reasonable judgmentaccording to the Casualty Estimate, repairs to the Building and Common Areas cannot reasonably be completed within one twelve (112) year months after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due holder of any mortgage on the Building or Project shall require that the insurance proceeds or any portion thereof in excess of Two Million Dollars ($2,000,000.00) be used to a risk that Landlord is not required to insure under this Lease, and retire the cost of restoration exceed five percent mortgage debt; (5%iii) at least Two Million Dollars ($2,000,000.00) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))damage is not fully covered by Xxxxxxxx’s insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than according to the Casualty Estimate restoration and repair of the Building and Common Areas cannot be completed within sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days after the date of discovery of the damage (when such repairs are made without the payment of overtime or are other premiums), Notwithstanding anything to the contrary herein, Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination within sixty (60) days after receipt of the Casualty Estimate, such notice to include a termination date giving Tenant up to sixty (60) days to vacate the Premises, but Tenant may so elect only if one or more of the following conditions is present: (A) according to the Casualty Estimate, repairs to the Base Building and Common Areas cannot in fact be completed within nine twelve (912) months after the date of discovery of the damage), Tenant may elect, no earlier than damage (when such repairs are made without the payment of overtime or other premiums) or (B) the damage occurs during the last twelve (12) months of the Lease Term and according to the Casualty Estimate restoration and repair of the Building and Common Areas cannot be completed within sixty (60) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums). In addition, if neither Landlord nor Tenant has terminated this Lease and the repairs are not later than actually completed within ninety (90) days after of the date period of such damagetime set forth in the Casualty Estimate, or within thirty (30) days after such repairs are not timely completed, Tenant shall have the right to terminate this Lease by written notice to Landlord (the “Damage Termination Notice”), effective as of the a date specified set forth in the noticeDamage Termination Notice (the “Damage Termination Date”), which date shall not Damage Termination Date may be less than thirty (30) days nor more than up to sixty (60) days after delivery of the date such notice is given by TenantDamage Termination Notice.

Appears in 1 contract

Samples: Lease (Septerna, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) at least $100,000 of the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord’s insurance policies; or (iiiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty Term. In addition to the foregoing, if (60x) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred seventy (8) months 270) days after being commenced, or (b) the date of discovery damage occurs during the last twelve months of the damage Lease Term and will reasonably require in excess of ninety (or are not in fact completed within nine (990) months after the date of discovery of the damage)days to repair, then Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and (c) as a result of the damage to the Project, Tenant does not occupy or use all or a material portion of the Premises at all.

Appears in 1 contract

Samples: Office Lease (Opentv Corp)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty one hundred twenty (60120) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one two hundred seventy (1270) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) except for an amount not to exceed the “Threshold Amount,” as that term is defined below, the damage is due to a risk that Landlord the Base Building and Common Areas (as opposed to the Original Improvements and Alterations in the Premises) is not fully covered by Landlord’s insurance policies (or would have been covered had Landlord carried the insurance required to insure under by the terms of this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve nine (129) months of the Lease Term Term, and will take more than sixty (60) days Tenant elects not to restore; providedexercise its Option pursuant to Section 2.2 hereof. Notwithstanding the foregoing, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred seventy (8) months 270) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of discovery of the damage and not later than ninety one hundred twenty (90120) days after the date of discovery of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty one hundred twenty (60120) days after the date such notice is given by Tenant. In addition, if the Lease has not been terminated by either party, and such repairs are not completed within ninety (90) days following the period estimated for repair at the time such repairs were commenced, then Tenant shall have the right, within five (5) business days after the end of such 90-day period, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than one hundred twenty (120) days after the date such notice is given by Tenant (provided that, if within five (5) business days after receipt of such notice, Landlord delivers Tenant a notice stating that, in the good faith opinion of Landlord such repairs will be completed within thirty (30) additional days, then Tenant’s termination notice shall be suspended for 30-days, and, if the repairs are completed within such period, the termination notice shall be null and void, and this Lease shall continue in full force and effect. For purposes of this Section 11.2, the “Threshold Amount” shall equal $500,000; provided, however, that such amount shall be reduced by an amount equal to $4,167 on the first day of each month during the Lease Term, and in the event that Tenant exercises the Option, then as of the commencement of the Option Term, the Threshold Amount shall equal $500,000 and shall be reduced by $8,333 on the first day of each month during such Option Term.

Appears in 1 contract

Samples: Lease (THQ Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is due not fully covered by Landlord’s insurance policies (unless such shortfall is a result of Landlord’s failure to a risk maintain the insurance that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees maintain pursuant to pay any uninsured amount in excess of such five percent (5%)Section 10.2 above); or (iiiiv) the material damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. In addition, Tenant may terminate this Lease if the damage to the Premises occurs during the last twelve (12) months of the Lease Term, and, as a result of such damage, Tenant cannot reasonably conduct business from the Premises for a period of sixty (60) days or more. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions are satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or Tenant Parties; (b) no Event of Default by Tenant has occurred and is continuing beyond any applicable notice and cure periods; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as a result of the damage to the Project, Tenant does not occupy or use the Premises at all.

Appears in 1 contract

Samples: Office Lease (Rockley Photonics Holdings LTD)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost holder of restoration exceed five percent (5%) of the replacement cost of any mortgage on the Building (unless Tenant agrees or Project or ground lessor with respect to pay the Building or Project shall require that the insurance proceeds or any uninsured amount in excess of such five percent (5%))portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; or (iii) the damage is not fully covered by Landlord's insurance policies (unless such shortfall is a result of Landlord’s failure to maintain the insurance that Landlord is required to maintain pursuant to Section 10.2 above); (iv) material damage occurs during the last twelve (12) months of the Lease Term and will take more Term; or (v) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage being commenced (or are not in fact completed within nine two hundred seventy (9270) months days after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant; (b) no Event of Default has occurred and is continuing; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as a result of the damage to the Project, Tenant does not occupy or use the damaged portion of the Premises for the Permitted Use.

Appears in 1 contract

Samples: Lease (Vaxart, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty ninety (6090) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight seven (8) 7) months days after the date of discovery of the damage (or are not in fact completed within nine eight (9) 8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.. 00 Xxxxxxxxx Xxxxxxx Xxxxxxx Xxxxxxxx Xxxx [Britannia Gateway Business Park] [Senti Biosciences, Inc.]

Appears in 1 contract

Samples: Lease (Dynamics Special Purpose Corp.)

Landlord’s Option to Repair. Landlord shall give Tenant written notice (the “Repair Notice”) stating the estimated length of time that will be required to repair casualty damage as soon as reasonably possible after such damage, but in no event later than thirty (30) days following the date Landlord first has knowledge of the damage. Notwithstanding the terms of Section 11.1 of this Lease11.1, if the Building or a Material Project Portion (as hereinafter defined) suffers major and material damage, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, Material Project Portion; and instead terminate this Lease, Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery Landlord first has knowledge of the damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building shall be or a Material Project Portion is majorly, materially damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs to be made by Landlord cannot reasonably be completed within one two hundred ten (1210) year days after the date of discovery Landlord first has knowledge of the damage (when such repairs are made without the payment of overtime or other premiums); or (ii) the damage which is due required to a risk that be repaired by Landlord is not required to insure under this Leasefully covered, and the cost except for deductible amounts, by Landlord’s insurance policies (provided such shortfall of restoration exceed five percent insurance proceeds is at least Two Million Dollars (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%$2,000,000)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight two hundred ten (8) months 210) days after the date of discovery Landlord first has knowledge of the damage (which such repairs are made without the payment of overtime or are not in fact completed within nine (9) months after the date of discovery of the damageother premium), Tenant may elect, no earlier than sixty (60) days after the date Landlord first has knowledge of the damage and not later than ninety (90) days after the date Landlord first has knowledge of such the damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.. Furthermore, if neither Landlord nor Tenant has terminated this Lease, and the repairs are not actually completed within such 210-day period, Tenant shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be less than ten (10) business days following the end of each such month. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the

Appears in 1 contract

Samples: Office Lease (Cornerstone OnDemand Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises is affected, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent fully covered (5%except for any deductibles) of the replacement cost of the Building by Landlord's insurance policies (unless Tenant agrees to pay any for the uninsured amount in excess cost of repairs) and Landlord elects not to repair such five percent (5%))damage; or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restoreTerm; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Rovi Corp)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight six (8) 6) months days after the date of discovery of the damage (or are not in fact completed within nine seven (97) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease (Bolt Biotherapeutics, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant Txxxxx agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by TenantTxxxxx.

Appears in 1 contract

Samples: Lease Agreement (Surrozen, Inc./De)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date XXXXXX REALTY [999 North Xxxxxxxxx] [Encore Software] giving Tenant sixty one hundred twenty (60120) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, Landlord terminates the leases of all tenants of the Building that are affected by the casualty in a manner similar to Tenant, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one three hundred sixty (1360) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) except for an amount not to exceed the "Threshold Amount," as that term is defined below, the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%))fully covered by Landlord's insurance policies; or (iii) the damage occurs during the last twelve nine (129) months of the Lease Term and will take more than sixty (60) days to restore; providedTerm. Notwithstanding the foregoing, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight three hundred sixty and (8) months 360) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty one hundred twenty (60120) days after the date such notice is given by Tenant. For purposes of this Section 11.2, the "Threshold Amount" shall equal $1,000,000.00; provided, however, that such amount shall be reduced by an amount equal to $16,129.03 on the first day of each month during the Lease Term.

Appears in 1 contract

Samples: Office Lease (Navarre Corp /Mn/)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 8.1 of this Lease, Landlord may elect not to rebuild and/or restore the PremisesBuilding, Building and/or Project, Premises and Project and instead terminate this Lease, Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery Landlord learns of the necessity for repairs as the result of damage, such notice to include a termination date giving Tenant sixty ninety (6090) days to vacate the Premises, but Landlord may so elect only if the Building Premises shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one eighteen (118) year months after the date of discovery Landlord learns of the necessity for repairs as the result of such damage (when such repairs are made without the payment of overtime or other premiums) as certified by a contractor mutually acceptable to Landlord and Tenant (the “Certifying Contractor”); or (ii) the amount of the damage is due to a risk that not fully covered, including deductible amounts, but excluding any amounts which would have been covered had Landlord is not carried the insurance required to insure be carried by Landlord under this Lease, by Landlord’s insurance policies is equal to or greater than Five Million and the cost of restoration exceed five percent No/100 Dollars (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%$5,000,000.00)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, not be completed within eight eighteen (8) months days after the date of discovery of the damage (or are not in fact completed within nine (918) months after the date of discovery Landlord learns of the necessity for repairs as a result of such damage), as certified by the Certifying Contractor, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than the later of (A) Landlord’s delivery of notice to Tenant that Landlord is not electing to terminate this Lease or (B) ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Furthermore, if neither Landlord nor Tenant have terminated this Lease, and the repairs are not actually completed within such eighteen (18) month period, as extended by Tenant delays and delays due to Force Majeure events, Tenant shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be earlier than the end of each such month. Tenant may at any time prior to any Damage Termination Date void any previously delivered Damage Termination Notice. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord’s receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty-day period, then this Lease shall terminate upon the expiration of such thirty-day period. At any time, from time to time, after the date occurring sixty (60) days after the date of the damage, Tenant may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and Landlord shall respond to such request within five (5) business days.

Appears in 1 contract

Samples: Office Lease (Health Net Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight (8) months days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

Appears in 1 contract

Samples: Lease (CytomX Therapeutics, Inc.)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be or Premises are substantially damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s 's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project requires that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or terminates the ground lease, as the case may be; (iii) the damage is due to a risk that Landlord is not required to insure under this Lease, fully covered by Landlord's and the cost of restoration exceed five percent Xxxxxx’s insurance policies; (5%iv) of the replacement cost of the Building intentionally deleted; (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iiiv) the damage occurs during the last twelve (12) months of the Lease Term and will take more Term; or (vi) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage)being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Xxxxxx. In addition to the foregoing, if Landlord elects to make restoration following such casualty and does not complete such restoration within one hundred eighty (180) days (or such longer period as initially estimated for such repair and agreed to by Tenant), Tenant may terminate this Lease upon not less than thirty (30) days’ prior written notice to Landlord, provided however, this Lease shall not terminate in the event Landlord so completes such restoration within thirty (30) days after the date of Tenant's termination notice. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default under this Lease, after the expiration of any applicable notice and cure period; and (c) as a result of the damage, Tenant cannot reasonably conduct business from all or a portion of the Premises. In addition, Tenant may terminate this Lease if the damage to the Premises occurs during the last twelve (12) months of the Lease Term, and, as a result of such damage, Tenant cannot reasonably conduct business from all or a portion of the Premises for a period of thirty (30) days or more.

Appears in 1 contract

Samples: Lease (Myriad Genetics Inc)

Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (1180) year days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost holder of restoration exceed five percent (5%) of the replacement cost of any mortgage on the Building (unless Tenant agrees or Project or ground lessor with respect to pay the Building or Project shall require that the insurance proceeds or any uninsured amount in excess of such five percent (5%))portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; or (iii) the damage is not fully covered by Landlord’s insurance policies (unless such shortfall is a result of Landlord’s failure to maintain the insurance that Landlord is required to maintain pursuant to Section 10.2 above); (iv) material damage occurs during the last twelve (12) months of the Lease Term and will take more Term; or (v) any owner of any other portion of the Project, other than sixty (60) days Landlord, does not intend to restorerepair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within eight one hundred eighty (8) months 180) days after the date of discovery of the damage being commenced (or are not in fact completed within nine two hundred seventy (9270) months days after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less [*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was not caused by the gross negligence or intentional act of Tenant; (b) no Event of Default has occurred and is continuing; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as a result of the damage to the Project, Tenant does not occupy or use the damaged portion of the Premises for the Permitted Use.

Appears in 1 contract

Samples: Lease Agreement (Principia Biopharma Inc.)

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