LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or the Project are totally or partially damaged or destroyed by a casualty, and the dollar amount of the loss to Landlord which is not fully covered by insurance maintained by Landlord or for Landlord's benefit is greater than or equal to Five Hundred Thousand Dollars ($500,000.00), which casualty renders the Premises inaccessible or unusable to Tenant in the ordinary course of its business, Landlord may, at Landlord's option, upon written notice to Tenant within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction, elect to repair or restore such damage or destruction, or Landlord may elect to terminate this Lease. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(a) above. If Landlord does not elect by notice to Tenant to repair such damage, or if the damage cannot, as certified by a contractor mutually acceptable to Landlord and Tenant, be completed within eighteen (18) months following the date of notice to Landlord of such damage or destruction without the payment of overtime or other premiums, then either party may, upon written notice to the other, terminate this Lease; provided, however, that if Landlord elects to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, within thirty (30) days after Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects or is required to make under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, that if such repairs are completed and (with respect to repairs to the Premises) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full force.
Appears in 1 contract
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this LeaseSublease, the Premises or the Building or the Project are totally or partially damaged or destroyed by from a casualtyrisk, and the dollar amount of the loss to Landlord Sublessor from which is not fully covered by insurance maintained by Landlord Sublessor or for LandlordSublessor's benefit is greater than or equal to Five Hundred Thousand Dollars ($500,000.00)benefit, which casualty damage renders the Premises inaccessible or unusable to Tenant Sublessee in the ordinary course of its business, Landlord and if such damage or destruction is not the result of the negligence or willful misconduct or omission of Sublessee or Sublessee's Parties, Sublessor may, at Landlord's its option, upon written notice to Tenant Sublessee within thirty forty-five (3045) days after notice to Landlord Sublessor of the occurrence of such damage or destruction, elect to repair or restore such damage or destruction, destruction or Landlord Sublessor may elect to terminate this LeaseSublease. If Landlord Sublessor elects to terminate this Sublease, such termination shall be effective as of the date of the occurrence of such damage or destruction. Notwithstanding the foregoing, if Sublessor elects to repair or restore such damage or destruction, this Lease Sublessor shall continue in full force and effect but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(anotify Sublessee within forty-five (45) above. If Landlord does not elect by notice to Tenant to repair such damage, or if the damage cannot, as certified by a contractor mutually acceptable to Landlord and Tenant, be completed within eighteen (18) months days following the date of notice to Landlord Sublessor of such damage or destruction destruction, if such repairs cannot, in Sublessor's judgment, be completed within two hundred (200) days following the date of notice to Sublessor without the payment of overtime or other premiums. If Sublessor notifies Sublessee that such repairs cannot, then either party mayin Sublessor's judgment, be completed within said two hundred (200) days, Sublessee may terminate this Sublease upon written notice to the otherSublessor given within ten (10) days after Sublessor's notice to Sublessee that all such repairs cannot, terminate this Leasein Sublessor's judgment, be completed within said two hundred (200) days; provided, however, that if Landlord elects Sublessee fails to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by this Sublease within said insurance exceeds Five Hundred Thousand Dollars ten ($500,000.00)10) day period from Sublessor's notice, then Tenant may prevent such termination by agreeing, within thirty (30) days after Landlord's delivery of its termination notice, Sublessee shall have no further right to pay (in advance of repairs) the amount of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects or is required to make terminate this Sublease under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, that if such repairs are completed and (with respect to repairs to the Premises) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full force11.3.
Appears in 1 contract
Samples: Sublease (Blue Holdings, Inc.)
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or in which the Project Premises are located is totally or partially damaged or destroyed by from a casualty, and the dollar amount of the which loss to Landlord which is not fully covered (except for any deductible) by insurance maintained by Landlord or for Landlord's benefit is greater than (or equal required to Five Hundred Thousand Dollars ($500,000.00be maintained by Landlord pursuant to Section 13), which casualty renders the Premises inaccessible or unusable to Tenant in the ordinary course of its business, Landlord may, at Landlord's its option, upon written notice to Tenant within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction, elect to restore or repair or restore such damage or destruction, or Landlord may elect to terminate this LeaseLease so long as Landlord terminates every other lease in the Building which was affected by, the casualty. Notwithstanding the foregoing, Landlord may not elect to terminate this Lease if (i) the uninsured portion of the damage is less than ten percent (10%) of the replacement cost of the Building and/or (ii) Landlord does not elect to terminate the leases of all other tenants in the Building who are similarly affected by such damage and/or destruction. If Landlord elects to repair or restore such damage or destruction, Landlord shall promptly commence and diligently proceed to repair such damage and this Lease shall continue in full force and effect but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(a) aboveSection 12.1(a). If Landlord does not elect by notice to Tenant to repair such damagedamage the Lease shall terminate as of the date of the casualty. Notwithstanding the foregoing, if all repairs to the Premises or if the damage Building required under this Section 12.2 cannot, as certified by a contractor mutually acceptable to Landlord and Tenantin Landlord's reasonable judgment, be completed within eighteen four (184) months following the date of notice to Landlord of such damage or destruction without the payment of overtime or other premiumsexpenses, then either party mayLandlord or Tenant may at its option, upon written notice to the other, terminate this Lease; provided, however, that if Landlord elects to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, other party given within thirty (30) days after Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount occurrence of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects damage or is required destruction, elect to make under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, that if as of the date of the occurrence of such repairs are completed and (with respect to repairs to the Premises) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full forcedamage or destruction.
Appears in 1 contract
Samples: QRS Corp
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or in which the Project Premises are located is totally or partially damaged or destroyed by from a casualty, and the dollar amount of the which loss to Landlord which is not fully covered (except for any deductible) by insurance maintained by Landlord or for Landlord's benefit is greater than (or equal required to Five Hundred Thousand Dollars ($500,000.00be maintained by Landlord pursuant to Section 13), which casualty renders the Premises inaccessible or unusable to Tenant in the ordinary course of its business, Landlord may, at Landlord's its option, upon written notice to Tenant within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction, elect to restore or repair or restore such damage or destruction, or Landlord may elect to terminate this LeaseLease so long as Landlord terminates every other lease in the Building which was affected by the casualty. Notwithstanding the foregoing, Landlord may not elect to terminate this Lease if (i) the uninsured portion of the damage is less than ten percent (10%) of the replacement cost of the Building and/or (ii) Landlord does not elect to terminate the leases of all other tenants in the Building who are similarly affected by such damage and/or destruction. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(a) aboveSection 12.1(a). If Landlord does not elect by notice to Tenant to repair such damagedamage the Lease shall terminate. Notwithstanding the foregoing, if all repairs to the Premises or if the damage Building cannot, as certified by a contractor mutually acceptable to Landlord and Tenantin Landlord's reasonable judgment, be completed within eighteen four (184) months following the date of notice to Landlord of such damage or destruction without the payment of overtime or other premiumsexpenses, then either party mayLandlord or Tenant may at its option, upon written notice to the other, terminate this Lease; provided, however, that if Landlord elects to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, other party given within thirty (30) days after Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount occurrence of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects damage or is required destruction, elect to make under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, that if as of the date of the occurrence of such repairs are completed and (with respect to repairs to the Premises) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full forcedamage or destruction.
Appears in 1 contract
Samples: QRS Corp
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or the Project are Property is totally or partially damaged or destroyed by from a casualty, and the dollar amount of the loss (except for the deductible) to Landlord from which is not fully covered by insurance required under this Lease to be maintained by Landlord or for Landlord's benefit is greater than or equal to Five Hundred Thousand Dollars ($500,000.00)benefit, which casualty damage renders the Premises inaccessible or unusable to Tenant in the ordinary course of its business, Landlord may, at Landlord's its option, upon written notice to Tenant within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction, elect to repair or restore such damage or destruction, or Landlord may elect to terminate this Lease. Landlord shall also provide Tenant with notice of its determination within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction of whether, in Landlord's reasonable judgment, the damage or destruction can be repaired within CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION of such damage or destruction without the payment of overtime or other premium. If such damage or destruction can be repaired within CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION of such damage without the payment of overtime or other premium, and if Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect but the Base Rent Rental shall be proportionately reduced as provided in Paragraph 15.1(a) aboveSection 14.1(a). If Landlord does not elect by notice to Tenant to repair such damage, or if damage this Lease shall terminate. If the damage is not or cannot, as certified by a contractor mutually acceptable to Landlord and Tenantin Landlord's reasonable judgment, be completed within eighteen (18) months CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION following the date of notice to Landlord of such damage or destruction without the payment of overtime or other premiumsdestruction, then either party may, upon written notice to the other, terminate this Lease; provided, however, that if Landlord elects to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, within thirty (30) days after Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects or is required to make under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty provided Tenant satisfies all of the conditions set forth in Sections 14.1 (30a) days' written notice to Landlord; provided, however, that if such repairs are completed and and/or 14.1 (with respect to repairs to the Premisesb) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full forcehereinabove.
Appears in 1 contract
Samples: Lease Agreement (Brilliant Digital Entertainment Inc)
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or the Project are totally or partially damaged or destroyed by from a casualtyrisk, and the dollar amount of the loss to Landlord from which is not fully covered by insurance maintained by Landlord or for Landlord's benefit is greater than or equal to Five Hundred Thousand Dollars ($500,000.00)benefit, which casualty damage renders the Premises inaccessible or unusable to Tenant in the ordinary course of its business, and if such damage or destruction is not the result of the negligence or willful misconduct or omission of Tenant or Tenant's Parties, Landlord may, at Landlord's its option, upon written notice to Tenant within thirty (30) days after notice to Landlord of the occurrence of such damage or destruction, elect to repair or restore such damage or destruction, or Landlord may elect to terminate this Lease. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect effect, but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(a) above11.2(a). If Landlord does not elect by notice elects to Tenant to repair terminate this Lease, such damage, or if the damage cannot, termination shall be effective as certified by a contractor mutually acceptable to Landlord and Tenant, be completed within eighteen (18) months following of the date of notice to Landlord the occurrence of such damage or destruction. 11.4. Loss Caused by Tenant or Tenant's Parties. Notwithstanding the foregoing, if the Premises or the Project are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant or Tenant's Parties, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction without the payment of overtime at Tenant's sole cost and expense, or other premiums, then either party may, upon written notice to the other, terminate this LeaseLandlord may at its option undertake such repair or restoration at Tenant's sole cost and expense; provided, however, that if Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 11.4 to the extent that insurance proceeds are collected by Landlord elects to terminate repair such damage, although Tenant shall in all such events pay to Landlord the Lease because the dollar full amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, within thirty (30) days after deductible under Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00)insurance policy and any amounts not insured. If any repairs which Landlord elects or is required to make under this Paragraph 15.2 have not been completed within eighteen (18) months (subject to extension for the events described in Paragraph 29 below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, that if such repairs are completed and (with respect to repairs to the Premises) delivered to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this This Lease shall continue in full forceforce and effect without any abatement or reduction in Rent or other payments owed by Tenant. 11.5.
Appears in 1 contract
Samples: Industrial Lease Agreement
LOSS NOT COVERED BY INSURANCE. If, at any time prior to the ----------------------------- expiration or earlier termination of this Lease, the Premises or the Building or the Project are totally or partially damaged or destroyed by a casualty, and the dollar amount cost to complete the appropriate restoration and repair of the loss Premises exceeds the insurance proceeds available to Landlord which in connection with such Casualty by an amount in excess of the Landlord Contribution Limit, then unless Tenant shall agree in writing to fund the amount in excess of the Landlord Contribution Limit that is not fully covered by insurance maintained by Landlord or for Landlord's benefit is greater than or equal required to Five Hundred Thousand Dollars ($500,000.00), which casualty renders complete the Premises inaccessible or unusable to Tenant in appropriate restoration and repair of the ordinary course of its businessPremises, Landlord may, at Landlord's its option, upon written notice to Tenant within thirty sixty (3060) days after notice to Landlord of the occurrence of such damage or destruction, (i) elect to repair or restore such damage or destructiondestruction at Landlord's expense (provided Landlord can obtain all necessary governmental permits and approvals therefor at reasonable cost and on reasonable conditions), and in such event, this Lease shall continue in full force and effect but the Rent shall be proportionately reduced as provided in Paragraph 11.2.1 or Landlord may (ii) elect to terminate this Lease. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect effect, but the Base Rent shall be proportionately reduced as provided in Paragraph 15.1(a) above11.2.1. If Landlord does not elect by notice elects to Tenant to repair terminate this Lease under this Paragraph 11.3, such damage, or if the damage cannot, termination shall be effective as certified by a contractor mutually acceptable to Landlord and Tenant, be completed within eighteen (18) months following of the date of notice to Landlord the occurrence of such damage or destruction without the payment destruction. For purposes of overtime or other premiums, then either party may, upon written notice to the other, terminate this Lease; provided, however, that if Landlord elects to terminate the Lease because the dollar amount of the loss to Landlord which is not fully covered by said insurance exceeds Five Hundred Thousand Dollars ($500,000.00), then Tenant may prevent such termination by agreeing, within thirty (30) days after Landlord's delivery of its termination notice, to pay (in advance of repairs) the amount of such loss which exceeds Five Hundred Thousand Dollars ($500,000.00). If any repairs which Landlord elects or is required to make under this Paragraph 15.2 have not been completed within eighteen 11.3 (18and Paragraph 11.2) months in the event that any Holder of any Security Document (subject to extension for the events described as such terms are defined in Paragraph 29 21.1, below), then Tenant may terminate this Lease upon thirty (30) days' written notice to Landlord; provided, however, requires that if such repairs are completed and (any insurance proceeds with respect to repairs any Casualty be applied to the Premises) delivered outstanding balance of the obligation secured by such Security Document (and such requirement by such Holder is permitted under then Applicable Laws and under the applicable Security Document), such insurance proceeds shall not be "available to Tenant by the end of said thirty (30) day period, the termination shall have no effect and this Lease shall continue in full forceLandlord".
Appears in 1 contract