Obligation to Restore. (a) If all or any part of the improvements located on (or constituting a part of) the Leased Premises are destroyed or damaged by any casualty during the Term, Tenant shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Tenant will perform such restoration with at least as good workmanship and quality as the improvements being restored, and in compliance with the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph (a) to the contrary, if all of such improvements are wholly destroyed by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (and Tenant shall give written notice of such determination to Landlord within 90 Business Days after the date the casualty occurred), then Tenant shall not be obligated to restore such improvements and this Lease shall terminate as of the date of the casualty or its discovery. (b) If all or any part of the Elevator serving the Project is damaged by any casualty during the Term, Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give written notice of such determination to Tenant within 90 Business Days after the date the casualty occurred or is discovered), the Landlord shall not be obligated to restore the Elevator and this Lease shall terminate as of the date of the casualty or its discovery. (c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Appears in 2 contracts
Samples: Lease Agreement (Harvest States Cooperatives), Lease Agreement (Harvest States Cooperatives)
Obligation to Restore. (a) If all the whole or any part of the improvements located on Demised Premises (including the building shell and the leasehold improvements) is damaged or constituting a part of) the Leased Premises are destroyed or damaged by any casualty during the Demised Term, then, except as otherwise provided in this Lease:
(a) Tenant, at its sole cost and expense, shall repair, restore or rebuild the improvements constructed by Tenant within the Demised Premises, and
(b) Landlord, at its sole cost and expense, shall promptly commence and thereafter prosecute diligently to completion repair, restore or rebuild the restoration remaining portion of the same Demised Premises to substantially the condition they were in which the destroyed or damaged portion existed immediately prior to the casualty. Tenant will perform such restoration with at least as good workmanship and quality as the improvements being restoreddamage or destruction, and (i) Tenant's rent and other charges shall abate on a proportionate basis to txx xxtent that the Demised Premises is rendered unusable during any such period of damage, destruction, repair or restoration, and (ii) if the Demised Premises is rendered unusable, all time periods under this Lease shall be tolled during any period of damage, destruction, repair or restoration. All such repair, restoration or rebuilding shall be promptly commenced and performed with due diligence in compliance a good and workmanlike manner and in accordance with the provisions of Article 6 hereofapplicable law and plans and specifications for such work reasonably approved by Landlord and Tenant. Notwithstanding the foregoing provisions of this subparagraph foregoing,
(ai) if such damage or destruction to the contrary, if all Demised Premises shall occur during the last year of such improvements are wholly destroyed by any casualtythe Original Term, or are so damaged during the last year of any Renewal Term, and the cost of replacing or destroyed thatreconstructing the improvements constructed by Tenant within the Demised Premises from time to time (including any additions, in replacements or renovations thereto) equals or exceeds twenty-five percent (25%) of their total replacement cost, this Lease may be terminated at Tenant's sole judgment it would be uneconomical to cause the same to be restored (and election, provided that Tenant shall give gives Landlord written notice of such determination to Landlord election within 90 Business Days two (2) months after the date occurrence of such damage or destruction; and
(ii) if such damage or destruction to the casualty occurred), then Tenant Demised Premises shall not be obligated to restore such improvements and this Lease shall terminate as occur during the last year of the date of the casualty Original Term or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the last year of any Renewal Term, Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration cost of replacing or reconstructing the same building in which the Demised Premises are located to the condition in which initially required under Section 5.2 hereof for the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same Tender Date to be restored deemed to have occurred equals or exceeds twenty-five percent (and 25%) of the total replacement cost of such building, this Lease may be terminated by Landlord, provided that Landlord shall give gives Tenant written notice of such determination to Tenant election within 90 Business Days two (2) months after the date the casualty occurred occurrence of such damage or is discovered)destruction. However, the if Landlord shall not be obligated to restore the Elevator exercise said right of termination and this Lease at that time Tenant has an unexercised Renewal Option, Tenant may render Landlord's notice of termination null and void, provided that Tenant, within one (1) month after its receipt of Landlord's termination notice, shall terminate as of the date of the casualty or exercise its discoverynext available Renewal Option.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Startek Inc)
Obligation to Restore. (a) If all In the event of damage or destruction to the Building or Premises or any part of the improvements located on (or constituting a part of) the Leased Premises are destroyed or damaged portion thereof by any casualty during the Lease Term, Tenant Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of forthwith repair the same to the condition the Building or Premises were in which immediately before the destroyed or damaged portion existed prior destruction (to the casualtyextent permitted by Laws), provided such casualty is (i) of a type required to be insured against by Landlord under the terms of this Lease and for which Xxxxxxxx has actually received insurance proceeds sufficient to repair the damage or destruction or (ii) is actually insured against by Xxxxxxxx and for which Xxxxxxxx has actually received insurance proceeds sufficient to repair the damage or destruction (herein collectively referred to as an "Insured Casualty"). Tenant will perform such restoration with at least as good workmanship and quality as In the improvements being restoredevent of damage or destruction of the Premises by a casualty of a type which is not required to be insured against by Landlord under this Lease, and in compliance with which is not actually insured against by Landlord (herein referred to as an "Uninsured Casualty"), Landlord shall restore the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph (a) Premises to the contrary, if all of same condition as they were in immediately before such improvements are wholly destroyed destruction (to the extent permitted by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (and Tenant shall give written notice of such determination to Landlord within 90 Business Days after the date the casualty occurred), then Tenant shall not be obligated to restore such improvements Laws) and this Lease shall terminate as not terminate; provided, that if in the case of such Uninsured Casualty the cost of restoration exceeds five percent (5%) of the date then replacement cost of the casualty or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the TermBuilding, Landlord shall promptly commence and thereafter prosecute diligently may elect to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of terminate this subparagraph (b) to the contrary, if the Elevator is wholly destroyed Lease by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give giving written notice of such determination to Tenant within 90 Business Days fifteen (15) days after determining the date replacement cost and furnishing reasonable evidence thereof to Tenant. If Landlord SO elects to terminate this Lease, Tenant, within fifteen (15) days after receiving Xxxxxxxx's notice to terminate, can elect to pay to Landlord at the casualty occurred or is discovered)time Tenant notifies Landlord of its election, the difference between five percent (5%) of the replacement cost of the Building and the actual cost of restoration, in which case Landlord shall restore the Premises and this Lease shall not terminate. If Landlord so elects to terminate this Lease and Tenant does not elect to contribute the cost Of restoration as provided herein, this Lease shall terminate. In all events Landlord shall not be obligated required to restore or replace Xxxxxx's Alterations or replace Xxxxxx's Property unless Landlord receives insurance proceeds which cover such losses. Provided the Elevator damage is not due to the negligence or willful misconduct of Tenant, its employees, agents, contractors or invitees, Tenant shall be entitled to a proportionate reduction of Base Monthly Rent during the period of damage and this Lease restoration, such proportionate reduction to be based upon the extent to which thc damage and making of repairs shall terminate as interfere with Xxxxxx's use of the date of the casualty or its discoveryPremises.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Appears in 1 contract
Samples: Sublease Agreement (Actionpoint Inc)
Obligation to Restore. (a) If all In case of damage to or any part destruction of the improvements located on Leasehold Improvements by a risk that is not required to be covered by insurance as set forth in Article 9 of this Lease, the repair costs for which Tenant reasonably believes will be in excess of five percent (or constituting a part of5%) of the Leased Premises are destroyed or damaged by any casualty during the Termreplacement costs thereof, Tenant shall promptly commence and thereafter prosecute diligently have the right to completion the restoration terminate this Lease by giving written notice to Landlord within ninety (90) days of such damage or destruction. In case of damage to or destruction of the same Leasehold Improvements by a risk required to be covered by insurance as set forth in Article 9 of this Lease, this Lease shall not terminate. If this Lease is not terminated, Tenant shall promptly, restore, rebuild, replace or repair the condition in which the destroyed or damaged portion existed prior to the casualty. Tenant will perform such restoration Leasehold Improvements with at least as good workmanship improvements of comparable value and quality as existed immediately prior to such damage or destruction. Tenant shall promptly and diligently process applicable insurance claims. Such restoration, repair or rebuilding shall be commenced as promptly as possible following Tenant’s receipt of the improvements being restoredproceeds of insurance, and in compliance shall thereafter be prosecuted with the provisions of Article 6 hereofdue diligence. Notwithstanding the foregoing provisions of this subparagraph (a) to the contraryforegoing, if all of such improvements are wholly destroyed by any casualty, or are so damaged or destroyed thathowever, in the case of: (i) damage to or destruction of the Leasehold Improvements during the last five (5) years of the Lease Term that renders them inaccessible or unusable for purposes of conducting Tenant's sole judgment it would be uneconomical ’s business; or (ii) in the event that the reasonable cost estimate to cause reconstruct the same Leasehold Improvements exceeds fifty percent (50%) of the replacement value of the Leasehold Improvements, Tenant may elect to be restored (and Tenant shall give terminate this Lease by giving Landlord written notice of such determination to Landlord election within 90 Business Days after ninety (90) days following the date the casualty occurred)casualty, then in which event Tenant shall not be obligated have no obligation to restore such improvements restore, rebuild, replace or repair the Leasehold Improvements, provided, however, Tenant shall either, at its cost or with the proceeds of casualty insurance, clear the Premises of debris and this Lease shall terminate as return the same to a safe and neat and clean condition. Notwithstanding the foregoing, the proceeds of the date insurance payable on account of the casualty required to be carried under this Lease, whether actually carried or its discoverynot (plus the amount of any deductible or self-insured retention level, which will be paid by Tenant) will be the “Restoration Fund.
(b) If all or any part ” The Restoration Fund will be made available to pay the costs of such work, in the same manner including, but not limited to, fund control, as proceeds of a construction loan are subject to disbursement. Tenant will not be required to incur costs for the restoration in excess of the Elevator serving Restoration Fund proceeds, but will cause the Project is damaged by any casualty during Leasehold Improvements, to the Termextent feasible, Landlord shall promptly commence to be restored: (i) to a complete architectural unit, (ii) in condition appropriate to permit continuation of Tenant’s business operation, and thereafter prosecute diligently (iii) to completion substantially the restoration same value and utility as immediately before the casualty, to the extent feasible (taking into consideration, among other matters, the amount of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give written notice of such determination to Tenant within 90 Business Days after the date the casualty occurred or is discoveredRestoration Fund), the Landlord shall not be obligated to restore the Elevator and this Lease shall terminate as of the date of the casualty or its discovery.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Appears in 1 contract
Samples: Ground Lease (Hoku Scientific Inc)
Obligation to Restore. (a) If all In the event of damage or destruction to the Building or Premises or any part of the improvements located on (or constituting a part of) the Leased Premises are destroyed or damaged portion thereof by any casualty during the Lease Term, Tenant Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of forthwith repair the same to the condition the Building or Premises were in which immediately before the destroyed or damaged portion existed prior destruction (to the casualty. Tenant will perform extent permitted by Laws), provided such restoration with at least as good workmanship and quality as the improvements being restored, and in compliance with the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph casualty is (a) of a type required to be insured against by Landlord under the terms of this Lease and for which Landlord has actually received insurance proceeds sufficient to repair the damage or destruction or (b) is actually insured against by Landlord and for which Landlord has actually received insurance proceeds sufficient to repair the damage or destruction (herein collectively referred to as an "Insured Casualty"). In the event of damage or destruction of the Premises by a casualty of a type which is not required to be insured against by Landlord under this Lease, and which is not actually insured against by Landlord (herein referred to as an "Uninsured Casualty"), Landlord shall restore the Premises to the contrary, if all of same condition as they were in immediately before such improvements are wholly destroyed destruction (to the extent permitted by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (and Tenant shall give written notice of such determination to Landlord within 90 Business Days after the date the casualty occurred), then Tenant shall not be obligated to restore such improvements Laws) and this Lease shall terminate as not terminate; provided, that if in the case of such Uninsured Casualty the cost of restoration exceeds Five (5%) percent of the date then replacement cost of the casualty or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the TermBuilding, Landlord shall promptly commence and thereafter prosecute diligently may elect to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of terminate this subparagraph (b) to the contrary, if the Elevator is wholly destroyed Lease by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give giving written notice of such determination to Tenant within 90 Business Days Fifteen (15) days after determining the date replacement cost and furnishing reasonable evidence thereof to Tenant. If Landlord so elects to terminate this Lease, Tenant, with Fifteen (15) days after receiving Landlord's notice to terminate, can elect to pay to Landlord at the casualty occurred or is discovered)time Tenant notifies Landlord of its election, the difference between Five (5%) percent of the replacement cost of the Building and the actual cost of restoration, in which case Landlord shall restore the Premises and this Lease shall not terminate. If Landlord so elects to terminate this lease and Tenant does not elect to contribute the cost of restoration as provided herein, this Lease shall terminate. In all events Landlord shall not be obligated required to restore or replace Tenant's Alternations or replace Tenant's Property unless Landlord receives insurance proceeds which cover such losses. Provided the Elevator damage is not due to the negligence or willful misconduct of Tenant, its employees, agents, contractors or invitees, Tenant shall be entitled to a proportionate reduction of Base Monthly Rent during the period of damage and this Lease restoration, such proportionate reduction to be based upon the extent to which the damage and making of repairs shall terminate as interfere with Tenant`s use of the date of the casualty or its discoveryPremises.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Integrated Telecom Express Inc/ Ca)
Obligation to Restore. (a) If all or any part of the improvements located on (or constituting a part of) the Leased Premises are destroyed or damaged by any casualty during the Termterm of this lease, Tenant Lessee shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Tenant Lessee will perform such restoration with at least as good workmanship and quality as the improvements being restored, restored and in compliance with the provisions of Article 6 V hereof. Notwithstanding the foregoing provisions of this subparagraph (a) paragraph to the contrary, if all of such improvements are wholly destroyed by any casualty, casualty or are so damaged or destroyed that, in TenantAuthority's sole judgment good faith judgement reasonably exercised that it would be uneconomical uneconomic to cause the same to be restored (and Tenant Authority shall give given written notice of such determination to Landlord Lessee within 90 Business Days ninety (90) days after the date the casualty occurred), then Tenant Lessee shall not be obligated to restore such improvements and this Lease lease shall terminate as of the date of the casualty or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the Term, Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give written notice of such determination to Tenant within 90 Business Days after the date the casualty occurred or is discovered), the Landlord shall not be obligated to restore the Elevator and this Lease shall terminate as of the date of the casualty or its discovery.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant Lessee for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to TenantAuthority, and Authority shall distribute such insurance proceeds to Lessee to the extent necessary to reimburse Lessee for costs incurred by Lessee in restoring the damaged Leased Premises in satisfaction of this Section 13.01, and any balance of such proceeds remaining after such restoration is complete shall be retained by (and shall be the property of) Authority.
Appears in 1 contract
Obligation to Restore. Except as set forth below, in case of damage to or destruction of the Premises, whether or not by a risk required to be covered by insurance as set forth in Section 20 of this Lease, this Lease shall not terminate and Tenant shall promptly restore, rebuild, replace or repair (hereinafter referred to as “Restore” or “Restoration”) the Premises to substantially the same condition as existed immediately prior to such damage or destruction. Such Restoration shall be commenced promptly but in no event later than ninety (90) days after the casualty and shall thereafter be prosecuted with due diligence. Notwithstanding the foregoing or any provision to the contrary in this Lease, the following shall apply to and modify Tenant’s obligations to Restore the Premises and/or any trade fixtures or equipment thereon or therein owned by Tenant, provided that Tenant, at Tenant’s option may exercise any right to terminate pursuant to the last grammatical paragraph of Section 18.1:
(a) If all or any part Tenant has carried insurance in the amounts, types and with insurance companies required by this Lease, and the insurance company(ies) issuing such policy(ies) fail(s) (through no fault of Tenant) to make the improvements located on appropriate insurance proceeds available within ninety (90) days following a casualty to which such insurance applies (or constituting if Landlord has elected to maintain the All Risks insurance for the Premises pursuant to Section 20.4 and either fails to so maintain such insurance or if the insurance company fails, through no fault of Tenant, to make the appropriate insurance proceeds available within ninety (90) days following a part of) the Leased Premises are destroyed or damaged by any casualty during the Termto which such insurance applies), and there is no reasonable expectation that such proceeds will be made available in a timely manner, then Tenant shall promptly commence and thereafter prosecute diligently have no obligation to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Tenant will perform such restoration with at least as good workmanship and quality as the improvements being restored, and in compliance with the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph (a) to the contrary, if all of such improvements are wholly destroyed by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (Restore and Tenant shall give have the right to terminate this Lease (i) if Landlord (or Landlord’s lender) does not notify Tenant, within sixty (60) days following the date Tenant gives Landlord (and Landlord’s lender) written notice of such determination to Landlord within 90 Business Days after failure on the date part of the casualty occurredinsurance company(ies) (the “Insurance Failure Notice”), that Landlord (or Landlord’s lender) will Restore the Premises within three hundred (300) days following the Insurance Failure Notice or (ii) if Landlord (or Landlord’s lender) undertakes Restoration but fails to complete such Restoration within three hundred (300) days following the Insurance Failure Notice. If Landlord (or Landlord’s lender) does so Restore the Premises and Tenant does not terminate this Lease, then Tenant will Restore its trade fixtures and equipment. Notwithstanding any provision to the contrary in this Lease, if Landlord has elected to carry the All-Risk insurance under Section 20.4 and the deductible exceeds the deductible Tenant is permitted to maintain hereunder, Tenant shall not be obligated required to restore pay all or any portion of such improvements and this Lease shall terminate as of the date of the casualty or its discoveryexcess deductible.
(b) If all or casualty damage Restored by Tenant is uninsured (any” deductible” amount applicable to any part insurance policy covering the casualty in question shall be deemed to mean that the casualty damage is uninsured to the extent of the Elevator serving deductible) to the Project is damaged by extent of ten percent (1 0%) or more of the full replacement cost of the building or buildings in question, and Tenant Restores (or intends to Restore) such casualty damage, then Tenant shall have the onetime option, upon written notice to Landlord given within one hundred twenty (120) days following such casualty event, to elect to extend the then-current Term for an additional ten (10) year period upon all of the terms and conditions of this Lease (including the right to exercise any casualty options to extend then remaining and to occupy the Premises pursuant to any previously exercised options), provided that the Monthly Rent for any such extended Term shall be equal to the Monthly Rent in effect during the year immediately preceding such extended Term, Landlord increased by an amount equal to three percent (3%) of such previous year’s Monthly Rent, and Monthly Rent for each subsequent year of said extended Term shall promptly commence and thereafter prosecute diligently be increased by an amount equal to completion the restoration three percent (3%) of the same preceding year’s Monthly Rent. There shall be no adjustment to the condition fair market rent in which the destroyed or damaged portion existed prior to the casualtyconnection with any such extended Term. Notwithstanding the foregoing provisions foregoing, however, in the case of damage to or destruction of the Premises during the last eighteen (18) months of the Term that will render the Premises, in Tenant’s reasonable opinion, inaccessible or unusable for purposes of conducting Tenant’s business for more than ninety (90) days, Tenant may elect to terminate this subparagraph (b) to the contrary, if the Elevator is wholly destroyed Lease by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and giving Landlord shall give written notice of such determination election within thirty (30) days following the casualty, in which event Tenant shall have no obligation to Restore the Premises; provided, however, Tenant within 90 Business Days after the date the casualty occurred or is discovered), the Landlord shall not be obligated to restore the Elevator and this Lease shall terminate as of the date of the casualty or its discovery.
(c) If a casualty loss affecting the Leased Premises occurs, all deliver any insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to TenantLandlord in accordance with Section 18.5 below.
Appears in 1 contract
Obligation to Restore. (a) If all or any part this Lease is not terminated as provided in this Article 13, Landlord shall, at its sole expense, restore with due diligence the affected portions of the improvements located on (or constituting Base Building, the Premises, the Tenant Improvements, any Alterations, and the Common Areas, so far as is practicable to a part of) the Leased Premises are destroyed or damaged by any casualty during the Termcomplete unit of like quality, Tenant shall promptly commence character, and thereafter prosecute diligently to completion the restoration of the same to the condition in as that which the destroyed or damaged portion existed immediately prior to the casualty. Tenant will perform such restoration with at least as good workmanship and quality as the improvements being restoredtaking, and in compliance with the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph provided that (ai) to the contrary, if all of such improvements are wholly destroyed by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (and Tenant shall give written notice of such determination to Landlord within 90 Business Days after the date the casualty occurred), then Tenant shall not be obligated to restore such improvements and this Lease shall terminate as of the date of the casualty or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the Term, Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give written notice of such determination to Tenant within 90 Business Days after the date the casualty occurred or is discovered), the Landlord shall not be obligated to expend an amount greater than that which was awarded to Landlord for such taking, plus any portion of Tenant’s award made available by Tenant to Landlord for restoration, (ii) Landlord shall not be required to restore Tenant Improvements or Alterations made by or on behalf of Tenant, including, without limitation, any of Tenant’s signage, the Elevator Rooftop Equipment (as defined in Section 21.1 below), the Generator, the Lobby Desk, or Tenant’s personal property unless and except to the extent the award received by Landlord was in compensation for the taking of such items or Tenant makes available to Landlord for the restoration of such items a portion of its award sufficient to pay for the restoration thereof, and (iii) if Landlord fails to complete such restoration within two hundred seventy (270) days after the date on which title to the property subject to the taking is transferred to the governmental authority, Tenant may terminate this Lease by written notice given to Landlord within thirty (30) days following the expiration of such two hundred seventy (270) day period, and Tenant’s failure to delivery such notice within such time period, shall terminate constitute Tenant’s waiver of its termination right set forth in this Section 13.5. Tenant, at its sole cost and expense, shall restore its furniture, fixtures and other allowed leasehold improvements in such manner as of the date of the casualty or its discovery.
(c) If a casualty loss affecting the Leased Premises occursTenant elects, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed subject to the Project (including the Excluded Property) shall be distributed and paid directly to Tenantterms of this Lease.
Appears in 1 contract
Samples: Office Lease (F5 Networks Inc)