Partial Damage - Uninsured. If the Premises are damaged by a risk not covered by Landlord's insurance, or the proceeds of available insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.
Appears in 3 contracts
Samples: Media Arts Group Inc, Media Arts Group Inc, Media Arts Group Inc
Partial Damage - Uninsured. If the Premises are damaged by a risk any casualty which is not covered under the special form insurance carried by Landlord's insurance, or Landlord pursuant to Paragraph 20.4 and the proceeds of available insurance are less than ninety-cost to repair the damage will exceed five percent (955%) of the replacement cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determinationPremises, then Landlord shall have the option either to: (i) repair or restore such damagethe Premises, in which event this Lease continuing shall continue in full force and effect, but effect with the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant at any time within thirty sixty (3060) days after the date of such damage casualty terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty thirty (6030) nor more than ninety sixty (9060) days after giving such notice. If notice of termination is given, this Lease shall expire expire, and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either partyTenant or Landlord under this Section 22, Landlord shall refund to Tenant the Security Deposit then held by Landlord in accordance with the provisions of this Lease and any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction. In the event that neither Landlord nor Tenant is entitled to terminate this Lease or elects to terminate this Lease pursuant to Sections 22.1 or 22.2, as applicable, Landlord shall, except as otherwise provide in Section 22.4 below, repair all damage to the Premises as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Further, if Landlord does not complete its required restoration within sixty (60) days after the time period estimated by Landlord to repair the damage as specified in its notice to Tenant, Tenant may terminate this Lease by delivering written notice to Landlord within thirty (30) days following the expiration of such 60-day period, and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant’s termination notice (but not earlier than 30 days or later than 90 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. Notwithstanding the foregoing, if upon the receipt of Tenant’s written election to terminate this Lease as provided in this Section 22.2, Landlord reasonably believes it can complete its required restoration within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such required restoration within such 30-day period, Tenant’s election to terminate shall be null and void.
Appears in 2 contracts
Samples: Lease (IGM Biosciences, Inc.), Lease (IGM Biosciences, Inc.)
Partial Damage - Uninsured. If Subject to the provisions of --------------------------- Sections 15.3, 15.4 and 15.5, if the Premises are damaged damaged, except by a risk negligent or willful act of Tenant or Landlord (in which event Tenant or landlord shall make all required repairs at its own expense), and such damage was caused by a casualty not covered under an insurance policy required to be maintained by Tenant under Section 13, or otherwise maintained by Landlord's insurance, or the proceeds of available insurance are less than ninety-five percent (95%) of the cost of restorationLandlord may, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of workat its option, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damagedamage as soon as reasonably possible, at Landlord's expense, in which event this Lease continuing lease shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give written notice to Tenant at any time within thirty sixty (3060) days after the date of the occurrence of such damage terminating of Landlord's intention to cancel and terminate this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of occurrence of such termination; provided, however, that if damage. In the event Landlord elects to give such notice of Landlord's intention to cancel and terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the PremisesLease, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty ten (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (3010) days after receipt of such notice to give written notice to Landlord of the estimated Tenant's intention to repair period; providedsuch damage at Tenant's expense, howeverwithout reimbursement from Landlord, in which event this one hundred eighty (180) day period will be extended Lease shall continue in full force and effect and Tenant shall proceed to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period make such repairs as soon as is reasonably possible following the damage or destructionpossible. If neither Landlord nor Tenant terminate does not give such notice within such 10-day period, this Lease shall be canceled and terminated as permitted hereinof the date of the occurrence of such damage. Notwithstanding the foregoing to the contrary, if Landlord elects to repair the premises after an uninsured casualty, Landlord shall promptly commence the process have no duty to repair or replace any of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. IfTenant's fixtures, howeverequipment, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable personal property or alterations or improvements to the period after the date Premises, including without limitation those described in Exhibit C, and Tenant shall promptly, at its sole cost and expense, repair and replace such items unless such damage was caused by a negligent or willful act of damage or destructionlandlord.
Appears in 2 contracts
Samples: Recognition and Attornment Agreement (Citysearch Inc), Recognition and Attornment Agreement (Ticketmaster Online Citysearch Inc)
Partial Damage - Uninsured. If the Premises are damaged by a risk not required to be covered by Landlord's ’s insurance, or the proceeds of available insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty thirty (6030) nor more than ninety sixty (9060) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of causes the Premises by Tenantto be untenantable, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord the architect or engineer determines that such restoration the Premises cannot be completed restored within one hundred eighty (180) days after commencement the date of workthe casualty, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate terminates this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant ImprovementsImprovements and, if affected by such casualty, the parking areas and any portion of the Outside Areas required to access the Premises. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which that is allocable to the period after the date of damage or destruction.
Appears in 2 contracts
Samples: Lease (Ceribell, Inc.), Lease (Ceribell, Inc.)
Partial Damage - Uninsured. If Insured with Proceeds Retained by Mortgagee. Subject to the provisions of ss.ss.8.3 and 8.4, if the Premises are damaged (except by an act or omission of Lessee in which event Lessee shall make the repairs, at its expense) by a risk casualty not covered by Landlord's insuranceunder an insurance policy required to be maintained pursuant to this Lease, or if such casualty is insured against under an insurance policy but the proceeds of available the insurance are less than ninety-five percent (95%) retained by a mortgagee of the cost of restorationLessor, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of workLessor may, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determinationat Lessor's option, then Landlord shall have the option either to: (i) repair or restore such damagedamage as soon as reasonably possible at Lessor's expense, in which event the Term of this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice Notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election Lessee within thirty (30) days after the date Landlord has notified Tenant of Landlordthe occurrence of such damage of Lessor's election intention to terminate the Term of this Lease. If it is anticipated by Landlord that such restoration can, which termination Notice shall state the intended date of termination which shall be not be completed within one hundred eighty less than fifteen (18015) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within and not more than thirty (30) days after receipt the date of written notice such Notice. If Lessor gives such termination Notice, Lessee shall have the right within ten (10) days after the date of such termination Notice to give its repair Notice to Lessor or Lessee's intention to repair such damage at Lessee's expense, without reimbursement from Lessor, in which event the estimated repair period; providedTerm of this Lease shall continue in full force and effect, however, this one hundred eighty (180) day period will be extended and Lessee shall proceed to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period make such repairs as soon as reasonably possible following the damage or destructionpossible. If neither Landlord nor Tenant terminate Lessee does not give its repair Notice within such ten (10) days period, the Term of this Lease shall terminate as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destructiontermination stated in Lessor's termination Notice.
Appears in 1 contract
Samples: United Industries Corp
Partial Damage - Uninsured. If the Premises are damaged by a risk any casualty which is not covered under the special form insurance carried by Landlord's insurance, or Landlord and the proceeds of available insurance are less than ninety-cost to repair the damage will exceed five percent (955%) of the replacement cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determinationPremises, then Landlord shall have the option either to: (i) repair or restore such damagethe Premises, in which event this Lease continuing shall continue in full force and effect, but effect with the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1abated; or (ii) give notice to Tenant at any time within thirty ten (3010) days after the date of such damage casualty terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire expire, and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either partyTenant or Landlord under this Section 16.2, Landlord shall refund to Tenant the Security Deposit then held by Landlord in accordance with the provisions of this Lease and any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction. Further, if Landlord does not complete its required restoration within ninety (90) days after the time period estimated by Landlord to repair the damage as specified in its notice to Tenant, Tenant may terminate this Lease by delivering written notice to Landlord. Such termination shall be effective as of the date specified in Tenant’s termination notice as if such date were the date fixed for the expiration of the Term. Notwithstanding the foregoing, if upon the receipt of Tenant’s written election to terminate this Lease as provided in this Section 16.2, Landlord reasonably believes it can complete its required restoration within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such required restoration within such 30-day period, Tenant’s election to terminate shall be null and void.
Appears in 1 contract
Samples: Multi Tenant Office Lease (International Stem Cell CORP)
Partial Damage - Uninsured. If Subject to the provisions of Paragraphs 9.3 and 9.4, if at any time during the Term hereof the Premises are damaged damaged, except by a risk negligent or willful act of Tenant (in which event Tenant shall make the repairs at its expense); such damage was caused by a casualty not covered by Landlord's insurance, or the proceeds of available under an insurance are less than ninety-five percent (95%) of policy required to be maintained pursuant to Paragraph 8.1; and the cost of restorationthe damage exceeds $100,000, or the restoration cannot be completed within one hundred eighty Landlord may, at Landlord's option, either (180a) days after the commencement of workrepair such damage as soon as reasonably possible at Landlord's expense, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (iib) give written notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of the occurrence of such damage, of Landlord's election intention to cancel and terminate this Lease as of the date of the occurrence of such damage. In the event Landlord elects to give such notice of Landlord's intention to cancel and terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right within ten (10) days after the receipt of such notice to terminate this Lease by give written notice to Landlord of Tenant's intention to repair such damage at Tenant's expense, without reimbursement from Landlord, in which event this Lease shall continue in full force and effect, and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice within such ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. If the cost of the damage was less than $100,000, then Landlord shall repair the damage as soon as reasonably possible in which event this Lease shall continue in full force and effect. Landlord must disclose to Tenant within thirty (30) days after receipt of written notice such occurrence, Landlord's intention to repair and the timing of such repairs. In the event that Landlord can not complete the repairs to the reasonable satisfaction of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice within 120 days of the estimated repair period occurrence, Tenant shall have the option to terminate the Lease, effective as soon as reasonably possible following of the damage or destructionoccurrence of the partial damage. If neither the Landlord nor Tenant terminate this Lease as permitted hereincan repair such partial damage, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. Ifdoes not terminate the Lease, however, this Lease is terminated by either party, Landlord any uninsured portion of the cost of the repairs (e.g. deductible portion of insurance proceeds) shall refund to Tenant any Rent previously paid by Tenant which is allocable be amortized over its useful life at ten percent (10%) and charged to the period after Tenant on a monthly basis as additional Rent. In the date of damage or destructionevent Tenant terminates the Lease, Tenant shall have no ongoing obligation for the Premises.
Appears in 1 contract
Partial Damage - Uninsured. If Subject to the provisions of ------------------------ Paragraph 15.3, if at any time during the Term the Premises (other than the Tenant Improvements and other Alterations) are damaged by a risk not covered by Landlord's insurance, or and the insurance proceeds of available insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed received by Landlord for such determination, then Landlord shall have the option either to: (i) are not sufficient to repair or restore such damage, or such damage was caused by an act or casualty not covered under an insurance policy required to be maintained by Landlord pursuant to Paragraph 14.3(a), Landlord may at Landlord's option either (a) repair such damage as soon as reasonably possible at Landlord's expense, in which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (iib) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If written notice of termination is given, of this Lease shall expire and all interest of to Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date of the occurrence of such damage, with the effective date of such termination to be the date of the occurrence of such damage. In the event Landlord has notified Tenant gives such notice of Landlord's election to terminate termination of this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord right, within thirty twenty (3020) days after receipt of written such notice, to agree in writing on a basis satisfactory to Landlord to pay for the entire cost of repairing such damage less only the amount of insurance proceeds, if any, received by Landlord, in which event the notice of the estimated repair period; providedtermination shall be ineffective and this Lease shall continue in full force and effect, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period proceed to make such repairs as soon as reasonably possible following the damage or destructionpossible. If neither Landlord nor Tenant terminate does not give such notice within such twenty (20) day period this Lease as permitted herein, shall be terminated pursuant to such notice of termination by Landlord. Landlord shall promptly commence the process of obtaining the necessary permits have no further obligation to repair such damage from and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destructionany such notice of termination by Tenant.
Appears in 1 contract
Samples: Lease (Rambus Inc)
Partial Damage - Uninsured. If Subject to the Premises provisions of Paragraph 15.3, if at any time during the term hereof the premises or the Building, as the case may be, are damaged by a risk not covered by Landlord's insurance, or and the insurance proceeds of available insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed received by Landlord for such determination, then Landlord shall have the option either to: (i) are not sufficient to repair or restore such damage, or such damage was caused by an act or casualty not covered under an insurance policy required to be maintained by Landlord pursuant to Paragraph 14.3(a), Landlord may at Landlord's option either (a) repair such damage as soon as reasonably possible at Landlord's expense, in which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (iib) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If written notice of termination is given, of this Lease shall expire and all interest of to Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date of the occurrence of such damage, with the effective date of such termination to be the date of the occurrence of such damage. In the event Landlord has notified Tenant gives such notice of Landlord's election to terminate termination of this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord right, within thirty (30) days after receipt of written such notice, to agree in writing on a basis satisfactory to Landlord to pay for the entire cost of repairing such damage less only the amount of insurance proceeds, if any, received by Landlord, in which event the notice of the estimated repair period; providedtermination shall be ineffective and this Lease shall continue in full force and effect, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period proceed to make such repairs as soon as reasonably possible following possible. If Tenant does not give such notice within such thirty (30) day period this Lease shall be terminated pursuant to such notice of termination by Landlord. The conditions to Landlord's restoration obligation set forth in this Paragraph 15.2 shall not be an excuse to Landlord's completion of such restoration obligations if the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after premises or the date Building was caused by the negligence or willful misconduct of damage Landlord, its agents, contractors or destructioninvitees.
Appears in 1 contract
Samples: Sublease and Lease Agreement (Inhale Therapeutic Systems)
Partial Damage - Uninsured. If In the event the improvements on the Premises are damaged damaged, except by a risk negligent or willful act or negligent omission of Tenant or any of Tenant's Agents, or from an attempted burglary or forcible entry pursuant to Section 9.2 (c), by any casualty not covered by Landlord's insurance, or the proceeds of available under an insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determinationpolicy being maintained pursuant to Section 13.2, then Landlord shall have the option may, at Landlord's option, either to: (ia) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; effect or (iib) give written notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of occurrence of such damage of Landlord's election intention to cancel and terminate this Lease as of the date of the occurrence of the damage. In the event Landlord elects to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of workLease pursuant to this Section 14.2, Tenant shall have the right within ten (10) days of receipt of the required notice to terminate notify Landlord of Tenant's election to repair such damage, at Tenant's sole cost and expense, in which event this Lease by written notice shall continue in full force and effect and Tenant shall proceed to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period make such repairs as soon as reasonably possible (or Landlord may elect, in its sole discretion, to require Tenant to pay to Landlord within ten (10) days following written request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant's ability to fund that portion of the damage cost of such repair or destructionrestoration which is not covered by insurance proceeds, in which event Landlord shall proceed to make such repairs). If neither Landlord nor Tenant terminate does not give such notice within the ten (10) day period, this Lease shall be canceled and terminated as permitted hereinof the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Section 13.2 shall be paid to and become the property of Landlord. If this Lease is not so terminated, then upon receipt of the insurance proceeds (if the loss is covered by insurance) and the issuance of all necessary governmental permits, Landlord shall promptly commence and diligently prosecute to completion the process restoration of obtaining the necessary permits leased Premises, to the extent then allowed by law, to substantially the same condition in which the leased Premises was immediately prior to such damage. Landlord's obligation to restore shall be limited to the building and approvals and interior improvements constructed by Landlord as they existed as of the commencement date. Landlord's obligation to repair or restore the Premises and the Tenant Improvements. Ifshall not include restoration of Tenant's trade fixtures, howeverequipment, this Lease is terminated by either partymerchandise, Landlord shall refund to Tenant or any Rent previously paid improvements, alterations, or additions made by Tenant which is allocable to the period after the date of damage or destructionPremises.
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Partial Damage - Uninsured. If In the event the improvements on the Premises are damaged damaged, except by a risk negligent or willful act or omission of Tenant or any of Tenant’s Agents, or from an attempted burglary or forcible entry pursuant to Paragraph 9.2 (c), by any casualty not covered by under an insurance policy being maintained pursuant to Paragraph 13.2, then Landlord may, at Landlord's insurance’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, in which event this Lease shall continue in full force and effect or the proceeds of available insurance are less than ninety-five percent (95%b) of the cost of restoration, or the restoration cannot be completed give written notice to Tenant within one hundred eighty ninety (18090) days after the commencement date of work, in the reasonable opinion occurrence of such damage of Landlord’s intention to cancel and terminate this Lease as of the registered architect or engineer appointed by date of the occurrence of the damage. In the event Landlord for such determinationelects to terminate this Lease pursuant to this Paragraph 14.2, then Landlord Tenant shall have the option either to: right within ten (i10) days of receipt of the required notice to notify Landlord of Tenant’s election to repair or restore such damage, at Tenant’s sole cost and expense, in which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right proceed to contribute the amount of any shortfall in insurance proceeds and in make such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period repairs as soon as reasonably possible (or Landlord may elect, in its sole discretion, to require Tenant to pay to Landlord within ten (10) days following written request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant’s ability to fund that portion of the damage cost of such repair or destructionrestoration which is not covered by insurance proceeds, in which event Landlord shall proceed to make such repairs). If neither Landlord nor Tenant terminate does not give such notice within the ten (10) day period, this Lease shall be canceled and terminated as permitted hereinof the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Paragraph 13.2 shall be paid to and become the property of Landlord. If this Lease is not terminated under this Paragraph 14.2, then upon receipt of the insurance proceeds (if the loss is covered by insurance) and the issuance of all necessary governmental permits, Landlord shall promptly commence and diligently prosecute to completion the process restoration of obtaining the necessary permits leased Premises, to the extent then allowed by law, to substantially the same condition in which the leased Premises were in immediately prior to such damage. Landlord’s obligation to restore shall be limited to the building and approvals and interior improvements constructed by Landlord as they existed as of the Commencement Date. Landlord’s obligation to repair or restore the Premises and the Tenant Improvements. Ifshall not, however, this Lease is terminated by either partyinclude restoration of Tenant’s trade fixtures, Landlord shall refund to Tenant equipment, merchandise, or any Rent previously paid improvements alterations or additions made by Tenant which is allocable to the period after the date of damage or destructionPremises.
Appears in 1 contract
Samples: Lease (1st Pacific Bancorp)
Partial Damage - Uninsured. If Subject to the Premises provisions of Paragraph 15.3, if at any time during the term hereof the premises or the Building, as the case may be, are damaged and the insurance proceeds received by a risk Landlord are not sufficient to repair such damage (not taking into account the effect of any deductible amount under such insurance policy), or such damage was caused by an act or casualty not covered under an insurance policy maintained by Landlord pursuant to Paragraph 14.3(a), Landlord may at Landlord's insurance, or the proceeds of available insurance are less than ninety-five percent option either (95%a) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of workrepair such damage as soon as reasonably possible at Landlord's expense, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (iib) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If written notice of termination is given, of this Lease shall expire and all interest of to Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date of the occurrence of such damage, with the effective date of such termination to be the date of the occurrence of such damage. In the event Landlord has notified Tenant gives such notice of Landlord's election to terminate termination of this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord right, within thirty ten (3010) days after receipt of written such notice, to agree in writing on a basis satisfactory to Landlord to pay for the entire cost of repairing such damage less only the amount of insurance proceeds, if any, received by Landlord, in which event the notice of the estimated repair period; providedtermination shall be ineffective and this Lease shall continue in full force and effect, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period proceed to make such repairs as soon as reasonably possible following the damage or destructionpossible. If neither Landlord nor Tenant terminate does not give such notice within such ten (10) day period this Lease as permitted herein, Landlord shall promptly commence the process be terminated pursuant to such notice of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated termination by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destructionLandlord.
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Samples: Corsair Communications Inc
Partial Damage - Uninsured. If the Premises or the Building are damaged by a risk not covered by Landlord's insurance, such insurance or the insurance proceeds of available insurance to Landlord are less than ninety-five eighty percent (9580%) of the cost of restoration, or if the restoration cannot be completed within one hundred eighty six (1806) days months after the commencement of work, work in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination(as to the Building) and as to the Premises, an architect or engineer mutually agreed to by Landlord and Tenant, then Landlord shall have the option either to: to (i) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent and Expenses to be proportionately abated equitably reduced as provided in Paragraph 22.1; hereinabove provided, or (ii) give notice to Tenant at any time within thirty ninety (3090) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty thirty (6030) nor more than ninety sixty (9060) days after giving such noticenotice provided, however, that Landlord shall have no right to terminate the Lease, unless it terminates the leases of all other tenants in the Building similarly situated. If such notice of termination is given, this Lease shall expire and all any interest of Tenant in the Premises shall terminate on such the date so specified in such notice and the Monthly RentRent and Expenses, reduced by any proportionate an equitable reduction (except as hereinabove provided) based upon the extent, if any, to which such damage materially interfered with Tenant's business in the use of the Premises by TenantPremises, shall be paid to the date of such termination; provided, however, that if and Landlord elects agrees to terminate this Lease due refund to an insufficiency Tenant any Rent or Expenses theretofore paid in the insurance proceeds available advance for any period of time subsequent to complete restoration such date. If Landlord notifies Tenant within sixty (60) days of the Premises, Tenant shall have the right to contribute the amount date of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord damage that such restoration by Landlord cannot be completed within one hundred eighty six (1806) months after the commencement of work in the opinion of a registered architect or engineer appointed by Landlord (as to the Building) and as to the Premises, an architect or engineer mutually approved by Landlord and Tenant, then either party hereto may give notice to the other at any time within ninety (90) days after commencement of work, Tenant shall have the right to terminate such damage terminating this Lease by written notice as of a date to Landlord within be specified in such notice, which date shall be not less than thirty (30) nor more than sixty (60) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destructiongiving such notice. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, howeversuch notice is given, this Lease is terminated shall expire and any interest of Tenant in the Premises shall terminate on the date specified in such notice and the Rent and Expenses, reduced by either partyan equitable reduction (except as hereinabove provided) based upon the extent, if any, to which such damage materially interfered with Tenant's business in the Premises, provided, however that the amount of such reduction shall be no less than the pro rata amount of the square footage of the area damaged, shall be paid to the date of such termination, and Landlord shall agrees to refund to Tenant any Rent previously or Expenses theretofore paid by Tenant which is allocable in advance for any period of time subsequent to the period after the date of damage or destructionsuch date.
Appears in 1 contract
Partial Damage - Uninsured. If the Premises are damaged by a risk not covered by Landlord's ’s insurance, or the proceeds of available insurance are less than ninety-five ninety percent (9590%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty thirty (6030) nor more than ninety sixty (9060) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.
Appears in 1 contract
Samples: Lease (Vocera Communications, Inc.)
Partial Damage - Uninsured. If In the event the improvements on the Premises are damaged damaged, except by a risk negligent or willful act or omission of Tenant or from an attempted burglary or forcible entry pursuant to Section 9.2 (c), by any casualty not covered by Landlord's insurance, or the proceeds of available under an insurance are less than ninety-five percent (95%) of the cost of restoration, or the restoration cannot policy required to be completed within one hundred eighty (180) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determinationmaintained pursuant to Section 13.2, then Landlord shall have the option may, at Landlord's option, either to: (ia) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease continuing shall continue in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; effect or (iib) give written notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date Landlord has notified Tenant of occurrence of such damage of Landlord's election intention to cancel and terminate this Lease as of the date of the occurrence of the damage. In the event Landlord elects to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of workLease pursuant to this Section 142, Tenant shall have the right within ten (10) days of receipt of the required notice to terminate notify Landlord, in which event this Lease by written notice shall continue in full force and effect, and Tenant shall proceed to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period make such repairs as soon as reasonably possible (or Landlord may elect, in its sole discretion, to require Tenant to pay to Landlord within ten (10) days following written request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant's ability to fund that portion of the damage cost of such repair or destructionrestoration which is not covered by insurance proceeds, in which event Landlord shall proceed to make such repairs). If neither Landlord nor Tenant terminate does not give such notice within the ten (10) day period, this Lease shall be canceled and terminated as permitted hereinof the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Section 13.2 shall be paid to and become the property of Landlord. If this Lease is not so terminated, then upon receipt of the insurance proceeds (if the loss is covered by insurance) and the issuance of all necessary governmental permits, Landlord shall promptly commence and diligently prosecute to completion the process restoration of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. Ifleased Premises, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after extent then allowed by law, to substantially the date same condition in which the leased Premises was immediately prior to such damage. Landlord's obligation to restore shall be limited to the building and interior improvements constructed by Landlord as they existed as of damage or destruction.the Commencement Date. Landlord's obligation to
Appears in 1 contract
Partial Damage - Uninsured. If the Premises are or the Building is damaged by a risk not covered by Landlord's insurance, or the proceeds of available insurance are less than ninety-five ninety percent (9590%) of the cost of restoration, or the restoration cannot be completed within one hundred eighty twenty (180120) days after the commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i1) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.123.1; or (ii) give notice to Tenant at any time within thirty (30) days after such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than thirty (30) nor more than sixty (60) days after giving such notice. Unless the damage is caused by Tenant, if the Premises cannot be restored within one hundred twenty (120) days, Tenant shall also have the right to terminate this Lease by giving notice to Landlord, at any time within thirty (30) days after such damage, terminating this Lease as of a date to be specified in such notice, which date shall be not less than thirty (30) days nor more than ninety sixty (9060) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Premises by Tenant, shall be paid to the date of such termination; provided. Notwithstanding the above, however, that if Landlord elects to terminate this the Lease due to an insufficiency in the because insurance proceeds available are insufficient to complete restoration pay for the cost of the Premisesrepairs, Tenant shall have may elect to pay the right deficiency and keep the Lease in effect, by written notice delivered to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty ten (3010) days after the date Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement terminate, together with a deposit of work, Tenant shall have the right funds sufficient to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice cover a reasonable estimate of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destructiondeficiency.
Appears in 1 contract
Samples: Lease Extension and Modification Agreement (Coast Bancorp)