Common use of Partial Damage Clause in Contracts

Partial Damage. In the event improvements on the Leased Premises are damaged by any casualty which is covered under an insurance policy required to be maintained pursuant to the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then 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 shall continue in full force and effect, or (b) give written notice to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.

Appears in 2 contracts

Samples: Industrial Lease, Industrial Lease (Sunpower Corp)

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Partial Damage. In If, during the event improvements on Lease Term, the Leased Premises are damaged or destroyed by any fire or other casualty, or if the Building is damaged or destroyed by fire or other casualty which is covered under an insurance policy required to be maintained pursuant to and such damage or destruction affects Tenant’s use of the preceding SectionPremises (collectively, then ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair such damage as soon as reasonably possible of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding sectionProvided, then however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s option, either (a) repair such damage as soon as repairs cannot reasonably possible at Landlord’s expense, in which event this Lease shall continue in full force and effect, or (b) give written notice to Tenant, be completed within sixty (60) days after the date of occurrence the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of such damagethe damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s intention estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to cancel and terminate this lease Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsnotice.

Appears in 2 contracts

Samples: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)

Partial Damage. In the event improvements If any Improvements situated on the Leased Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Lessor receives written notification by Lessee of the happening of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Lessee shall, at its sole cost, proceed forthwith and effect. In the event the improvements use reasonable diligence to rebuild or repair such Improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to substantially the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have casualty occurs during the right within ten final eighteen (1018) days after receipt months of the required notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expenseLease Term, 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord Lessee shall not be required to rebuild or repair any injury or damage by fire or other causesuch damage, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or this Lease shall terminate at the direct or indirect expense option of Tenant. Tenant Lessee and the Rent shall be required abated for the unexpired portion of this Lease, effective from the date of actual receipt by Lessor of the written notification of the damage and proceeds of insurance shall be allocated between Lessor and Lessee as their interests may appear. If the Improvements are to restore be rebuilt or replace same repaired and are untenantable or unsuitable for the conduct of ths Lessee's business in whole or in part following such damage, the event monthly installments of damageRent payable hereunder during the period in which they are so untenantable or unsuitable for the conduct of the Lessee's business the monthly installments of Rent shall be adjusted equitably. Tenant’s remedies in The Lessee's responsibility or obligation to pay the event of destruction cost to repair such improvements of the Leased Premises as set out in this paragraph shall be limited to insurance proceeds received by Lessee paid as provided in the following subsectionsa result of such damage.

Appears in 2 contracts

Samples: Sub Lease Agreement (Tactical Air Defense Services, Inc.), Consent to Assignment (Tactical Air Defense Services, Inc.)

Partial Damage. In the event improvements If any Improvements situated on the Leased Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Lessor receives written notification by Lessee of the happening of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Lessee shall, at its sole cost, proceed forthwith and effect. In the event the improvements use reasonable diligence to rebuild or repair such Improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to substantially the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have casualty occurs during the right within ten final eighteen (1018) days after receipt months of the required notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expenseLease Term, 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord Lessee shall not be required to rebuild or repair any injury or damage by fire or other causesuch damage, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or this Lease shall terminate at the direct or indirect expense option of Tenant. Tenant Lessee and the Lease Payment shall be required abated for the unexpired portion of this Lease, effective from the date of actual receipt by Lessor of the written notification of the damage and proceeds of insurance shall be allocated between Lessor and Lessee as their interests may appear. If the Improvements are to restore be rebuilt or replace same repaired and are untenantable or unsuitable for the conduct of the Lessee's business in whole or in part following such damage, the event monthly installments of damageLease Payment payable hereunder during the period in which they are so untenantable or unsuitable for the conduct of the Lessee's business the monthly installments of Lease Payment shall be adjusted equitably. TenantThe Lessee’s remedies in responsibility or obligation to pay the event of destruction cost to repair such improvements of the Leased Premises as set out in this paragraph shall be limited to insurance proceeds received by Lessee paid as provided in the following subsectionsa result of such damage.

Appears in 2 contracts

Samples: Ground Lease Agreement, Lease Agreement

Partial Damage. In the event improvements on the Leased Premises are damaged by any casualty which is covered under an insurance policy required to be maintained pursuant to the preceding SectionArticle 15.2, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding sectionArticle 15.2, then 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 shall continue in full force and effect, or (b) give written notice to Tenant, Tenant within sixty thirty (6030) days after the date of occurrence of such damage, damage of Landlordlandlord’s intention to cancel and terminate this lease Lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease lease pursuant hereto. , Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to at his discretion may restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.

Appears in 2 contracts

Samples: Lease Agreement, Industrial Lease (Sunpower Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any casualty which is covered under fire, tornado, or other casually but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred eighty (180) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and effect. In the event the other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any casualty not covered under an insurance policy assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. Within thirty (30) days after receipt of notice by Tenant, Landlord shall obtain from a third party written verification of the damage and the time required to repair or rebuild, and provide Tenant with said information. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be maintained pursuant required to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Cheap Tickets Inc), Commercial Lease Agreement (Cheap Tickets Inc)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by fire, tornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty which is covered under an insurance policy occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of Landlord and the Rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement the monthly installments of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed Rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Custom Chrome Inc /De), Lease Agreement (Global Election Systems Inc)

Partial Damage. In If the event building or other improvements situated on the Property should be damaged by fire, tornado or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises are damaged Property (other than leasehold improvements made by Tenant or any casualty which is covered under an insurance policy required assignee, subtenant or other occupant of the Property) to be maintained pursuant to substantially the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have casualty occurs during the right within ten (10) days after receipt final 18 months of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damageTerm. Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any injury is contained herein) within fifteen (15) days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option or damage if there is no renewal option contained herein or previously unexercised at such time, this Lease shall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this Lease, effective from the date of actual receipt by fire or other cause, or to make any restoration or replacement Landlord of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any the written notification of the damage. If the building and other improvements are to be rebuilt or property installed repaired and are untenantable in whole or in part following such damage, the Leased Premises by Tenant or at rent payable hereunder during the direct or indirect expense of Tenant. Tenant period in which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Lease Agreement (Usaradio Com Inc)

Partial Damage. In If the event building or other improvements situated on the Leased Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred and twenty days (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the happening of the damage, then this Lease Agreement shall not terminate, but Landlord shall proceed forthwith and use reasonable diligence to rebuild or repair such damage as soon as reasonably possible building and this Lease shall continue in full force and effect. In the event the other improvements on the Leased Premises are damaged (other than leasehold improvements made by Tenant or any casualty not covered under an insurance policy required assignee, subtenant or other occupant of the Leased Premises) to be maintained pursuant to substantially the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, same condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required Landlord's obligation under this Section 20.B to use reasonable diligence to rebuild or repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any such building and other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of on the Leased Premises shall not exceed the proceeds received by Landlord from any insurance policy maintained by Landlord or Tenant under this Lease Agreement. If the casualty occurs during the final eight (8) months of the Lease Term, Landlord may elect not to rebuild or repair such HALLIBURTON COMPANY AGREEMENT AND PLAN OF RECAPITALIZATION APPENDIX V-12 damage, provided the Tenant does not immediately elect to exercise its renewal option, if applicable. This Lease Agreement shall terminate upon Landlord's election and the Rent shall be as provided abated for the remaining unused portion of this Lease Agreement, effective from the date of actual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repairs made which cause the Leased Premises to be untenantable in whole or in part following such damage, the following subsectionsinstallments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.

Appears in 1 contract

Samples: Agreement and Plan of Recapitalization (Halliburton Co)

Partial Damage. In the event improvements If any Improvements situated on the Leased Premises are damaged by any casualty which is covered under fire, or other casualty, but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within ninety (90) days from the preceding Sectiondate Lessor receives written notification by Lessee of the happening of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Lessee shall, at its sole cost, proceed forthwith and effect. In the event the improvements use reasonable diligence to rebuild or repair such Improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to substantially the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that (i) if such damage is caused by an act or omission to act the casualty occurs during the final eighteen (18) months of Tenant, its agents, employees, contractors, licensees, customersthe Lease Term, or invitees(ii) if the damage cannot reasonably be repaired within ninety (90) days, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord Lessee shall not be required to rebuild or repair any injury or damage by fire or other causesuch damage, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or this Lease shall terminate at the direct or indirect expense option of Tenant. Tenant Lessee and the Lease Payment shall be required abated for the unexpired portion of this Lease, effective from the date of actual receipt by Lessor of the written notification of the damage and proceeds of insurance or self-insurance shall be allocated between Lessor and Lessee as their interests may appear. If the Improvements are to restore be rebuilt or replace same repaired and are untenantable or unsuitable for the conduct of the Lessee's business in whole or in part following such damage, the event monthly installments of damageLease Payment payable hereunder during the period in which they are so untenantable or unsuitable for the conduct of the Lessee's business the monthly installments of Lease Payment shall be adjusted equitably. TenantThe Lessee’s remedies in responsibility or obligation to pay the event of destruction cost to repair such improvements of the Leased Premises as set out in this paragraph shall be limited to: a) insurance proceeds received by Lessee paid as a result of such damage, or b) the amount of self -insurance provided in by the following subsectionsLessee.

Appears in 1 contract

Samples: Lease Assignment

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any casualty which is covered under an insurance policy required to be maintained pursuant to the preceding Sectionfire, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then 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 shall continue in full force and effecttornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (b) give written notice to Tenant, within sixty (60120) days after from the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date Landlord receives written notification by Tenant of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and terminated as other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the date Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the occurrence of such damage. Lease Term, Landlord shall not be required to rebuild or repair any injury or the damage unless Tenant exercises Tenant's renewal option (if any) within fifteen (15) days after the receipt by fire or other causeLandlord of the notification of the occurrence of the damage. If Tenant does not exercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to make any restoration or replacement of any panelingTenant, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in which event the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant Rent shall be required to restore or replace same in abated for the event unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the written notification of the damage. Tenant’s remedies To the extent the Demised Premises cannot be occupied (in whole or in part) following the event of destruction of casualty, the Leased Rent payable under this Lease during the period in which the Demised Premises cannot be fully occupied shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Speed Release Lock Co)

Partial Damage. (1) In the event improvements on of a particular destruction or partial destruction of the Leased Premises during the Lease Term, without the fault or neglect of Tenant, its agents, invitees or employees, causes the Leased Premises to be partially damaged, but not so as to render it wholly untenantable, the Landlord, after receiving notice in writing of the occurrence of the damage, shall repair the Leased Premises with reasonable promptness, and rent shall be abated to the extent that the Leased Premises are damaged untenantable. (2) If the fire or other casualty causing injury to the Leased Premises is caused by the negligence or misconduct of Tenant, its agents, servants or employees, or by any casualty which other person entering the Leased Premises under express or implied invitation of Tenant, such injury shall be repaired by Landlord at the expense of Tenant. (3) If a portion of the Building containing the Leased Premises is covered under an insurance policy required so injured or damaged (even if the Leased Premises is not damaged) such that Landlord decides it is necessary to be maintained pursuant to reconstruct, rebuild or raze the preceding SectionLeased Premises, then Landlord shall repair such damage as soon as reasonably possible and may terminate this Lease shall continue Agreement upon thirty (30) days’ notice in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then 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 shall continue in full force and effect, or (b) give written notice writing to Tenant. If such notice is given, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and this Agreement shall terminate this lease as of from the date of the occurrence of the damage; provided, howeverand Tenant shall pay apportioned rent up to such date, that if such damage is caused and both parties shall be discharged of all further obligations hereunder. Initials ______ / ______ (4) Except as provided in this Section, there shall be no abatement of rent and no liability of Landlord by an act reason of any injury to or omission interference with Tenant’s business or property arising from the making of any repairs, alterations or improvements to act any portion of the Leased Premises or to fixtures and equipment therein. Tenant understands Landlord will not carry insurance of any kind on Tenant’s furnishings, fixtures, equipment or improvements or on any other property of Tenant, its agentsand that Landlord shall not have any repair or replacement obligation for such items. (5) If the Leased Premises are damaged as a result of any cause other than fire or other casualty, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at if the direct or indirect expense damage is greater than ten percent (10%) of Tenantthe full replacement cost relative to the Leased Premises, as applicable. If the Landlord elects not to repair the Leased Premises, this Agreement shall terminate from the date of the occurrence of the damage, and Tenant shall be required pay rent apportioned to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises such date, and both parties shall be as provided in the following subsectionsfree and discharged of all further obligations under this Agreement.

Appears in 1 contract

Samples: Commercial Lease Agreement (Home Treasure Finders, Inc.)

Partial Damage. In If the event improvements Demised Premises should be damaged by fire, flood or other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days, Lessor, at Lessor's expense, shall cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence. Lessor shall not be obligated to restore or rebuild the Demised Premises to a condition in excess of that in existence on the Leased Premises are damaged by any casualty which is covered under an insurance policy required to be maintained pursuant to the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then 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 shall continue in full force and effect, or (b) give written notice to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the commencement date of the occurrence term hereof, nor in any event to repair, restore or rebuild any of the damage; provided, however, that if such damage is caused additions or alterations made by an act Lessee. If any Mortgagee of the Demised Premises shall not permit the application of adequate insurance proceeds for repair or omission to act restoration of Tenant, its agents, employees, contractors, licensees, customersthe Demised Premises, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In if the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord casualty shall not be required to repair any injury or damage by a type insured against under the standard fire or other causepolicy with extended coverage, or to make any restoration or replacement of any panelingthen this Lease, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense option of Tenant. Tenant the Lessor, shall be required terminated with the rent to restore or replace same in be adjusted to a mutually acceptable date, and Lessee shall thereupon promptly vacate the event of damageDemised Premises. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsTHIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS BRACKETED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Appears in 1 contract

Samples: Lease Agreement (Aquapenn Spring Water Company Inc)

Partial Damage. In If the event Building or other improvements situated on the Property are damaged by fire, tornado or other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within two hundred seventy (270) days from the date Landlord receives written notification by Tenant of the occurrence of the damage (as reasonably determined by Landlord), then this Lease will not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the Building and other improvements on the Leased Premises are damaged (other than leasehold improvements made by Tenant or any casualty assignee, subtenant or other occupant of the Premises) to substantially the condition they were in before the damage; provided however, in no event shall Landlord be obligated to expend more than the insurance proceeds actually received by Landlord, plus the amount of any deductible which is covered under an insurance policy shall be paid by Tenant to Landlord, if required. In no event shall Landlord be required to begin any restoration until it receives the insurance proceeds and the deductible from Tenant. If the casualty occurs during the final twelve (12) months of the Term, Landlord will not be maintained pursuant to the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise Tenant's renewal option, or if there is no renewal option in this Lease, Landlord nmy, at Landlord's option, terminate this Lease shall by promptly delivering a written termination notice to Tenant, in which event the Rent will be canceled and terminated as abated for the unexpired portion of the Term, effective on the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) after the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Rent payable under this Lease during the period the Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall cannot be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall folly occupied will be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Earnest Money Contract (Rich Uncles NNN REIT, Inc.)

Partial Damage. In If the event building or other improvements situated on the property should be damaged by fire, tornado or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises are damaged property (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the property) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty which is covered under an insurance policy occurs during the final 18 months of the lease term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease lease shall terminate at the option of Landlord and rent shall be canceled and terminated as abated for the unexpired portion of this lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Lease Agreement (Pharmaceutical Laboratories Inc)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any casualty which is covered under fire, tornado, or other casualty, but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and effect. In the event the other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Ace Hardware Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to be maintained pursuant to extent that rebuilding or repairs cannot reasonably by completed within one hundred twenty (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and effect. In the event the other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage and complete such repairs within 120 days following the date of such casualty. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 exercise its renewal option, or days after the ten (10) day period, this Lease shall be canceled and terminated as date of receipt by Landlord of the date notification of the occurrence of such the damage. Landlord shall If Tenant does not be required to repair any injury or damage by fire or other causeexercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to make any restoration or replacement of any panelingTenant, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in which event the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant Rent shall be required to restore or replace same in abated for the event unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the written notification of the damage. Tenant’s remedies To the extent the Demised Premises cannot by occupied (in whole or in part) following the event of destruction of casualty, the Leased Rent payable under this Lease during the period in which the Demised Premises cannot by fully occupied shall be as provided in the following subsectionsby adjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Performance Printing Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Premises are damaged by any casualty which is covered under fire, tornado or other casualty, but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then this Lease will not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair such damage as soon as reasonably possible the building and this Lease shall continue in full force and effect. In the event the other improvements on the Leased Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Premises) to substantially the condition they were in before the damage. If the casualty occurs during the final eighteen (18) months of the Term, Landlord will not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding sectiondamage unless Tenant exercises Tenant’s renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not exercise Tenant’s renewal option, then or if there is no renewal option in this Lease, Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expenseterminate this Lease by promptly delivering a written termination notice to Tenant, in which event this Lease shall continue in full force and effectthe Rent will be abated for the unexpired portion of the Term, or (b) give written notice to Tenant, within sixty (60) days after effective on the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date of the occurrence written notification of the damage; provided. To the extent the Premises cannot be occupied (in whole or in part) after the casualty, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate Rent payable under this Lease pursuant hereto. Tenant shall have during the right within ten (10) days after receipt of period the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall Premises cannot be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall fully occupied will be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement

Partial Damage. In If the event improvements on Premises, or so much of the Leased Building as to cause the Premises to be uninhabitable, are damaged by any fire or other casualty which is covered under an insurance policy required Lessor’s insurance, and the damage (exclusive of any property or improvements installed by the Lessee in the Premises) can be repaired within ninety (90) days without the payment of overtime, the Lessor shall, at the Lessor’s expense, promptly commence to be maintained pursuant to the preceding Section, then Landlord shall repair such damage as soon as reasonably possible (exclusive of any property of the Lessee or improvements installed by the Lessee in the Premises) following Lessor’s receipt of all permits and insurance proceeds and diligently prosecute the same to completion, and this Lease shall continue in full force and effect. In If the event Premises, or so much of the improvements on Building as to cause the Leased Premises to be uninhabitable, are damaged by any casualty not covered under an insurance policy required to by Lessor’s insurance, or the damage (exclusive of any property of the Lessee or improvements installed by the Lessee in the Premises) cannot be maintained pursuant to repaired within ninety (90) days without the preceding sectionpayment of overtime or other premiums, then Landlord the Lessor may, at Landlordthe Lessor’s option, either (ai) repair such damage as soon as reasonably possible practicable at Landlordthe Lessor’s expense, in which event this Lease shall continue in full force and effect, or (bi) give written notice to Tenant, Lessee within sixty thirty (6030) days after the date of the occurrence of such damage, damage of Landlordthe Lessor’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expense, without reimbursement from LandlordLease, 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 the ten (10) day period, this Lease shall be canceled and terminated terminate as of the date of the occurrence of such damage. Landlord Lessor shall give written notice to Lessee within thirty (30) days after the date of the occurrence of such damage of whether or not be Lessor elects to repair the Premises or terminate this Lease pursuant to this Section, together with a copy (“Lessor’s Contractor’s Notice”) of Lessor’s contractor’s estimate of the number of days required to repair the Premises (exclusive of any injury property or damage improvements installed by fire the Lessee in the Premises). If the Lessor’s contractor estimates that the Premises cannot be repaired within ninety (90) days without the payment of overtime or other causepremiums and Lessor elects to terminate the Lease pursuant to this Section 8.1, or Lessee may nullify Lessor’s election to make terminate the Lessee if Lessee delivers written notice to Lessor within fifteen (15) after Lessor’s notice that Lessee elects, at its sole cost and expense, to repair the Premises in which event (i) Lessee shall, at its sole cost, repair the Premises, and Lessor pay any restoration or replacement insurance proceeds received from Lessor’s insurance carrier applicable to the Premises to Lessee’s contractor for work completed in repairing the Premises, subject to Lessor’s receipt of lien releases from Lessee’s contractor and its subcontractors and suppliers for all work completed, (ii) Lessee shall, at its sole cost and expense, obtain all permits required for repairing the Premises, (iii) Lessee shall promptly commence to repair the Premises following the receipt of all permits and diligently prosecute such work to completion within the number of days set forth in Lessor’s Contractor’s Notice, and (iv) this Lease shall remain in full force and effect. Notwithstanding the foregoing, if Lessee delivers notice to Lessor that it elects to repair the Premises and keep the Lease in effect pursuant to this Section, Lessor may elect to repair the Premises (exclusive of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, property or fixtures or any other improvements or property installed by the Lessee in the Leased Premises by Tenant or at the direct or indirect expense Premises), in lieu of Tenant. Tenant shall be required Lessee, upon written notice to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsLessee.

Appears in 1 contract

Samples: Lease Agreement (Inamed Corp)

Partial Damage. In If the event building or other improvements situated on the Property should be damaged by fire, tornado or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk. proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises are damaged Property (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Property) to substantially the condition in which they existed prior to such damage: provided. however, if the casualty which is covered under an insurance policy occurs during the final 18 months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of Landlord and rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Lease Renewal Agreement (Argyle Security, Inc.)

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Partial Damage. In If the event building or other improvements situated on the --------------- Leased Premises are damaged by fire, tornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred and twenty days (120) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease Agreement shall not terminate, but Landlord shall proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises are damaged (other than leasehold improvements made by Tenant or any casualty assignee, subtenant or other occupant of the Leased Premises) to substantially the same condition in which is covered they existed prior to such damage. Landlord's obligation under an insurance policy required this Section 20.B to be maintained pursuant use reasonable diligence to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible building and this Lease shall continue in full force and effect. In the event the other improvements on the Leased Premises are damaged shall not exceed the proceeds received by Landlord from any casualty not covered under an insurance policy required maintained by Landlord or Tenant under this Lease Agreement. If the casualty occurs during the final eight (8) months of the Lease Term, Landlord may elect not to be maintained pursuant rebuild or repair such Halliburton Company Agreement and Plan of Recapitalization Appendix V-12 damage, provided the Tenant does not immediately elect to the preceding section, then Landlord may, at Landlord’s exercise its renewal option, either (a) repair such damage as soon as reasonably possible at if applicable. This Lease Agreement shall terminate upon Landlord’s expense, in which event 's election and the Rent shall be abated for the remaining unused portion of this Lease shall continue in full force and effectAgreement, or (b) give written notice to Tenant, within sixty (60) days after effective from the date of occurrence actual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repairs made which cause the Leased Premises to be untenantable in whole or in part following such damage, the installments of Landlord’s intention to cancel and terminate this lease as of Rent payable hereunder during the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expense, without reimbursement from Landlord, period 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 the ten (10) day period, this Lease they are untenantable shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Recapitalization Agreement (Halliburton Co)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and effect. In the event the other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Efficient Networks Inc)

Partial Damage. In the event improvements on the Leased Premises are damaged by any casualty which is covered under an insurance policy required to be maintained pursuant to the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the Demised Premises sustains damage from herein said events (excluding damage caused by Tenant or by any Tenant Parties) and the Demised Premises is unsafe to occupy or unable to serve the day to day requirements of the Tenant, and cannot reasonably be repaired within 120 days after the date of damage, Tenant may at its discretion terminate this Lease by written notice to Landlord within 30 days after the date of damage in order to relocate into property which can service the day to day needs of the Tenant. If the Building or other improvements situated on the Property are damaged by fire, tornado or other casualty, each a “Casualty”, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days from the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the Building and other improvements on the Leased Premises are damaged Property (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding sectiondamage unless Tenant exercises Tenant’s renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not exercise its renewal option or if there is no renewal option contained in this Lease, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, terminate this Lease by promptly delivering a written termination notice to Tenant in which event this the Rent shall be abated for the unexpired portion of the Lease shall continue in full force and effectTerm, or (b) give written notice to Tenant, within sixty (60) days after effective from the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date of the occurrence written notification of the damage; provided. To the extent the Demised Premises cannot be occupied (in whole or in part) following the casualty, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate Rent payable under this Lease pursuant hereto. Tenant shall have during the right within ten (10) days after receipt of the required notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expense, without reimbursement from Landlord, period 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 the Demised Premises cannot give such notice within the ten (10) day period, this Lease be fully occupied shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Oryon Technologies, Inc.)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any casualty which is covered under fire, tornado, or other casualty, but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred eighty (180) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall, to the extent of insurance proceeds available for such rebuilding and effect. In restoration, proceed with reasonable diligence to rebuild or repair the event the building and other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no remaining renewal option, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.be

Appears in 1 contract

Samples: Commercial Contract of Sale (Cerprobe Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by fire, tornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty which is covered under an insurance policy occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of Landlord and the Rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and arc untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement the monthly installments of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed Rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required adjusted equitably. Should any such damage cause a materially adverse effect to restore or replace same in the event of damageTenant's business and needed repairs are not started within thirty (30) days and completed within seventy-five (75) days after written notice to Landlord. at Tenant’s remedies in the event of destruction of the Leased Premises 's option, Tenant may terminate this Lease and all rent shall be as provided in abated for the following subsectionsunexpired portion of this Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement (MCK Communications Inc)

Partial Damage. In the event improvements on the Leased Premises are damaged by any casualty which If this Lease is covered under an insurance policy required to be maintained not terminated pursuant to Paragraph B. above, Landlord shall, if the preceding Section, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant has occurred prior to the preceding section, then Landlord may, at Landlord’s option, either final eighteen (a18) 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 (b) give written notice to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as months of the date of the occurrence of the damage; providedLease Term, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In risk proceed forthwith to rebuild or repair the event building and other improvements substantially to the condition in which they existed prior to such damage, provided that Landlord elects shall not be obligated to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt expend for such rebuilding or repair an amount in excess of the insurance proceeds recovered as a result of such damage and in no event shall Landlord be required notice to notify Landlord in writing of Tenant’s intention to repair such damage at or replace Tenant’s expense's stock in trade, without reimbursement from Landlordfixtures, in which event this Lease shall continue in full force and effect and Tenant shall proceed to make such repairs as soon as reasonably possiblefurnishings floor coverings or equipment. If Tenant does not give such notice within the ten casualty occurs during the final eighteen (1018) day period, this Lease shall be canceled and terminated as months of the date of the occurrence of such damage. Lease Term, Landlord shall not be required to rebuild or repair such damage unless the Lease is Renewed Pursuant to the Renewal Term (if any injury is contained herein) within thirty (30) days from the date of Tenant's delivery of Tenant's written notification of the happening of the damage or within thirty (30) days from the date Landlord has actual knowledge of the damage, whichever comes first. Whereupon, Landlord shall, at its sole cost and risk, proceed forthwith to rebuild or repair such damage, provided that Landlord shall not be obligated to expend for such rebuilding or repair an amount in excess of the insurance proceeds recovered as a result of such damage by fire and in no event shall Landlord be required to repair or other causereplace Tenant's stock in trade, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitionsfurnishings floor coverings or equipment. If the casualty has occurred during the final eighteen (18) months of the Lease Term and if the Lease is not renewed pursuant to the Renewal Term (if any is contained herein), railingswithin said thirty (30) day time frame, ceilingsthis Lease shall terminate, floor coveringat the option of Landlord, equipmentand rent shall be abated for the unexpired portion of this Lease, machinery, or fixtures or any other improvements or property installed in effective as of the date the Leased Premises by Tenant or at the direct or indirect expense of Tenant. becomes uninhabitable and Tenant shall be required to restore or replace same in the event of damageliable for all Fixed Minimum Rent and all additional rent due hereunder through such date. Tenant’s remedies in the event of destruction of If the Leased Premises and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be as provided in adjusted equitably based on the following subsectionsportions of the space that are tenantable and untenantable. In the event that Landlord should fail to substantially complete such rebuilding or repairs within one hundred eighty (180) days from the date of written notification by Tenant to Landlord of the happening of the damage or one hundred eighty (180) days from the date Landlord has actual knowledge of the damage, whichever comes first, Tenant may at its option terminate this Lease by written notification at such time to Landlord, whereupon all rights and obligations hereunder shall cease except that Tenant shall be liable for all Fixed Minimum Rent and all additional rent due hereunder through the date of termination. During the period when the Leased Premises are untenantable, rent shall xxxxx for such period.

Appears in 1 contract

Samples: Land Lease Agreement

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by fire, tornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within ninety (90) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage within said ninety (90) days, provided, however, if the casualty which is covered under an insurance policy occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of Landlord and the Rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the monthly installments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably. Landlord shall not be required will give written notice of whether Landlord intends to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in rebuild the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionswithin forty-five (45) days.

Appears in 1 contract

Samples: Commercial Lease Agreement (Network 1 Security Solutions Inc)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred twenty (120) days from the preceding Sectiondate Landlord receives written notification by Tenant of the happening of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall, at its sole cost and effect. In the event the risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any casualty not covered under an insurance policy required assignee, subtenant or other occupant of the Demised Premises) to be maintained pursuant to substantially the preceding section, then Landlord may, at Landlord’s option, either (a) repair such damage as soon as reasonably possible at Landlord’s expense, condition in which event this Lease shall continue in full force and effect, or (b) give written notice they existed prior to Tenant, within sixty (60) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as of the date of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have casualty occurs during the right within ten final nine (109) days after receipt months of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damageTerm. Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any injury is contained herein) within fifteen (15) days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option or damage if there is no renewal option contained herein or previously unexercised at such time, this Lease shall terminate at the option of landlord and the Rent shall be abated for the unexpired portion of this Lease, effective from the date of actual receipt by fire or other cause, or to make any restoration or replacement Landlord of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any the written notification of the damage. If the building and other improvements are to be rebuilt or property installed repaired and are untenantable in whole or in part following such damage, the Leased Premises by Tenant or at monthly installments of Rent payable hereunder during the direct or indirect expense of Tenant. Tenant period in which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Craftmade International Inc)

Partial Damage. In If the event building or other improvements situated on the Property should be damaged by fire, tornado or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises are damaged Property (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Property) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty which is covered under an insurance policy occurs during the final 18 months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of the Landlord and rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Lease Agreement (Intellisys Group Inc)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred eighty (180) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall, to the extent of insurance proceeds available for such rebuilding and effect. In restoration, proceed with reasonable diligence to rebuild or repair the event the building and other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no remaining renewal option, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.be

Appears in 1 contract

Samples: Commercial Lease Agreement (Cerprobe Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by any fire, tornado, or other casualty which is covered under but not to such an insurance policy required to extent that rebuilding or repairs cannot reasonably be maintained pursuant to completed within one hundred eighty (180) days from the preceding Sectiondate Landlord receives written notification by Tenant of the occurrence of the damage, then Landlord shall repair such damage as soon as reasonably possible and this Lease shall continue in full force not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and effect. In the event the other improvements on the Leased Demised Premises are damaged (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not covered under an insurance policy be required to be maintained pursuant to rebuild or repair the preceding section, then Landlord may, at Landlord’s option, either damage unless Tenant exercises Tenant's renewal option (aif any) 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 within fifteen (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day periodexercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Tenant, in which event the Rent shall be canceled and terminated as abated for the unexpired portion of the Lease Term, effective from the date of receipt by Landlord of the occurrence written notification of such the damage. Landlord shall To the extent the Demised Premises cannot be required to repair any injury occupied (in whole or damage by fire or other causein part) following the casualty, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed the Rent payable under this Lease during the period in which the Leased Demised Premises by Tenant or at the direct or indirect expense of Tenant. Tenant cannot be fully occupied shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsectionsadjusted equitably.

Appears in 1 contract

Samples: Commercial Lease Agreement (Precis Smart Card Systems Inc)

Partial Damage. In (a) Tenant shall notify Landlord in writing immediately upon the event improvements on the Leased Premises are damaged by occurrence of any casualty which is covered under an insurance policy required to be maintained pursuant damage to the preceding SectionPremises. If the Building is only partially damaged (i.e., less than 25% of the value of the Building) and if the insurance proceeds received by Landlord are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage to Landlord's Work as soon as is reasonably possible, and Tenant shall repair any damage to Tenant's fixtures and equipment and any improvements installed by Tenant. (b) If (i) the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or if the cause of the damage is not covered by the insurance or (ii) if the damage exceeds 25% of the value of the Building, then Landlord shall may elect either to (1) repair such the damage to Landlord's Work as soon as reasonably possible and possible, in which case this Lease shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then 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 shall continue remain in full force and effect, or (b2) give written notice to Tenant, terminate this Lease. Landlord shall notify Tenant within sixty (60) 60 days after receipt of notice of the date of occurrence of such the damage whether Landlord elects to repair the damage or terminate the Lease. If Landlord elects to repair the damage, Tenant shall pay to Landlord Tenant's Share of the "deductible amount" (if any) under Landlord’s intention 's insurance policy and, if the damage was due to cancel an act or omission of Tenant or Tenant's employees, agents, contractors or invitees, Tenant shall also pay to Landlord the difference between the actual cost of repair and any insurance proceeds received by Landlord. (c) If the damage to the Premises occurs during the last 6 months of the Lease Term, and such damage will require more than 30 days to repair, either Landlord or Tenant may elect to terminate this lease Lease as of the date the damage occurred regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within 30 days after Tenant's notice to Landlord of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.

Appears in 1 contract

Samples: Industrial Real Estate Lease (Seamed Corp)

Partial Damage. In If the event building or other improvements situated on the Leased Demised Premises are damaged by fire, tornado, or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within two hundred ten (210) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised (other than leasehold improvements made by Tenant or any casualty assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which is covered under an insurance policy they existed prior to such damage within such two hundred ten (210) day period; provided, however, if the casually occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to be maintained pursuant to the preceding Section, then Landlord shall rebuild or repair such damage as soon as reasonably possible and this Lease unless Tenant shall continue in full force and effect. In the event the improvements on the Leased Premises are damaged by exercise its renewal option (if any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, then Landlord may, at Landlord’s option, either is contained herein) within fifteen (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 (b) give written notice to Tenant, within sixty (6015) days after the date of occurrence of such damage, of Landlord’s intention to cancel and terminate this lease as receipt by Landlord of the date notification of the occurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. In the event Landlord elects to terminate this Lease pursuant hereto. Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing 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 elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such notice within the ten (10) day periodtime, this Lease shall terminate at the option of Landlord and the Rent shall be canceled and terminated as abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the occurrence written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement the monthly installments of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed Base Rent payable hereunder during the period in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant which they are untenantable shall be required to restore or replace same abated unless such untenantable condition is cause by Tenant, in the event of damage. Tenant’s remedies in the event of destruction of the Leased Premises which case there shall be as provided in the following subsectionsno abatement.

Appears in 1 contract

Samples: Commercial Industrial Sublease Agreement (Ilex Oncology Inc)

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