RECONSTRUCTION OF PREMISES. If during the Term all or any portion of the Premises should be destroyed by fire or other casualty, this Lease shall continue thereafter in full force and effect, except as hereinafter provided, and the Lessor shall cause the reconstruction of the Premises within the one twenty (120) days following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Lessee's obligation to pay rental to Lessor hereunder shall abate xxxx the date of such destruction until completion of such rexxxxxruction and the Term hereof shall be automatically extended for a period of time equivalent to that during which rent is abated as aforesaid. Should the Premises be partially damaged or destroyed, rent shall be abated in the same proportion as the destruction affects Lessee's ability to occupy and use the Premises for its xxxxnded purposes. Notwithstanding the foregoing, Lessor shall have thirty (30) days following the partial or total destruction of the Premises to elect in writing not to commence reconstruction, repair or replacement of the Premises. In the event of such an election by Lessor, this Lease shall be deemed terminated and of no further xxxxx or effect. Notwithstanding the foregoing, if within twenty (20) days following any damage or destruction of the Premises, Lessee reasonably determines that reconstruction of the Premises shall take longer than one hundred twenty (120) days from the date of such damage or destruction, then Lessee shall have the right to terminate this Lease with ten (10) days prior written notice to Lessor.
Appears in 1 contract
Samples: Triple Net Lease (Luxtec Corp /Ma/)
RECONSTRUCTION OF PREMISES. If during the Term all or any portion part of the Premises should be destroyed partially or totally by fire or other casualty, this Lease shall continue thereafter in full force and effect, except as hereinafter provided, and the Lessor shall use commercially reasonable diligent efforts to cause the reconstruction of the Premises within the one twenty (120) days as soon as reasonably possible following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Lessee's Lxxxxx’s obligation to pay rental Rent to Lessor hereunder shall abate xxxx axxxx from the date of such destruction until completion of such rexxxxxruction reconstruction and the Term hereof shall be automatically extended for a period of time equivalent to that during which rent Rent is abated as aforesaidprovided herein. Should the Premises be partially damaged or destroyed, rent Rent shall be abated in the same proportion as the destruction materially affects Lessee's Lxxxxx’s ability to occupy and use the Premises for its xxxxnded purposesthe Permitted Use. Notwithstanding the foregoing, within 30 days of the loss (or such longer period as may be reasonably necessary), Lessor shall reasonably determine and communicate in writing to Lessee (the “Lessor’s Repair Notice”) whether or not the Premises can be reasonably repaired within 180 days following such casualty, and if Lessor determines that the Premises cannot reasonably be repaired within such 180 day period, then either party may, by written notice to the other party within 30 days after Lxxxxx’s receipt of Lxxxxx’s Repair Notice, terminate this Lease (the “Termination Right”). Notwithstanding the foregoing, Lessor shall have thirty (30) 90 days following the partial or total destruction of the Premises to elect in writing not to commence reconstruction, repair or replacement of the Premises. In the event of such an election by Premises and to terminate this Lease, and if Lessor, this Lease shall ’s lender fails to allow insurance proceeds to be deemed terminated and of no further xxxxx or effect. Notwithstanding the foregoing, if within twenty (20) days following any damage or destruction of the Premises, Lessee reasonably determines that made available for reconstruction of the Premises following a fire or other casualty or if such fire or other casualty is not covered by the insurance maintained by Lessor (or the insurance that Lessor would have maintained if it had maintained the insurance required under Section 8.4) Lessor shall take longer than one hundred twenty have the option, within 30 days following the date Lessor learns of either of such facts, to terminate this Lease. Notwithstanding any language herein to the contrary, if (120i) the Premises are damaged by a casualty loss not caused by Lessee or its agents, employees or licensees, and (ii) in Lessee’s reasonable judgment the Premises are not repaired sufficiently within 180 days from of the date of such damage or destructionloss (the “Repair Period”) so that Lessee can reasonably operate its business in the Premises, and (iii) Lessor at its sole expense has not made available to Lessee (which availability may be elected by Lessor in its sole discretion) alternative space reasonably acceptable to Lessee in which Lessee can continue its business, then Lessee shall have the right to may terminate this Lease with ten (10) days prior upon written notice to LessorLessor given within 30 days after the expiration of the Repair Period (the “Second Termination Right”). If Lessor makes available to Lessee alternative space to keep this Lease in effect, then Lessor shall also be responsible at its sole expense to move Lessee back into the Premises after repair of the Premises to a substantially equivalent condition as existed prior to the casualty date. Lessor and Lxxxxx shall cooperate with each other in connection with any such relocation.
Appears in 1 contract
Samples: Commercial Industrial Triple Net Lease (PLBY Group, Inc.)
RECONSTRUCTION OF PREMISES. (a) If during the Term all Premises or any portion of the Premises should part thereof shall be destroyed damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Premises or any part thereof shall be damaged or rendered Untenantable by fire or other insured casualty and Tenant gives notice thereof to Landlord and this Lease is not terminated pursuant to any provision of this Article, Landlord shall continue thereafter in full force and effectproceed with reasonable diligence to collect the insurance proceeds attributable to such damage, except as hereinafter providedif any, and to repair such damage to the Lessor Premises, excluding Tenant's Improvements or Tenant's Property. Except as provided in Section 15.5, the Fixed Rent and Additional Rent shall cause be abated based on the reconstruction proportion which the square footage of the Premises within rendered Untenantable bears to the one twenty (120) days following such destruction to substantially total square footage of the same condition in which it existed at the time immediately preceding such destruction. Lessee's obligation to pay rental to Lessor hereunder shall abate xxxx Premises from the date of such destruction until completion of such rexxxxxruction and the Term hereof shall be automatically extended for a period of time equivalent damage to the date that during which rent is abated as aforesaid. Should the Premises shall no longer be partially damaged or destroyedUntenantable. Such period shall include a reasonable time for Tenant, rent exercising due diligence, to construct its Tenant's Improvements and its material handling equipment. Landlord shall be abated in the same proportion as the destruction affects Lesseereasonably cooperate with Tenant to facilitate Tenant's ability to occupy installation of Tenant's Improvements and use the Premises for its xxxxnded purposesTenant's Property. Notwithstanding the foregoing, Lessor shall have thirty (30) days following the partial or total destruction If Tenant reoccupies a portion of the Premises during the period of repair for the conduct of its business, the Fixed Rent and Additional Rent allocable to elect in writing not to commence reconstructionsuch reoccupied portion, repair or replacement based upon the proportion which the reoccupied portion of the Premises. In Premises bears to the event of such an election by Lessor, this Lease shall be deemed terminated and of no further xxxxx or effect. Notwithstanding the foregoing, if within twenty (20) days following any damage or destruction total area of the Premises, Lessee reasonably determines that reconstruction of the Premises shall take longer than one hundred twenty (120) days be payable by Tenant from the date of such occupancy.
(b) In the event of any damage or destruction to any part of the Premises, Tenant shall cooperate fully with Landlord with respect to Landlord's efforts to collect any insurance proceeds that may be payable to Landlord under Landlord's insurance policies on account of such damage or destruction. In furtherance thereof, then Lessee Tenant shall have not demolish or otherwise alter the right portion of the Premises affected by such damage or destruction (other than as may be required by Legal Requirements, emergency conditions or as part of Tenant's efforts to terminate this Lease with ten (10prevent further damage) days prior written notice without Landlord's consent. If Landlord refuses to Lessorconsent to Tenant's request to demolish or alter any part of the Premises, and such refusal results in additional portions of the Premises being rendered untenantable for the conduct of Tenant's business, the abatement of Fixed and Additional Rent shall extend to such additional Premises until they are rendered tenantable for the conduct of Tenant's business.
Appears in 1 contract
Samples: Lease Agreement (Dress Barn Inc)
RECONSTRUCTION OF PREMISES. If during the Term all or any portion part of the Premises should be destroyed partially or totally by fire or other casualty, this Lease shall continue thereafter in full force and effect, except as hereinafter provided, and the Lessor shall use reasonable efforts to cause the reconstruction of the Premises within the one twenty twelve (12012) days months following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Lessee's Xxxxxx’s obligation to pay rental to Lessor hereunder shall abate xxxx xxxxx from the date of such destruction until completion of such rexxxxxruction reconstruction and the Term hereof shall be automatically extended for a period of time equivalent to that during which rent is abated as aforesaid. Should the Premises be partially damaged or destroyed, rent shall be abated in the same proportion as the destruction affects Lessee's Xxxxxx’s ability to occupy and use the Premises for its xxxxnded intended purposes. Notwithstanding the foregoing, Lessor shall have thirty (30) days following the partial or total destruction of the Premises to elect in writing not to commence reconstruction, repair or replacement of the Premises. In the event of such an election by LessorXxxxxx, this Lease shall be deemed terminated and of no further xxxxx force or effect. Notwithstanding In the foregoing, if within twenty event that Lessor shall fail to substantially complete (20defined as a certificate of occupancy having been issued by the City of Tucson for the Premises or portion thereof that had been damaged) days following any damage or destruction of the Premises, Lessee reasonably determines that he reconstruction of the Premises shall take longer than one hundred twenty within the twelve (12012) days from the date of months following such damage or destruction, then Lessee shall have the right be permitted to terminate this Lease with ten by written notice thereof to Lessor no later than thirty (1030) days prior written after the expiration of such twelve (12) month period; provided that, if Lessee shall fail to give such termination notice within such thirty (30) day period, Lessee shall be deemed to Lessorhave waived its right to do so but only as to the respective casualty event.
Appears in 1 contract
RECONSTRUCTION OF PREMISES. If during the Term all or any portion part of the Premises should be destroyed partially or totally by fire or other casualty, this Lease shall continue thereafter in full force and effect, except as hereinafter provided, and the Lessor shall use commercially reasonable diligent efforts to cause the reconstruction of the Premises within the one twenty (120) days as soon as reasonably possible following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Lessee's Xxxxxx’s obligation to pay rental Rent to Lessor hereunder shall abate xxxx xxxxx from the date of such destruction until completion of such rexxxxxruction reconstruction and the Term hereof shall be automatically extended for a period of time equivalent to that during which rent Rent is abated as aforesaidprovided herein. Should the Premises be partially damaged or destroyed, rent Rent shall be abated in the same proportion as the destruction materially affects Lessee's Xxxxxx’s ability to occupy and use the Premises for its xxxxnded purposesthe Permitted Use. Notwithstanding the foregoing, within 30 days of the loss (or such longer period as may be reasonably necessary), Lessor shall reasonably determine and communicate in writing to Lessee (the “Lessor’s Repair Notice”) whether or not the Premises can be reasonably repaired within 180 days following such casualty, and if Lessor determines that the Premises cannot reasonably be repaired within such 180 day period, then either party may, by written notice to the other party within thirty 30 days after Xxxxxx’s receipt of Xxxxxx’s Repair Notice, terminate this Lease (the “Termination Right”). Notwithstanding the foregoing, Lessor shall have thirty (30) 90 days following the partial or total destruction of the Premises to elect in writing not to commence reconstruction, repair or replacement of the Premises. In the event of such an election by Premises and to terminate this Lease, and if Lessor, this Lease shall ’s lender fails to allow insurance proceeds to be deemed terminated and of no further xxxxx or effect. Notwithstanding the foregoing, if within twenty (20) days following any damage or destruction of the Premises, Lessee reasonably determines that made available for reconstruction of the Premises following a fire or other casualty or if such fire or other casualty is not covered by the insurance maintained by Lessor (or the insurance that Lessor would have maintained if it had maintained the insurance required under Section 8.4) Lessor shall take longer than one hundred twenty have the option, within 30 days following the date Lessor learns of either of such facts, to terminate this Lease. Notwithstanding any language herein to the contrary, if (120i) the Premises are damaged by a casualty loss not caused by Lessee or its agents, employees or licensees, and (ii) in Lessee’s reasonable judgment the Premises are not repaired sufficiently within 90 days from of the date of such damage or destructionloss (the “Repair Period”) so that Lessee can reasonably operate its business in the Premises, then Lessee shall have the right to may terminate this Lease with ten (10) days prior upon written notice to LessorLessor given within 30 days after the expiration of the Repair Period (the “Second Termination Right”).
Appears in 1 contract
RECONSTRUCTION OF PREMISES. If during the Term all or any portion past of the Premises should be destroyed partially or totally by fire or other casualty, this Lease shall continue thereafter in full fall force and effect, except as hereinafter provided, and the Lessor shall cause the reconstruction of the Premises within the one twenty hundred eighty (120180) days following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Lessee's obligation to obligatixx xx pay rental to Lessor hereunder shall abate xxxx from the date of datx xx such destruction until completion of such rexxxxxruction reconstruction and the Term hereof shall be automatically extended for a period of time equivalent to that during which rent is abated as aforesaid. Should the Premises be partially damaged or destroyed, rent shall be abated in the same proportion as the destruction affects Lessee's ability to occupy xx xxxupy and use the Premises for its xxxxnded intended purposes. Notwithstanding the foregoing, Lessor or Lessee shall have thirty (30) days following the partial or total destruction of the Premises or the partial destruction of the Premises to the extent of fifty percent (50%) or greater of the full replacement value thereof, exclusive of footings and foundations, to elect in writing not to commence reconstruction, repair or replacement of the Premises. In the event of such an election by Lessor, this Lease shall xxxxx be deemed terminated and of no further xxxxx farther force or effect. Notwithstanding the foregoing, if within twenty (20) days following any damage or destruction of the Premises, Lessee reasonably If Lessor determines that reconstruction of the Premises shall take longer than cannot be completed within one hundred twenty eighty (120180) days from the date following such destruction, Lessor shall notify Lessee of such damage or destruction, then Lessee shall have the right to terminate fact and this Lease with ten (10) days prior written notice to Lessorshall thereupon be deemed terminated and of no farther force or effect.
Appears in 1 contract
Samples: Standard Commercial Industrial Triple Net Lease (Titan Motorcycle Co of America Inc)