Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises. (b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 6 contracts
Samples: Lease (VCG Holding Corp), Lease (VCG Holding Corp), Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than fifty percent (whether or not such reconstruction involves any portion 50%) of the then full replacement cost of the Premises). In the event the destruction of the Premises is to fifty percent (50%) or more of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Rent to be proportionately reduced as herein above in this Section provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Section, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Building Premises when the damage resulting from any casualty covered under this Section occurs during the last six (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (56) years remain in months of the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and of this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsextension thereof.
Appears in 3 contracts
Samples: Office Lease (Transatlantic Petroleum Ltd.), Office Lease (Transatlantic Petroleum Ltd.), Office Lease (Transatlantic Petroleum Ltd.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rest to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 3 contracts
Samples: Lease Agreement (MKS Instruments Inc), Lease Agreement (MKS Instruments Inc), Lease Agreement (MKS Instruments Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord TENANT agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that . Tenant shall be entitled look to an equitable reduction of Minimum Rent from their Insurance carrier for costs to repair the date of damage until completion of such repairs, based on the extent to which the damage premises and making of such repairs shall reasonably interfere with the for business carried on by Tenant in the Premisesinterruption.
(b) In the event that the Premises are damaged to any casualty requires structural demolition extent as a result of any cause other than the perils covered by fire and reconstruction of all extended coverage insurance, Landlord shall have the option: (1) to repair, reconstruct or a material part of the Building (whether or not such reconstruction involves any portion of restore the Premises), Tenant mayin which event this Lease shall continue in full force and effect but the Minimum Rent shall be proportionately reduced as hereinabove provided in this Section during the period of such repair, at its election, reconstruction or restoration; or (2) to give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the Premises, shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)termination. In the alternativeevent that more than 25% of the premises are damaged and the Landlord elects to not repair the premises, and so long as at least five (5) years remain in then the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter terminate this lease.
(c) Anything to the size and configuration contrary contained in this Section notwithstanding, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section occurs during the last twelve months of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will Term or any extension thereof.
(d) Landlord shall not be unreasonably conditionedrequired to repair any injury or damage by fire or other causes, delayed or denied. If Tenant elects to require Landlord to construct the make any repairs or replacement of any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures, or due to other personal property of Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Demised Premises), Tenant Landlord may, at its election, give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of a date specified in such notice not more than thirty (30) days after the date giving of the casualtysuch notice. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date of so specified in such notice, and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the Demised Premises, shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)termination. In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant Landlord may, by written notice to Landlord Tenant within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant Landlord shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, unit and the dimensions of the Demised Premises are substantially the same as prior to such casualty and Tenant is able casualty.
(c) Notwithstanding anything to operate its business as intended at the time of Lease executioncontrary contained in this Article, subject Landlord shall not have any obligation whatsoever to Landlord’s approval which will not be unreasonably conditioned, delayed repair any injury or denied. If Tenant elects damage by other cause to require Landlord to construct the any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures or due to other personal property of Tenant, andor to repair, prior to reconstruct or restore the Demised Premises or any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount other part of the insurance proceedsBuilding when the damage resulting from any casualty occurs during the last twenty-four months of the term of this Lease or any extension thereof.
Appears in 3 contracts
Samples: Business Lease (VCG Holding Corp), Business Lease (VCG Holding Corp), Business Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the then full replacement cost of the Premises). In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; (1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Not withstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixture, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 2 contracts
Samples: Commercial Lease (Northern Empire Bancshares), Commercial Lease (Northern Empire Bancshares)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) percent of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided, or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 2 contracts
Samples: Office Building Lease (Cross Country Healthcare Inc), Office Building Lease (Cross Country Healthcare Inc)
Reconstruction. If the Premises are damaged and rendered substantially untenantable, or if the Building is damaged (aregardless of damage to the Premises) Subject or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor’s election not to repair, in which event this Lease shall terminate at the expiration of the ninetieth (90th) day after the casualty. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent shall be proportionately reduced during the period of repair. The reduction shall be based upon the extent to which the making of repairs interferes with Lessee’s business conducted in the Premises, as reasonably determined by Lessor. All other Rentals due hereunder shall continue unaffected, and Lessee shall have no claim against Lessor for compensation for inconvenience or loss of business during any period of repair or reconstruction. Lessee shall continue the operation of its business on the Premises during any period of reconstruction or repair to the extent reasonably practicable from the standpoint of prudent business management. Upon Lessor’s election to repair, Lessor shall diligently repair the damage to the extent of insurance proceeds available to Lessor. Lessor shall not be required to repair or replace, whether damaged by fire or other cause, any items required to be insured by Lessee under this Lease, including Lessee’s fixtures, equipment, merchandise, personal property, inventory, panels, decoration, furniture, railings, floor covering, partitions or any other improvements, alterations, additions, or property made or installed by Lessee to the Premises, and Lessee shall be obligated to promptly rebuild or restore the same to the same condition as they were in immediately before the casualty, to the extent necessary to operate Lessee’s business. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives any rights to terminate this Lease if the Premises are damaged or destroyed, including, without limitation, any rights pursuant to the provisions of subparagraphs (b) Subdivision 2 of Section 1932 and (c) belowSubdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereafter enacted. If the Lease is terminated by Lessor pursuant to this Article 21, the unused balance of the Security Deposit and any Rentals unearned as of the effective date of termination shall be refunded to Lessee. Lessee shall pay to Lessor any Rentals or other charges due Lessor under the Lease, prorated as of the effective date of termination. Notwithstanding anything to the contrary in this Lease, if the event damage is due to the Premises fault or neglect of Lessee or any of Lessee’s Agents, there shall be no abatement of Base Rent or any other portion Rentals. Notwithstanding the foregoing, if less than fifty percent (50%) of the rentable area of the Building is damaged by fire from an insured casualty and the insurance proceeds actually available to Lessor for reconstruction (net of costs to recover such proceeds and after all claimants thereto including lien holders have been satisfied or other perils covered by extended coverage insurancewaive their respective claims) (“Net Insurance Proceeds”) are sufficient to completely restore the Building, Lessor agrees to make such repairs and such continue this Lease in effect. If, upon damage does not require structural demolition and reconstruction of all or part less than fifty percent (50%) of the rentable area of the Building, Landlord agrees there are not sufficient insurance proceeds actually available to forthwith allow Lessor to completely restore the Building, Lessor shall not be obligated to repair such damage utilizing the proceeds Building and the provisions of insurance and the first paragraph of this Lease Article 21 shall remain in full force and effect, except that Tenant control. Lessee shall not be entitled to an equitable reduction any compensation or damages from Lessor for loss of Minimum Rent from the date use of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that whole or any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether Premises, or not such reconstruction involves for any portion of the Premises)damage to Lessee’s business, Tenant may, at its election, give notice to Landlord at or any time within sixty (60) days after inconvenience or annoyance occasioned by such damage, terminating or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Lease as Article or any other provision of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLease.
Appears in 2 contracts
Samples: Lease Agreement (Asante Solutions, Inc.), Lease Agreement (Asante Solutions, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event that the Premises Premises, or any portion thereof, shall be damaged by fire, explosion, windstorm or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurancecasualty, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith then Lessor shall repair such damage utilizing (other than damage to glass, which shall be the proceeds responsibility of insurance Lessee as rapidly as reasonably possible, allowing sufficient time for Lessor to settle with any applicable insurer, and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to an equitable reduction abatement of Minimum Rent from the date of damage until completion of such repairsfixed minimum rent, based on upon the extent to which the damage and Lessor's making of such repairs shall reasonably interfere with the business carried on by Tenant Lessee in the Premises.
, unless Lessor shall establish that such damage was occasioned by the negligence of Lessee, its agents or employees. LESSOR INITIAL /S/ LESSEE INITIAL /S/ If by reason of fire or casualty damage to buildings in the Shopping Center, any Lessee or other occupant occupying more than ten thousand (b10,000) In square feet of building area in the event that any casualty requires structural demolition and reconstruction of all Shopping Center cancels its lease or a material part of the Building (whether or not such reconstruction involves any portion of the Premises)abandons its premises, Tenant may, at its election, give then Lessor nay cancel this Lease by giving written notice to Landlord at any time Lessee within sixty (60) days after said Lessee or occupant occupying use then ten thousand (10,000) square feet of building area cancels its lease or abandons its premises. Notwithstanding any other provision of this Article to the contrary, if the Premises shall be damaged by any casualty which Lessor is otherwise obligated to repair, and such damage shall be to the extent of more than twenty-five percent (25%) of the value of the Premises at the tine of such damage, terminating or should such damage occur during the last twelve (12) months of the term of this lease, or should such damage be caused by a casualty not covered by standard fire and extended coverage insurance and any other insurance carried by Lessor pursuant to Article 9 and should Lessee, not elect to repair such uninsured damage at Lessee's sole cost and expense, then Lessor may, in any of such events, at its election notice to Lessee given within ninety (90) days after such damage, terminate this Lease effective as of the date of the casualty. In the event giving of giving such notice. Lessor shall not be required to repair any injury or damage by fire or other cause, this Lease and all interest or to make any repairs or replacements of Tenant in the Premises shall terminate on the date any leasehold improvements, fixtures or other personal property of the casualtyLessee. All insurance proceeds except those allocable to these items, the Rent shall be paid up to Lessor. During the period of any restoration and repair of casualty damage by Lessor, Lessee agrees to continue the operation of its business on the Premises to the date of such casualtyextent reasonably practical and to forthwith replace or fully repair all exterior signs, and Landlord shall be entitled to all insurance maintained trade fixtures, equipment display cases or other installations originally installed by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLessee.
Appears in 2 contracts
Samples: Shopping Center Lease (Futon World Inc), Shopping Center Lease (Futon World Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In the event that any casualty requires structural demolition and reconstruction of all to repair or a material part of the Building restore such damage within forty-five (whether or not such reconstruction involves any portion of the Premises)45) days (if Landlord is unable to do so, Tenant mayshall have the right to terminate this Lease upon written notice to Landlord) , at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or
(2) give notice to Landlord Tenant at any time within sixty twenty (6020) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of the casualty, so specified in such notice and the Rent reduced by a proportionate amount, based upon the extent if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last nine (9) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant unless such damage or injury is caused by the negligence or willful misconduct of Landlord or Landlord's agents. Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case repair, reconstruction or restoration unless caused by the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration negligence or willful misconduct of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLandlord's agents.
Appears in 2 contracts
Samples: Sublease (Quokka Sports Inc), Sublease (Quokka Sports Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises premises or any other portion the building of which the Building is premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Lessor agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, unless otherwise terminated in accordance with this Article, except that Tenant Lessee shall be entitled entitled, to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant Lessee in the Premisespremises. Provided, however, if the damage or destruction renders the premises or the common areas of the building providing access to the premises unusable, Lessee may terminate this Lease effective as of the date of the damage and destruction by giving notice thereof in writing to Lessor unless Lessor shall, after receipt of the notice, immediately take all necessary emergency action so that the premises can be utilized for Leasee's normal business use with a minimum of disruption and thereafter Lessor, within seven (7) days of the date Leasee's notice is given commences removal of the debris and the restoration of the premises. If notwithstanding such damage or destruction the building in which the premises is located remains open for business with the public, Lessor's restoration and repair shall be completed as soon as reasonably feasible and in no event later than one-hundred twenty (120) days after such damage and destruction. If the premises and/or the building are so damaged or destroyed that it will not be open to the public or usable by Lessee for a period in excess of one hundred twenty (120) days, Lessee shall have the right to terminate this Lease by giving Lessor written notice thereof, said notice to be effective as of the date it is given.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect; provided, Lessee has not terminated this Lease in accordance with the event that any casualty requires structural demolition and reconstruction provisions of all this Article, but the rent to be proportionately reduced as provided above in this paragraph; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Lessee at any time within sixty thirty (6030) days after such damage, terminating this Lease as of the date of the casualtysuch notice. In the event of giving of such notice, this Lease shall expire and all interest of Tenant to the Lessee in the Premises premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by any proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Lessee in the premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Paragraph, and Landlord Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the premises when the damage resulting from any casualty covered under this Paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s personal make any repairs or replacement of any panels, decoration, office fixtures, railing, ceiling, floor covering partitions, or any other property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain installed in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, premises by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLessee.
Appears in 2 contracts
Samples: Lease Agreement (Ticketmaster Online Citysearch Inc), Lease Agreement (Citysearch Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premisespremises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage within forty-five (45) days (if Landlord is unable to do so, Tenant shall have the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premisesright to terminate this Lease upon written notice to Landlord), Tenant maythis Lease continuing in full force and effect, at its election, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty twenty (6020) days after such damage, damage terminating this Lease as of the (late specified in such notice, which date shall be thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary in this Article, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property inrepair, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair reconstruct or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially when the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to damage resulting from any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.casualty
Appears in 2 contracts
Samples: Lease (Quokka Sports Inc), Lease (Quokka Sports Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in a. In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, insurance and the proceeds of such damage does not require structural demolition and reconstruction of all or part insurance are sufficient to cause repair of the BuildingPremises, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same and this Lease shall remain in full force and effect, ; except that Tenant shall be entitled to an equitable reduction a proportionate abatement of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate abatement to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) b. In the event that any casualty requires structural demolition and reconstruction of all the Premises or a material part of the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance or the proceeds of insurance are insufficient to cause appropriate repairs to be made, then Landlord shall have the option to (whether 1) repair or not restore such reconstruction involves any portion damage, this Lease continuing in full force and effect, but the rent to be proportionately abated during the course of the Premises)such repair work as provided in subparagraph a. above, Tenant may, at its election, or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no less than thirty and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such termination notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualty, rent (as the Rent same may be proportionately abated as provided in subparagraph a. above) shall be paid up to the date of said such casualtytermination.
c. Notwithstanding anything to the contrary contained in this paragraph, and Landlord shall have no obligation whatsoever to repair, reconstruct, or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve months of the Term.
d. Landlord shall not be required to repair any injury or damage by fire or other cause or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by or at the expense of Tenant.
e. Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to Tenant’s personal property in, on use of the whole or about any part of the Premises). In the alternative, and so long as at least five (5) years remain in the Term Tenant's personal property, or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, inconvenience or annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 2 contracts
Samples: Lease Agreement (RVision, Inc.), Office Lease Agreement (RVision, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effectaffect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option:
(1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 2 contracts
Samples: Sublease (Quokka Sports Inc), Sublease (Quokka Sports Inc)
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.1 hereof, then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall remain be held in full force escrow and effectmade available for payment of the cost of repairing, except that replacing and rebuilding the Leased Premises, the damage to the Leased Premises shall be promptly repaired, and the Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the floor area of the Leased Premises rendered untenantable, and the Sales Break Point shall likewise be proportionately reduced. Payment of Minimum Rent and all other charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the reopen for business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after following the date that Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's Reconstruction Work, unless Tenant opens at an earlier time in the damaged area or remains open in such area following destruction or damage, terminating this Lease in which event there shall be no abatement or any such abatement shall terminate as of the date of the casualtyTenant's earlier reopening. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled obligated to commence Landlord's Reconstruction Work and shall diligently pursue the completion of Landlord's Reconstruction Work and shall cause the same to be completed as soon thereafter as possible under the attendant circumstances, but in any event all insurance maintained such Landlord's Reconstruction Work shall be completed and the Leased Premises reopened for business within one hundred eighty (180) days following such fire or casualty. After Landlord has completed Landlord's Reconstruction Work, Tenant shall commence such Tenant's Reconstruction Work, at its expense. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a first-class manner. All permits required in connection with said repairs, restoration and reconstruction shall be obtained by Tenant on the Building (except for proceeds attributable to at Tenant’s personal property in, on or about the Premises)'s sole cost and expense. In the alternative, and so long as at least five (5) years remain Any amount expended by Tenant in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. the Leased Premises in accordance with the working drawings originally approved by Landlord pursuant to Exhibit C and Exhibit D or due with (at Landlord's sole election) new drawings prepared by Tenant and acceptable to Landlord and Tenant. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, andat Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to the damage or destruction thereof (ATenant=s Reconstruction Work@). Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of Tenant's possession of all or any part of the Leased Premises. In the event Landlord has not commenced restoration or rebuilding of the Leased Premises within ninety (90) days of the date of such fire or casualty loss, or diligently proceeded to complete such restoration or rebuilding so that the Leased Premises are restored/rebuilt to its former condition prior to such fire or casualty loss within one hundred eighty (180) days of the date of such fire or casualty loss, Tenant will deposit with have the right, in either case, to terminate this Lease by providing Landlord or its contractor notice of such election and Tenant will vacate and surrender the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLeased Premises pursuant to Section 17.1.
Appears in 2 contracts
Samples: Lease Agreement (Play Co Toys & Entertainment Corp), Lease Agreement (Play Co Toys & Entertainment Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Demised Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Demised Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Demised Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 2 contracts
Samples: Lease Agreement, Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Demised Premises), Tenant Landlord may, at its election, give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of a date specified in such notice not more than thirty (30) days after the date giving of the casualtysuch notice. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date of so specified in such notice, and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the Demised Premises, shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)termination. In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant Landlord may, by written notice to Landlord Tenant within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant Landlord shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, unit and the dimensions of the Demised Premises are substantially the same as prior to such casualty and Tenant is able casualty.
(c) Notwithstanding anything to operate its business as intended at the time of Lease executioncontrary contained in this Article, subject Landlord shall not have any obligation whatsoever to Landlord’s approval which will not be unreasonably conditioned, delayed restore or denied. If Tenant elects repair any injury or damage by other cause to require Landlord to construct the any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures or due to other personal property of Tenant, andor to repair, prior to reconstruct or restore the Demised Premises or any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount other part of the insurance proceedsBuilding when the damage resulting from any casualty occurs during the last twenty-four months of the term of this Lease or any extension thereof.
Appears in 2 contracts
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same, at Landlord's expense (except for any deductible), to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than twenty-five percent (whether or not such reconstruction involves any portion 25%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than twenty-five percent (25%) of the full replacement cost, then both Tenant may, at its election, and Landlord shall have the option to give notice to Landlord the other at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. If neither Landlord nor Tenant terminates, and then Landlord shall be entitled agrees to all insurance maintained by Tenant on forthwith repair the Building (except for proceeds attributable damage, at Landlord's expense, to Tenant’s personal property in, on or about substantially the Premises). In the alternative, and so long same condition as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant existed immediately prior to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above ; and this Lease shall continue remain in full force and effect; PROVIDED, HOWEVERexcept that the Tenant shall be entitled to a proportionate reduction of the Rent while such repairs are being made, that such proportionate reduction to be based upon the extent to which the damage and the making of such repairs shall materially interfere with the business carried on by the Tenant in the Premises. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the Term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the Term of this Lease either Landlord or Tenant shall have the right to alter terminate this Lease by giving written notice to the size and configuration other party within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord's insurance as part of the Building or through an endorsement to Landlord's insurance. Except for the abatement of Rent as provided in the course of such reconstructionthis Article 22, so long as the Building as reconstructed is an integrated architectural unit, the dimensions Tenant shall not be entitled to any compensation or damages from Landlord for loss of the Premises are substantially use of the same as prior to such casualty and Tenant is able to operate its business as intended at whole or any part of the time of Lease executionPremises, or Tenant's personal property, unless caused by Landlord, or, subject to Landlord’s approval which will not be unreasonably conditionedArticle 21, delayed any compensation or denied. If Tenant elects to require Landlord to construct the improvementsdamages for inconvenience or annoyance occasioned by such damage, Tenant will make available to Landlord all insurance proceeds received by Tenant repair, reconstruction or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 2 contracts
Samples: Lease (Hei Inc), Lease (Colorado Medtech Inc)
Reconstruction. Tenant shall obtain Landlord's prior written approval (anot to be unreasonably withheld) Subject of Tenant's plans and budget, and shall provide Landlord with true and correct certified copies of all legally required permits and/or other approvals for construction, and, with evidence, reasonably satisfactory to Landlord, that Tenant has sufficient funds earmarked for such work to complete the provisions same (the completion of subparagraphs (b) which is hereby expressly guaranteed by Tenant). All work shall be carried out in accordance with the terms of Article VI including, without limitation, the terms thereof which require the work to be performed in a good and (c) belowworkmanlike manner, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurancecompliance with all applicable laws and ordinances, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairscompleted lien-free and in compliance with all title, based on the extent to which the damage zoning, building, and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord other applicable restrictions. If at any time within sixty Tenant shall fail or neglect to supply sufficient workmen or sufficient materials of proper quality, or fail in any other respect to prosecute such work of demolition, restoration, repair, replacement or rebuilding with diligence and promptness, then Landlord may give to Tenant written notice of such failure or neglect, and if such failure or neglect continues for ten (6010) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and then, if Landlord so requests in Landlord's sole discretion, Tenant shall assign all interest of Tenant in construction contracts for the Premises shall terminate on the date of the casualty, the Rent shall be paid up reconstruction to the date of such casualtyLandlord, and Landlord, in addition to all other rights which Landlord may have, may enter upon the Premises, provide labor and/or materials, cause the performance of any contract and/or do such other acts and things as Landlord may deem advisable to prosecute such work, in which event Landlord shall be entitled to all reimbursement of its costs and expenses out of any insurance maintained proceeds, condemnation award or awards and any other monies held by Tenant on the Building (except Landlord for proceeds attributable application to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds such work, in accordance with the amount restoration provisions hereof. All costs and expenses incurred by Landlord in carrying out such work for which Landlord is not reimbursed out of the insurance proceeds, condemnation award or awards or other monies held by Landlord, shall be borne by Tenant and shall be payable by Tenant to Landlord as additional rent upon demand, which demand may be made by Landlord from time to time as such costs and expenses are incurred, in addition to any or all damages to which Landlord shall be entitled hereunder.
Appears in 1 contract
Samples: Lease Agreement (Revenge Marine Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event If the Premises or any other portion the Building which is a part of the Building is Premises are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same: and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction shall be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) In If the event that any casualty requires structural demolition and reconstruction of all Premises or the Building which is a material part of the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than twenty (20%) percent of the then full replacement cost of the Premises or the Building (whether or not such reconstruction involves any portion which is part of the Premises. If the Premises or the Building is destroyed to an extent greater than twenty (20%) percent of the full replacement cost, Landlord shall have the option:
(1) to repair or restore such damage and this Lease shall continue in full force and effect, but the rent shall be proportionately reduced as provided in Section 21(a), Tenant may, at its election, or (2) give notice to Landlord Tenant, at any time within sixty (60) days after such the damage, terminating this Lease as of the date specified in the notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtynotice. In If the event of giving such noticenotice is given, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtythe termination.
(c) Notwithstanding anything to the contrary contained in this Section 21, and Landlord shall not have any obligation to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section occurs during the last twelve (12) months of the term of this Lease.
(d) Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant.
(e) The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease (Visual Numerics Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving a partial or total destruction of the -------------- Building and if the damage thereto was caused by a casualty covered under an insurance policy maintained pursuant to the Section entitled "Insurance," Landlord shall, to the extent the proceeds of such noticeinsurance policy available to Landlord equal or exceed the cost of repairing such damage and, this Lease and all interest to the extent such repair can be completed, in Landlord's sole but reasonable judgment, within six (6) months of Tenant in the Premises shall terminate on the date occurrence of the casualty, the Rent shall be paid up to the date of repair such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long damage as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced soon as provided in subparagraph (a) above reasonably possible and this Lease shall continue in full force and effect; PROVIDED. In the event that the Building is partially or totally damaged by any willful act of Tenant, HOWEVERTenant shall repair such damage at Tenant's cost, that if insurance proceeds are not available to pay the cost of such repairs. If the cost of repairing any damage to the Building is greater than the proceeds of the insurance policy maintained pursuant to the Section entitled "Insurance" (or if sufficient insurance proceeds are not available for any reason whatsoever, including the application of such proceeds to the mortgage debt by Landlord's mortgagee), or if in Landlord's reasonable judgment the repairs cannot be completed within six (6) months of the occurrence of the casualty, then Landlord may at Landlord's option either (i) 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 (ii) give written notice to Tenant within sixty (60) days after the date of the occurrence of such damage of the termination of this Lease as of the date of the occurrence of such damage. Notwithstanding anything to the contrary in this Section 12.1, if the casualty materially interferes with Tenant's ability to conduct its business operations at the Premises for more than 90 days following the casualty, Tenant shall have the right to alter terminate the size and configuration lease by delivery of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as written notice to Landlord prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct 100th day following the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedscasualty.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent and other amounts otherwise payable under this Lease from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all extended coverage insurance, then Landlord shall have the option: (1) to repair or a material part of restore such damage, this Lease continuing in full force and effect, but the Building Rent to be proportionately reduced as provided hereinabove in this Article; or (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord at Tenant any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered in this Article occurs during the last twenty four (24) months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (GigOptix, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Base Rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the then full replacement cost of the Premises). In the event the destruction of the Premises is to an extent of ten percent (10%) or more of the full replacement cost of the Premises, Tenant maythen Landlord shall have the option:
(1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Base Rent to be proportionately reduced as herein provided above in this Section; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyBase Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Section, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section occurs during the last twenty-four (24) months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Retail Lease Agreement
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than thirty percent (whether or not such reconstruction involves any portion 30%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than thirty percent (30%) of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Rent to be proportionately reduced as hereinabove in this Paragraph provided; or (2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall have the right to terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord’s insurance as part of the Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises or Tenant’s personal property in, on or about the Premises)property. In the alternativeevent the Premises, or the Building of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and so long Landlord has not ‘terminated the lease as at least five defined above or has not restored the building within 10 (5ten) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b)months, if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter give notice to Landlord at any time terminating this Lease no less than thirty (30) days after the size and configuration of the Building in the course giving of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsnotice.
Appears in 1 contract
Samples: Lease (Signal Genetics, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten per cent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten per cent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease Agreement (Sionix Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all extended coverage insurance, then Landlord shall have the option: (1) to repair or a material part of restore such damage, this Lease continuing in full force and effect, but the Building Minimum Rent to be proportionately reduced as provided hereinabove in this Article 23; or (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord at Tenant any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Article 23, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered in this Article 23 occurs during the last twenty-four (24) months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Emulex Corp /De/)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage Landlord’s insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . Except to the extent covered by rental insurance held by Landlord, if the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building are damaged as a result of any casualty requires structural demolition and reconstruction cause other than the perils covered by Landlord’s insurance, then Landlord shall forthwith repair the same, provided the extent of all or a material part the destruction is less than ten (10%) per cent of the then full replacement cost of the Building (whether or not such reconstruction involves any portion of which the Premises are a part. In the event the destruction of the Premises)Premises or the Building are damaged as a result of any cause other than the perils covered by Landlord’s insurance to an extent equal to or greater than ten (10%) per cent of the full replacement cost of the Building, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last six (6) months of the term of this Lease including any extension thereof, and the cost to repair such damage which exceeds $20,000. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case repair, reconstruction or restoration. If the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above Premises are damaged by any and this Landlord does not elect to terminate the Lease shall continue in full force and effect; PROVIDEDor is not entitled to terminate the Lease pursuant to its terms, HOWEVER, that then Tenant shall have the right option to alter terminate the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of Lease if the Premises cannot be, or are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease executionnot in fact, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require fully restored by Landlord to construct their prior condition within one hundred eighty (180) days after the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsdamage.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to be an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion the Property of which the Building is Premises area part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same and this Lease shall remain in full force and effecteffect provided however, except that Tenant shall be entitled to an equitable proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of tenant or its employees, there shall be no abatement of rent and Tenant shall pay all costs and expenses of repair in excess of insurance proceeds received by Landlord for such damage. In the event that the Premises or the Property of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, the Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%)percent of the Premises)then full replacement cost of the Premises or the Property of which the Premises area part. In the event the destruction of the Premises or the Property is to an extent greater than ten (10%) percent of the full replacement cost or the destruction of the Premises or the Property in the last twelve (12) months of the Lease Term, Tenant maythe Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less then thirty (30) and not more then sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualty, and termination. Landlord shall not be required to repair any injury Or damage by fire or other cause, or to make any repairs or replacements to any Improvements installed by Tenant including, without limitation, any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Lease (Juina Mining Corp Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event If the Premises or the Building are damaged by fire or other casualty, Landlord will, promptly after learning of such damage, notify Tenant in writing of the time necessary to repair or restore such damage, as estimated by Landlord's architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the Premises or to any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and cannot be completed within 180 days from the date of such damage does not require structural demolition and reconstruction (or within sixty (60) days from the date of all or part such damage if such damage occurred within the last twelve (12) months of the BuildingTerm), or if such damage is not insured against by the insurance policies carried by Landlord, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the Tenant within ninety (90) days of the date of such casualty or damage. If the restoration is not substantially completed within two hundred ten (210) days of the date of such casualty or damage, Tenant shall have the option to terminate this Lease by written notice to Landlord within ninety (90) days thereafter. If either party exercises its option to terminate this Lease, the Term will expire and this Lease will terminate 10 days after notice of termination is delivered; provided, however, that Rent for the period commencing on the date of such damage until the date this Lease terminates will be proportionally abated based upon the reasonable value of any use or occupation of the Premises by Tenant during such period. If neither party elects to terminate as set forth in the paragraph above, then Landlord agrees to forthwith repair the Premises (except for and excluding any Tenant Improvements) to substantially their former condition immediately prior to such casualty or damage utilizing the proceeds of insurance at Landlord’s expense, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum in the Base Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs the repair work shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) In . If the event that damage is due to the fault or neglect of Tenant or its employees, there shall be no reduction in Base Rent. Other than the abatement of Rent as specifically provided for in this Section 20, Tenant shall not be entitled to any casualty requires structural demolition and reconstruction compensation or damages from Landlord for loss of all the use of the whole or a material any part of the Building (whether Premises or not such reconstruction involves Tenant's personal property or any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after inconvenience or annoyance occasioned by such damage, terminating this Lease as of the date of the casualty. In the event of giving such noticerepair, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualtyreconstruction or restoration, and Landlord shall be entitled have no obligation to all insurance maintained by Tenant on the Building (except for proceeds attributable repair any damage to, or to Tenant’s personal make any repairs or replacements of, any panels, decorations, office fixtures, railings, floor coverings, partitions, or any other property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain installed in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, Premises by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the BuildingLandlord’s Property Insurance, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent from the date of damage until completion and while such repairs are being made, such proportionate reduction to be based upon the loss of leasable area of the Premises caused by such damage and the making of such repairs, based on the extent to which . If the damage and making is due to the fault or neglect of such repairs Tenant or its employees, there shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition and reconstruction of all or a material part of cause other than the Building (whether or not such reconstruction involves any portion of perils covered by Landlord’s property insurance, then Landlord shall have the Premises)option, Tenant may, at its election, give notice to Landlord at any time which it must elect within sixty (60) days after of said casualty to (i) repair or restore such damage, this Lease continuing in full force and effect, but the Minimum Rent to be proportionately reduced as provided hereinabove in this Article 23; or (ii) not restore, in which event either Landlord or Tenant may give notice at any time within thirty (30) days after Landlord’s notification that it will not restore, terminating this Lease as of the date of the casualtysaid notice. In the event of giving such termination notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of said notice and the casualtyMinimum Rent, the Rent reduced by a proportionate reduction, as set forth above, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Article 23, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Premises when the damage resulting from any casualty covered in this Article 23 occurs either (a) to greater than fifty percent (50%) of the total square footage of the Building or (except for proceeds attributable b) to Tenant’s personal property ingreater than twenty percent (20%) of the Center or, on or about (c) during the Premises). In the alternative, and so long as at least five last twelve (512) years remain in months of the Term or Tenant then exercises an Option pursuant any extension thereof. If Landlord elects not to Paragraph 3(brestore (which election shall be made within sixty (60) days of said casualty), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and the preceding sentence, Landlord or Tenant may terminate this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration as of the Building in the course date of such reconstructionnotice to terminate, so long and in such event the Term shall expire as provided in said notice and all rents shall be apportioned through the Building as reconstructed is an integrated architectural unit, the dimensions date of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will said termination. Landlord shall not be unreasonably conditionedrequired to repair to make any repairs or replacements of any Tenant Improvements, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds’s Contents.
Appears in 1 contract
Samples: Standard Form Shopping Center Lease (Pacific Premier Bancorp Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Building Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (except for proceeds attributable to Tenant’s personal property in, on 12) months of the term of this Lease or about the Premises). In the alternative, any extension thereof and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within event of such 60-day period, elect to require Landlord to repair or restore such damage, in which case casualty during the Minimum Rent shall be proportionately reduced as provided in subparagraph last twelve (a12) above and months of the term of this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that either Landlord or Tenant shall have the right to alter terminate this Lease by giving written notice to the size and configuration other party within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord's insurance as part of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions building. The Tenant shall not be entitled to any compensation or damages from Landlord for loss of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount use of the insurance proceedswhole or any part of the Premises, Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration unless caused by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Vstream Inc /Co)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees forthwith to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent the base rent from the date of damage until completion of such repairs, repairs are substantially completed; such proportionate reduction shall be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with Tenant’s use and occupancy of the business carried on by Tenant in the Leased Premises.
(b) . In the event that any casualty requires structural demolition the Leased Premises are damaged as a result of a cause other than the perils covered by standard fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the then full replacement cost of the Leased Premises). In the event the damage of the Leased Premises is not due to the perils or covered by standard fire and extended coverage insurance or is to an extent of ten percent (10%) or more of the full replacement cost then Landlord shall have the option: (1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the base rent to be proportionately reduced as herein above in this Article provided; or (2) to give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be not more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Leased Premises shall terminate on the date so specified in such notice and the base rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage interfered with Xxxxxx’s use and occupancy of the casualtyLeased Premises, the Rent shall be paid up to the date of such casualtysaid termination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property inrepair, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair reconstruct or restore such damage, in the Leased Premises when the damage resulting from any casualty covered under this Article which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstructionwould cost $50,000 or more occurs, so long as the Building as reconstructed is an integrated architectural unit, the dimensions Landlord makes such election within sixty (60) days of the date of the casualty loss. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Leased Premises are substantially shall terminate on the same as prior date so specified in such notice and the base rent, reduced by a proportionate reduction, based upon the extent, if any, to which such casualty damage interfered with Xxxxxx’s use and Tenant is able occupancy of the Leased Premises, shall be paid up to operate its business as intended at the time date of Lease execution, subject to Landlord’s approval which will said termination. Landlord shall not be unreasonably conditionedrequired to repair any injury or damage by fire or other cause, delayed or denied. If Tenant elects to require Landlord to construct the make any repairs or replacements of any leasehold improvements, Tenant will make available fixtures, or other personal property belonging to Landlord all insurance proceeds received by Tenant or due to Tenantits members, andlicensees, prior to any reconstructiontenants, Tenant will deposit with Landlord subtenants, employees, guests or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsagents.
Appears in 1 contract
Samples: Lease Agreement
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.1 hereof, then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall remain be held in escrow and made available for payment of the costs of repairing, replacing and rebuilding the Leased Premises, the damage to the Leased Premises shall be promptly repaired, and the Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the floor area of the Leased Premises rendered untenantable, and the Sales Break Point shall likewise be proportionately reduced. Payment of full force rental and effect, except that all other charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the reopen for business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after following the date that Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's Work, unless Tenant opens at an earlier time in the damaged area or remains open in such area following destruction or damage, terminating this Lease in which event there shall be no abatement or any such abatement shall terminate as of the date of the casualtyTenant's earlier reopening. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled obligated to commence Landlord's Work and shall diligently pursue the completion of Landlord's Work and shall cause the same to be completed as soon thereafter as possible under the attendant circumstances, but in any event all insurance maintained such Landlord's Work shall be completed and the Leased Premises reopened for business within one hundred eighty (180) days following such fire or casualty. After Landlord has completed Landlord's Work, Tenant shall commence such Tenant's Work, at Tenant's expense. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a first-class manner. All permits required in connection with said repairs, restoration and reconstruction shall be obtained by Tenant, at Tenant's sole cost and expense. Any amount expended by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. The party required hereunder to repair the damage to the Leased Premises shall reconstruct such Leased Premises in accordance with the working drawings originally approved by Landlord or due with (at Landlord's sole election) new drawings prepared by Tenant and acceptable to Landlord and Tenant. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, andat Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that existing prior to the damage or destruction thereof. Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of Tenant's possession of all or any part of the Leased Premises. In the event Landlord has not commenced restoration or rebuilding the Leased Premises within ninety (90) days of the date of such fire or casualty loss, or has not diligently proceeded to complete such restoration or rebuilding so that the Leased Premises are restored/rebuilt to its former condition prior to such fire or casualty loss within one hundred eighty (180) days of the date of such fire or casualty loss, then Tenant will deposit with have the right, in either case, to terminate this Lease by providing Landlord or its contractor notice of such election and Tenant will vacate and surrender the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLeased Premises pursuant to Section 17.1 hereof.
Appears in 1 contract
Samples: Lease Agreement (Play Co Toys & Entertainment Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, or partitions, with respect to property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Building Lease (Colorado Business Bankshares Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this (his Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent from the date xxxx of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the (he business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Tenant shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the then full replacement cost of the Premises). In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then the Landlord shall have the option; (1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after (he giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest Interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any. to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Building Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord County agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant MCC shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant the MCC in the Premises.
(b) . If the damage is due to the fault or neglect of MCC or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then County shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part, Tenant mayand provided that the rent to be proportionately reduced as hereinabove in this Section provided. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) percent of the full replacement cost, at its electionthen County shall have the option; (l) to repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Section provided; or (2) give notice to Landlord MCC at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant the MCC in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the MCC in the Premises, shall be paid up to the time of such termination. In case County shall fail to complete such repairs within one hundred eighty (180) days from the date of such casualtydamage, and Landlord MCC may at any time after such one- hundred eighty (180) day period give County thirty (30) days’ notice in writing of termination of this Lease, then at the expiration of such thirty day period, this Lease shall terminate as completely as if that were the date fixed for expiration of the term of this Lease unless, County shall have substantially completed repairs prior to the expiration of such thirty day period. Notwithstanding anything to the contrary contained in this Section, County shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section occurs during the last twelve (12) months of the Term of this Lease or any extension thereof. County shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by MCC. MCC shall not be entitled to all insurance maintained by Tenant on any compensation or damages from County for loss of the Building (except for proceeds attributable to Tenant’s use of the whole or any part of the Premises. MCC's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises If fire or other casualty damages all or any other portion of the Building Premises and Landlord elects not to terminate this Lease, then Landlord shall repair the damage to the extent of available insurance proceeds promptly upon receipt of the insurance proceeds. During the time the Premises is damaged by fire or other perils covered by extended coverage insurancebeing repaired, all Rent shall be reduced in proportion to the floor area of the Premises rendered unusable. Resumption of full payment of Rent shall occur, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled obligated to reopen all of the Premises for business, by the fifteenth (15th) day after Landlord notifies Tenant that the Premises have been repaired. If Tenant opens at an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant earlier time in the Premisesdamaged area or remains open in the damaged area, then there shall be no reduction in Rent for those days Tenant is open in the damaged area.
(b) Landlord may direct Tenant to repair and reconstruct the improvements to the Premises originally provided by Tenant. Should Landlord direct Tenant to make repairs, Tenant shall commence repairs within ten (10) days following Landlord's notice and shall diligently pursue the completion of the repairs and cause them to be completed as soon as possible, but in any event within thirty (30) days following the substantial completion of any of Landlord's repair work. In making repairs or reconstruction, Tenant, at its expense, shall comply with all laws, ordinances and governmental rules or regulations, shall perform all work or cause such work to be performed with due diligence and in a first-class manner, and shall obtain all necessary permits.
(c) In the event that of any casualty requires structural demolition repair and reconstruction by Tenant, Landlord shall make available to Tenant any applicable portion of all or a material part any of Landlord's insurance proceeds received for Tenant's improvements. Unless Tenant has designated in writing to Landlord in advance of the Building (whether fire or not such reconstruction involves any portion casualty the reasonable replacement value of the Premises)its improvements, Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as shall determine how much of the date of the casualtyLandlord's insurance proceeds shall be allocated for Tenant's improvements. In the event of giving such noticeany repair or reconstruction by Tenant, this Lease and all interest Landlord's architect or other representative shall direct the payment of the insurance proceeds to the Tenant, payable to Tenant only upon receipt by Landlord of certificates of the architect stating that the payments specified are properly payable for the purpose of reimbursing Tenant for expenditures actually made by Tenant in connection with the Premises repairs or reconstruction. At the election of Landlord or Landlord's mortgagee, direct payments may be made to contractors, material suppliers and laborers upon written certification by the architect that the payments are due and payable. Any insurance proceeds in excess of Tenant's actual expenditures shall terminate on the date of the casualty, the Rent shall be paid up belong to the date of such casualty, and Landlord shall be entitled to all insurance maintained Landlord. Any amount expended by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Landlord and made available to Tenant shall be the sole obligation of Tenant.
(d) Tenant shall ensure that anyone repairing Tenant's improvements to the Premises shall do so in accordance with Tenant's plans and specifications originally approved by Landlord pursuant to Exhibit B and in accordance with subsequent working drawings and specifications previously approved by Landlord, or, at Landlord's sole election, with new drawings prepared by Tenant and approved in writing by Landlord.
(e) Landlord shall not be required to repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment. Except as provided in this Article, Landlord shall not be liable or obligated to Tenant by reason of any fire or other casualty damage to the Premises, or any damages suffered by Tenant or due to the deprivation of Tenant, and, prior to 's possession of all or any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount part of the insurance proceedsPremises.
Appears in 1 contract
Reconstruction. IN THE EVENT OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Subject Except as provided in SECTION 13.6, if during the Term the Leased Property is totally or partially destroyed by a risk covered by the insurance described in ARTICLE XIII, whether or not such damage or destruction renders the Facility Unsuitable for its Primary Intended Use, Lessee shall be obligated, but only to the provisions extent of subparagraphs (b) any insurance proceeds made available to Lessee and (c) belowany other sums advanced by Lessor pursuant to the next sentence, to restore the Facility to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease. If the insurance proceeds are not adequate to restore the Facility to that condition, each of Lessor and Lessee shall have the right to terminate this Lease, without in any way affecting any other leases in effect between Lessor and Lessee, by giving Notice to the other and all insurance proceeds shall be retained by Lessor; provided, however, that, if such termination is by Lessee, Lessor shall have the right, in its sole discretion, to nullify the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, termination and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and keep this Lease shall remain in full force by providing, within thirty (30) days after Lessee’s Notice of termination, a Notice to Lessee of Lessor’s unconditional, legally binding obligation to be responsible for all restoration costs in excess of the insurance proceeds. If this Lease is not terminated and effectLessee restores the Facility, except that Tenant the insurance proceeds, and any other sums made available by Lessor as aforesaid, shall be entitled paid out by Lessor from time to an equitable reduction of Minimum Rent from time for the date of damage until completion reasonable costs of such repairsrestoration upon satisfaction of reasonable terms and conditions, based on the extent to which the damage and making of any excess proceeds remaining after such repairs restoration shall reasonably interfere with the business carried on be retained by Tenant in the PremisesLessor.
(b) In Notwithstanding the event that any casualty requires structural demolition and reconstruction provisions of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60SECTION 13.2(a) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b)above, if any Tenant mayLessee cannot within a reasonable time obtain all necessary government approvals, by written notice including building permits, licenses and conditional use permits, after diligent efforts to Landlord within such 60-day perioddo so, elect to require Landlord perform all required repair and restoration work and to repair or restore such damage, operate the Facility for its Primary Intended Use in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same manner as that existing immediately prior to such casualty damage or destruction and Tenant is able to operate its business as intended at otherwise in accordance with the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount terms of the insurance proceedsLease, either Lessor or Lessee may terminate this Lease by providing Notice to the other party, without in any way affecting any other Leases then in effect between Lessor and Lessee.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, a partial taking of the Project which does not result in a termination of this Lease pursuant to the foregoing provisions, and subject to Paragraph 8 above, Tenant shall promptly reconstruct or restore the Project and the buildings and all interest Improvements located thereon so that the remainder of the Project and the buildings and Improvements thereon will be suitable for Tenant's continued use of the Project. Any award for such partial taking of the land portion of the Project shall be available to Tenant for Tenant's use in paying the costs (hard and soft) of the reconstruction or restoration of any sidewalks, driveways, parking lots, landscaping or the like (provided the cost of any such reconstruction or restoration was not otherwise included in the Premises award for the partial taking of any Buildings or other Improvements). Any award for such partial taking of any Buildings or other Improvements shall terminate on be available to Tenant for Tenant's use in paying the date costs (hard and soft) of the casualtyreconstruction or restoration of the Buildings and other Improvements. Any excess amount of such awards shall be divided between Landlord and Tenant as provided above in Paragraph 21.2. Such reconstruction or restoration shall be performed by Tenant, subject to the Rent following provisions:
A. such reconstruction shall be completed by Tenant as if they were the Initial Improvements in accordance with Paragraph 8, and in a good and workmanlike manner and in conformity to, and with, all requirements pertaining thereto;
B. all the costs and expenses of such reconstruction shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained borne by Tenant on (subject to reimbursement from any award, as provided above); and during the Building (except for proceeds attributable to Tenant’s personal property inperiod when such reconstruction is being performed, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum monthly Base Rent shall be proportionately reduced continue without abatement, but adjusted as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsabove.
Appears in 1 contract
Samples: Ground Lease (Alza Corp)
Reconstruction. (a) Subject If the Premises are damaged or destroyed during the Term, Landlord shall, to the provisions extent that insurance proceeds are available therefor and are not applied by any lender against payment of subparagraphs an existing loan on the Building or lot, except as hereinafter provided, diligently repair or rebuild them to substantially the condition in which they existed immediately prior to such damage or destruction; provided, however, that any damage which is estimated in good faith by Landlord to be under Two Thousand and No/I 00 Dollars (b) $2,000.00), regardless of how such damage occurred, shall be deemed to constitute "ordinary repairs and (c) belowmaintenance" and shall be repaired by Tenant at its own expense, in the event the Premises or any other portion regardless of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction availability of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the any insurance proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) relating thereto. In the event that any casualty requires structural demolition damage or destruction occurs that is to be repaired by Landlord hereunder, and reconstruction the insurance proceeds available to Landlord therefore under the insurance policies required in Article 4 hereof are insufficient to cover the costs of all or a material part such repair, Landlord shall notify Tenant in writing that such proceeds are insufficient, whereupon Tenant may elect to pay the difference between the cost of such repairs and the Building available insurance proceeds by giving written notice of such election to Landlord within ten (whether or 10) days after Tenant's receipt of Landlord's notice. If Tenant does not deliver such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty the ten (6010) days after such damageday period, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up deemed to the date of have elected not to pay such casualtydifference, and Landlord shall have the right, in its sole discretion, either to proceed to repair the Premises, or to terminate this Lease by delivering written notice of such termination to Tenant. Nothing contained in this Article 9 shall be entitled construed in any event to all insurance maintained obligate Landlord to make ordinary repairs and maintenance that are to be performed by Tenant on at its own expense pursuant to this Article 9.0 1, except to the Building (except for proceeds attributable extent that such repairs relate to Tenant’s personal property inthe walls, on or about the Premises). In the alternativeceilings, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions subfloors of the Premises that are substantially the same as prior to such casualty be maintained and Tenant is able repaired by Landlord at Tenant's expense pursuant to operate its business as intended at the time Article 6.01 of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsthis Lease.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result. of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the Premises)then full replacement cost then Landlord shall have the option; (1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire tire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent Monthly Rent, Adjustments or other charges from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Minimum Monthly Rent, Adjustments, or other charges. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the then full replacement cost of the Premises). In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option to (1) repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the Minimum Monthly Rent to be proportionately reduced as hereinabove in this Article provided: or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Monthly Rent Adjustments and other charges reduced by a proportionate reduction, based upon the Rent extent, if’ any, to which such damage interfered with the business carried on the Tenant in the Premises, shall be paid by Tenant up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable tire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease (Sunesis Pharmaceuticals Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Rent to be proportionately reduced as hereinabove in this Paragraph provided; or (2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the size and configuration Premises by Tenant unless covered by Landlord’s insurance as part of the Building in Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the course use of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions whole or any part of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlordor Tenant’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedspersonal property.
Appears in 1 contract
Samples: Lease (Brickell Biotech, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Xxxxxx agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that . Tenant shall be entitled look to an equitable reduction of Minimum Rent from their Insurance carrier for costs to repair the date of damage until completion of such repairs, based on the extent to which the damage premises and making of such repairs shall reasonably interfere with the for business carried on by Tenant in the Premisesinterruption.
(b) In the event that the Premises are damaged to any casualty requires structural demolition and reconstruction extent as a result of all any cause other than the perils covered extended coverage insurance, Landlord shall have the option: (1) to repair, reconstruct or a material part of the Building (whether or not such reconstruction involves any portion of restore the Premises), Tenant mayin which event this Lease shall continue in full force and effect but the Minimum Rent shall be proportionately reduced, at its electionas hereinafter provided, during the period of such repair, reconstruction or restoration; or (2) to give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of so specified in such casualty, notice and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided reduced. Such proportionate reduction will be based upon the extent, if any, to which such damage interfered with the business carried on by Tenant in subparagraph (a) above the Premises. In the event that more than 25% of the premises are damaged and this Lease shall continue in full force and effect; PROVIDEDthe Landlord elects to not repair the premises, HOWEVER, that then the Tenant shall have the right to alter terminate this lease.
(c) Anything to the size and configuration contrary contained in this Section notwithstanding, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section occurs during the last twelve months of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will Term or any extension thereof.
(d) Landlord shall not be unreasonably conditionedrequired to repair any injury or damage by fire or other causes, delayed or denied. If Tenant elects to require Landlord to construct the make any repairs or replacement of any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures, or due to other personal property of Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. If Landlord elects to restore the Premises, the restoration must be completed within a reasonable period time after the destruction taking into consideration the extent of destruction and all other facts and circumstances relating to the destruction and reconstruction. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease (Exabyte Corp /De/)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) Except as provided below, in the event if the Premises or any other portion of the Building is are damaged by fire or other perils cause covered by extended coverage Landlord's property insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent and Additional Rent from the date of damage until completion of such repairs, the repairs are completed. The proportionate reduction shall be based on upon the extent to which the such damage and making of such repairs shall reasonably interfere materially interferes with the business carried on by the Tenant in the Premises.
. Landlord shall have the option either to repair and rebuild the Premises or to terminate this Lease as provided herein if the Premises or any other portion of the Building are damaged: (a) as a result of any cause not covered by Landlord's insurance; (b) In and insurance proceeds are insufficient to fully pay for repair or restoration; (c) to the event that any casualty requires structural demolition and reconstruction extent of all or a material part more than twenty-five percent (25%) of the Building then complete replacement cost thereof; (whether d) such that the repair or restoration thereof, in Landlord's opinion, cannot such reconstruction involves any portion be completed within six (6) months of the Premises)damage; or (e) during the last twelve (12) months of the Lease Term. Landlord shall exercise its option to terminate this Lease by giving to Tenant, Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such the damage, terminating written notice of its election to terminate this Lease as of a date specified in the notice. The termination date specified shall not be less than thirty (30) nor more than sixty (60) days after the date of the casualtynotice. In If Landlord fails to give notice within said sixty (60) days, it shall be deemed to have elected to repair or restore the event of giving such noticedamage. If Landlord terminates this Lease as provided, this Lease and all interest of Tenant in the Premises shall automatically terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)specified in Landlord's notice. In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant Neither party shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Landlord Initials: ______ Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.Initials: ______
Appears in 1 contract
Samples: Lease Renewal (Nutraceutix Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall not be less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of or specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on or by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s personal make any repairs or replacement of any panels, decoration, office fixtures, railing, floor covering, partitions, or any other property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain installed in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, Premises by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Office Building Lease (Sycamore Park Convalescent Hospital)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, a partial taking of the Project which does not result in a termination of this Lease pursuant to the foregoing provisions, and subject to Paragraph 8 above, Tenant shall promptly reconstruct or restore the Project and the buildings and all interest Improvements located thereon so that the remainder of the Project and the buildings and Improvements thereon will be suitable for Tenant's continued use of the Project. Any award for such partial taking of the land portion of the Project shall be available to Tenant for Tenant's use in paying the costs (hard and soft) of the reconstruction or restoration of any sidewalks, driveways, parking lots, landscaping or the like (provided the cost of any such reconstruction or restoration was not otherwise included in the Premises award for the partial taking of any Buildings or other Improvements). Any award for such partial taking of any Buildings or other Improvements shall terminate on be available to Tenant for Tenant's use in paying the date costs (hard and soft) of the casualtyreconstruction or restoration of the Buildings and other Improvements. Any excess amount of such awards shall be divided between Landlord and Tenant as provided above in Paragraph 21.2. Such reconstruction or restoration shall be performed by Tenant, subject to the Rent following provisions:
A. such reconstruction shall be completed by Tenant as if they were the Initial Improvements in accordance with Paragraph 8, and in a good and workmanlike manner and in conformity to, and with, all requirements pertaining thereto;
B. all the costs and expenses of such reconstruction shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained borne by Tenant on (subject to reimbursement from any award, as provided above); and
C. during the Building (except for proceeds attributable to Tenant’s personal property inperiod when such reconstruction is being performed, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum monthly Base Rent shall be proportionately reduced continue without abatement, but adjusted as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsabove.
Appears in 1 contract
Samples: Ground Lease (Alza Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Lessor agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant the Lessee in the Premises. If the damage is due to the fault or neglect of Lessee or its employees, there shall be no abatement of rent.
(bA) In the event that any casualty requires structural demolition and reconstruction of all the Premises or a material part of the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Lessor shall forthwith repair
(whether 1) to repair or not restore such reconstruction involves any portion of damage, this Lease continuing in full force and effect, but the Premises), Tenant may, at its election, rent to be proportionately reduced as herein above in this Article provided; or
(2) give notice to Landlord Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) days and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant the Lessee in the Premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Lessee in the Premises, shall be paid up to the date of said such casualtytermination.
(B) Notwithstanding anything to the contrary contained in this Article, and Landlord Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Lessee.
(C) The Lessee shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Lessor for loss of the Building (except for proceeds attributable to Tenant’s use of the whole or any part of the Premises, Lessee's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease (More Com Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Demised Premises), Tenant Landlord may, at its election, give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of a date specified in such notice not more than thirty (30) days after the date giving of the casualtysuch notice. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date of so specified in such notice, and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the Demised Premises, shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)termination. In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant Landlord may, by written notice to Landlord Tenant within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant Landlord shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, unit and the dimensions of the Demised Premises are substantially the same as prior to such casualty and Tenant is able casualty.
(c) Notwithstanding anything to operate its business as intended at the time of Lease executioncontrary contained in this Article, subject Landlord shall not have any obligation whatsoever to Landlord’s approval which will not be unreasonably conditioned, delayed restore or denied. If Tenant elects repair any injury or damage by other cause to require Landlord to construct the any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures or due to other personal property of Tenant, andor to repair, prior to reconstruct or restore the Demised Premises or any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount other part of the insurance proceedsBuilding when the damage resulting from any casualty occurs during the last twenty-four months of the Lease Term of this Lease or any extension thereof.
Appears in 1 contract
Samples: Business Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises premises or any other portion the building of which the Building is premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from rent while such repairs are being made, such proportionate reduction to be based upon the date proportion of damage until completion the square footage of such repairs, based on the leased premises which is deemed unusable by Tenant bears to the entire leased premises or the extent to which the damage and or making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premisespremises.
(b) In the event that the premises or the building of which the premises are a part are damaged as a result of any casualty requires structural demolition cause other
(1) to repair or restore such damage, this Lease continuing in full force and reconstruction of all effect, but the rent to be proportionately reduced as hereinabove in this paragraph provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) nor more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving of such notice, this Lease shall expire and all interest of to the Tenant in the Premises premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by any proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the premises, shall be paid up to the date of such casualtytermination.
(c) Notwithstanding anything to the contrary contained in this paragraph, and Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the premises when the damage resulting from any casualty covered under this Paragraph occurs during the last six (6) months of the last one-year option renewal term of this Lease.
(d) Any repairs required to be made by Landlord to the leased -premises by this Paragraph 22 shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property indone in like quality, on or about the Premises). In the alternativedetail, workmanship and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long finish as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsoriginal constructions.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Rent to be proportionately reduced as hereinabove in this Paragraph provided; or (2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall have the right to terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. If the Premises or the Building are substantially damaged by fire or casualty and such damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred eighty (180) days from the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter terminate this Lease by giving notice of Tenant’s election so to do within sixty (60) days after the size and configuration occurrence of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord’s insurance as part of the Building in Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the course use of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions whole or any part of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlordor Tenant’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedspersonal property.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building of which the Premises is a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that . Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in on the Premises. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten percent (10%) of the then full replacement cost of the Premises.
(a) to repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove provided; or (b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Paragraph, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Building Premises when the damage resulting from any casualty covered under this Paragraph occurs during the last twelve (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (512) years remain in months of the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that extension thereof. Tenant shall have the right to alter terminate if Landlord elects not to restore the size and configuration Premises. Landlord shall not be required to repair any injury or damage by fire or other cause to any personal property installed in the Premises by Tenant. The Tenant shall not be entitled to any compensation or damages from Landlord for loss of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions use of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed whole or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount part of the insurance proceedsPremises, Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair reconstruction or restoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils fully covered by the proceeds of fire and extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Buildinginsurance received by Landlord, Landlord agrees forthwith to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Base Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) In the event that the Premises or the Building is damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction is less than ten percent (whether or not such reconstruction involves any portion 10%) of the then full replacement cost of the Premises). In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of the full replacement cost of the Premises, Tenant maythen Landlord shall have the option: (i) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as provided in this Paragraph; or (ii) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyBase Rent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, and Additional Rent, shall be paid up to the date of such casualtytermination.
(c) Notwithstanding anything to the contrary contained in this Paragraph, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof, in which event this Lease will be terminated.
(d) Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant.
(e) Except for rent abatement as provided in this Lease, Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease Agreement (Netmanage Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Rent from the date of damage until completion of while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than twenty percent (whether or not such reconstruction involves any portion 20%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than twenty percent (20%) of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the Rent to be proportionately reduced as hereinabove in this Paragraph provided; or (2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the size and configuration Premises by Tenant unless covered by Landlord's insurance as part of the Building in Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the course use of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions whole or any part of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds's personal property.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Lessor agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant the Lessee in the Premises.
(b) . If the damage is due to the intentional misconduct of Lessee or its employees, there shall be no abatement of rent. Notwithstanding anything to the contrary above, in the event Landlord is unable to collect under its "Loss of Rent" insurance provision, there shall be no abatement of Lessee's rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Lessor shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) percent of the full replacement cost, Tenant maythen Lessor shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant the Lessee in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Lessee in the Premises, shall be paid up to the time of such termination. Notwithstanding anything to the contrary contained in this Article, Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Lessee. The Lessee shall not be entitled to any compensation or damages from Lessor for loss of the use of the whole or any part of the premises. Lessee's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Notwithstanding the above, in the event of damage to the Premises or the Building, which cannot be repaired within three hundred sixty-five (365) days from the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and Lessee may terminate this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsthirty (30) days written notice.
Appears in 1 contract
Samples: Office Building Lease (Firepond Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises If all or any other portion of the Building Leased Premises is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.01 hereof, then the damage to the Leased Premises shall remain be repaired promptly upon receipt of the insurance proceeds therefor, but in any event within six (6) months following the damage or destruction (exclusive of events set forth in Article XVI herein) and the rent and Sales Break Point shall be reduced in proportion to the floor area of the Leased Premises rendered unusable. Notwithstanding anything to the contrary contained herein, in the event that Tenant has not achieved Gross Sales in the amount of or exceeding the Sales Break Point set forth in Section 2.03 of the Data Summary, the Sales Break Point shall not be reduced until Tenant achieves said sales. Payment of full force rent shall commence and effect, except that Tenant shall be entitled obligated to an equitable reduction reopen all of Minimum Rent from the Leased Premises for business on the fifteenth (15th) day following the date of damage until completion of such repairsthat Landlord advises Tenant that the Leased Premises are usable, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by unless Tenant opens at an earlier time in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all damaged area or a material part of the Building (whether remains open in such area following destruction or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease in which event there shall be no reduction or any such reduction shall terminate as of the date of Tenant's earlier reopening. Landlord shall be obligated to cause such repairs to be made except that Landlord shall have the casualtyoption to cause Tenant to repair and reconstruct the improvements to the Leased Premises originally provided by Tenant, in which event Tenant shall commence performance of its work within ten (10) days following notice from Landlord that it has completed repairs required of Landlord, shall diligently pursue the completion of such work and shall cause the same to be completed as soon thereafter as possible, but in any event within thirty (30) days following the substantial completion of Landlord's work. In the event of giving such noticerepair and reconstruction by Tenant, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all Tenant for such purpose such portion of any insurance proceeds received by Landlord from its insurance carrier, under the policy carried pursuant to Section 8.01 of this Lease, allocated by Landlord to such of Tenant's improvements. Such allocation shall be in Landlord's reasonable discretion unless Tenant has designated in writing to Landlord in advance of such fire or due to casualty a reasonable replacement value of its improvements. In the event of any such repair or reconstruction by Tenant, andan architect duly registered in the State shall be selected by Landlord and shall direct the payment of such insurance proceeds, prior which shall be payable to Tenant only upon receipt by Landlord of certificates of said architect stating that the payments specified therein are properly payable for the purpose of reimbursing Tenant for expenditures actually made by Tenant in connection with such work. At the election of Landlord or Landlord's mortgagee, direct payments may be made to contractors, material suppliers and laborers upon written certification by said architect that such payments are due and payable. Any such insurance proceeds in excess of Tenant's actual expenditures in restoring the damage or destruction shall belong to Landlord. In making repairs, restoration or reconstruction, Tenant, at its expense, shall comply with all laws, ordinances and governmental rules or regulations, shall perform all work or cause such work to be performed with due diligence and in a first-class manner, and shall obtain all necessary permits. Any amount expended by Tenant in excess of such insurance proceeds received by Landlord and made available to Tenant shall be the sole obligation of Tenant. The party who shall actually repair or reconstruct Tenant's improvements to the Leased Premises shall do so in accordance with Tenant's Working Drawings and Specifications originally approved by Landlord pursuant to Exhibit D hereof or in accordance with subsequent working drawings and specifications previously approved by Landlord, or, at Landlord's sole election, with new drawings prepared by Tenant and acceptable to Landlord. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment except if said repairs, replacement, damage or deprivation of possession is caused by the negligence or willful misconduct of Landlord, its agents, contractors or employees. Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant will deposit with Landlord by reason thereof, or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.deprivation of
Appears in 1 contract
Samples: Lease (Ashworth Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in A. In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage all-risk insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) B. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition and reconstruction of all cause other than the perils covered by fire or a material part extended coverage insurance, then Landlord shall forthwith repair the same provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) of the full replacement cost, Tenant maythen Landlord shall have the option (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination.
C. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore any damage to the Premises resulting from any casualty covered under this Article which occurs during the last twelve (12) months of the term of this Lease or any extension thereof.
D. Tenant shall repair any injury or damage by fire or other cause, and make any repairs to or replacements of any over-standard tenant improvements (specifically those exceeding Allowance as defined in Exhibit A hereto) or Tenant's trade fixtures, equipment, furniture or personal property. Landlord shall have no obligation to make any such repairs or replacements.
E. Except for abatement of rent as provided above, the Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Reconstruction. Should less than fifty percent (a50%) Subject to of the provisions cost of subparagraphs (b) and (c) below, in replacement of Tenant's building space on the event the Demised Premises be destroyed by fire or any other portion casualty covered by a standard extended coverage endorsement after the commencement of the Building is Lease, Landlord shall promptly restore the same or cause the same to be restored without unnecessary delay; provided, however, that if the Demised Premises should be damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction to the extent of all or part more than fifty percent (50%) of the Buildingcost of replacement thereof, Landlord agrees or Tenant may elect to forthwith repair such damage utilizing terminate this lease, within ninety (90) days thereafter, by giving the proceeds other written notice of insurance and this Lease their intent to terminate, failing which, the lease shall remain in full force and effect, except that Tenant and Landlord shall promptly restore the same or cause the same to be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that restored without unnecessary delay. During any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to period commencing upon the date of such casualty, damage or destruction and Landlord ending upon the "date or reoccupancy of Tenant," the Annual Minimum Rental and any other charges payable under this Lease (other than Percentage Rental) shall abatx xx the proportion that the part of Tenant's buildings which shall be entitled untenantable shall bear to all insurance maintained the whole. The term "date of reoccupancy by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in," as used herein, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph the first to occur of the following two dates: (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that the date upon which Tenant shall have reopen for business in that part of Tenant's buildings rendered untenantable by such damage or destruction, or (b) the right to alter date which shall be thirty (30) days after the size and configuration date of completion of the Building in the course repairs, rebuilding and restoration required of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsherein.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire tire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of the Minimum Rent Rent, Adjustments or other charges from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of Minimum Rent, Adjustments, or other charges. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) percent of the then full replacement cost of the Premises). In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option to (1) repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, Adjustments and other charges reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on the Tenant in the Premises, shall be paid by Tenant up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) belowExcept as set forth hereinafter, in the event the Premises case of damage to or any other portion destruction of the Building is damaged Landlord's Improvements after the Commencement Date of this Lease by fire or other perils covered insurable casualty, Landlord, subject to the availability from Tenant or its insurance carrier of adequate insurance proceeds to cover the full costs of repairs and replacement to Landlord's Improvements, shall promptly restore, repair, replace and rebuild the same (exclusive of Tenant's personal property, trade fixtures and equipment which shall be restored, repaired or rebuilt out of Tenant's separate funds or applicable insurance proceeds) as nearly as possible to the condition that the same were in immediately prior to such damage or destruction. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Base Rent and Additional Rent shall xxxxx ratably for the period of time that the Tenant is unable to conduct normal business operations in the Demised Premises, in whole or in part (based upon the portion of the Demised Premises in which Tenant is unable to conduct such business operations), subject to receipt by extended coverage insuranceLandlord from Tenant's insurance carrier of proceeds covering any Base Rent and Additional Rent so abated. Such restoration, repair, replacement, rebuilding, and such damage does not require structural demolition and reconstruction alteration, including the cost of all or part temporary repairs for the protection of the BuildingDemised Premises, Landlord agrees or any portion thereof, ending with the completion thereof are sometimes hereinafter referred to forthwith repair such damage utilizing as the "Restoration." In the event the insurance proceeds of insurance and this Lease shall remain in full force and effectare inadequate to fund the Restoration, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant mayresponsible, at its electionsole cost and expense, give notice to Landlord at pay for any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained shortfall when requested by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.1 hereof, then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall remain be held in escrow and made available for payment of the costs of repairing, replacing and rebuilding the Leased Premises, the damage to the Leased Premises shall be promptly repaired, and the Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the floor area of the Leased Premises rendered untenantable, and the Sales Break Point shall likewise be proportionately reduced. Payment of full force rental and effect, except that all other charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the reopen for business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after following the date that Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's Work, unless Tenant opens at an earlier time in the damaged area or remains open in such area following destruction or damage, terminating this Lease in which event there shall be no abatement or any such abatement shall terminate as of the date of the casualtyTenant's earlier reopening. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled obligated to commence Landlord's Work and shall diligently pursue the completion of Landlord's Work and shall cause the same to be completed as soon thereafter as possible under the attendant circumstances, but in any event all insurance maintained such Landlord's Work shall be completed and the Leased Premises reopened for business within one hundred eighty (180) days following such fire or casualty. After Landlord has completed Landlord's Work, Tenant shall commence such Tenant's Work, at Tenant's expense. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a first-class manner. All permits required in connection with said repairs, restoration and reconstruction shall be obtained by Tenant, at Tenant's sole cost and expense. Any amount expended by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. (deleted) in accordance with the working drawings originally approved by Landlord or due with (at Landlord's sole election) new drawings prepared by Tenant and acceptable to Landlord and tenant. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, andat Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that existing prior to the damage or destruction thereof. Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of Tenant's possession of all or any part of the Leased Premises. In the event Landlord has not commenced restoration or rebuilding the Leased Premises within ninety (90) days of the date of such fire or casualty loss, or has not diligently proceeded to complete such restoration or rebuilding so that the Leased Premises are restored/rebuilt to its former condition prior to such fire or casualty loss within one SEE ATTACHED RIDER FOR INSERTS hundred eighty (180) days of the date of such fire or casualty loss, then Tenant will deposit with have the right, in either case, to terminate this Lease by providing Landlord or its contractor notice of such election and Tenant will vacate and surrender the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLeased Premises pursuant to Section 17.1 hereof.
Appears in 1 contract
Samples: Lease Agreement (Play Co Toys & Entertainment Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is premises are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent the minimum rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) In the event that the premises are damaged to any casualty requires structural demolition extent as a result of any cause other than the perils covered by fire and extended coverage insurance, Landlord shall have the option: (1) to repair, reconstruct or restore the premises, in which event this Lease shall continue in full force and effect but the minimum rent shall be proportionately reduced as hereinabove provided in this section during the period of such repair, reconstruction of all or a material part of the Building restoration; or (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) to give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the premises, shall be paid up to the date of said such casualtytermination.
(c) Anything to the contrary contained in this section 24 notwithstanding, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this section occurs during the last twenty-four months of the Lease term or any extension thereof.
(d) Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any Leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (New Energy Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the a. If Landlord's Building is shall be partially damaged by fire or other perils covered by extended coverage insurance, casualty insured against under property damage insurance and if Landlord is not required to apply the proceeds of such damage does not require structural demolition and reconstruction of all or part insurance toward repayment of the debt secured by any mortgage or deed of trust covering the Landlord's Building, Landlord agrees shall, within a reasonable period of time, but in no event later than sixty (60) days following the casualty, commence repair to forthwith Landlord's Building to a condition which is substantially similar to the condition in existence prior to such casualty. If either (i) Landlord's Building is damaged as a result of flood, earthquake, nuclear radiation or contamination, act of war or other risk which is not covered by insurance, or (ii) Landlord is required to apply the available insurance proceeds toward repayment of debt secured by a deed of trust or mortgage covering the Landlord's Building, and if in either of these events the Landlord reasonably estimates the cost of repair or reconstruction to exceed one million dollars, Landlord may terminate this lease upon written notice given to Tenant at any time within thirty (30) days after the occurrence of such damage utilizing damage.
b. Notwithstanding the proceeds of insurance foregoing, if the Premises or Landlord's Building would require more than one hundred eighty (180) days to repair and restore to the condition in existence prior 14 to such casualty, Landlord or Tenant may terminate this Lease shall remain in full force and effect, except that upon written notice given by Tenant shall be entitled or Landlord to an equitable reduction of Minimum Rent from the date of damage until completion other party hereto at any time within thirty (30) days after the occurrence of such repairsdamage. If neither party exercises its right to terminate, based on the extent or if both parties waive their right to which the damage and making terminate, then Landlord shall commence as soon as is reasonably possible restoration of such repairs shall reasonably interfere with the business carried on by Tenant in the PremisesLandlord's Building.
(b) c. In the event that any casualty requires structural demolition this Lease is not terminated and reconstruction of all or a material part of the Building (whether or not such reconstruction involves Landlord undertakes to repair any portion of the Premises), Tenant mayuntil such repair is complete, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of rent shall abaxx xxoportionately by the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions portion of the Premises are substantially rendered untenable.
d. Landlord shall have no responsibility to repair the same as prior to such casualty trade fixtures and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received improvements installed by Tenant within the Premises or due to repair and replace any of Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord 's furniture or its contractor the amount other property damaged by which the cost of reconstruction exceeds the amount of the insurance proceedssuch casualty.
Appears in 1 contract
Samples: Lease (Bisys Group Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by a fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of the casualty, so specified in such notice and the Rent reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtysaid termination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant to its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after such damage terminating this Lease as of the casualtydate specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of such casualtysaid termination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Building Lease (First Commercial Bancorp Inc)
Reconstruction. (a) Subject If, at any time after the execution of this Lease, the Premises, or any portion thereof, should be damaged or destroyed by any casualty insured under any fire and extended coverage insurance policy or policies, the following provisions shall govern the rights and obligations of Landlord and Tenant:
(i) If such damage or destruction occurs during the last two (2) years of the term of this Lease and is to the extent of twenty-five percent (25%) or more of the then current actual cash value of the improvements so damaged (whether or not Tenant elects to pay for such repair or restoration), either party may elect to terminate this Lease by giving at least fifteen (15) days written notice of its said election to the other patty, such notice to be given within thirty (30) days after the date of such damage or destruction. If neither party shall so elect to terminate this Lease, the parties shall repair, reconstruct or restore the Premises in accordance with the provisions of subparagraphs subparagraph (biii), below.
(ii) Irrespective of the extent of such damage or destruction, if the proceeds received or to be received by Landlord by reason of such damage or destruction under any such fire and (c) belowextended coverage insurance policy or policies fire and extended coverage insurance policy or policies required on the part of the Landlord to be maintained hereunder are, in the event judgment of Landlord, inadequate to repair, construct or restore the shell and structural portions of the Premises or any other portion to the condition in which the shell and structural portions of the Building is damaged Premises were immediately prior to such damage or destruction (unless Tenant elects to reimburse Landlord for such deficiency), Landlord may elect to terminate this Lease by fire giving at least fifteen (15) days written notice of its said election to Tenant, such notice to be given within thirty (30) days after Landlord ascertains that such proceeds are inadequate for that purpose. If Landlord shall not so elect to terminate this Lease, then Landlord shall repair, reconstruct or restore the shell and structural portions of the Premises in accordance with the provisions of subparagraph (iii), below The repair and restoration of items not provided at Landlord's expense shall be the obligation of Tenant. Tenant understands that Landlord will not carry insurance of any kind of Tenant's interior, nonstructural improvements, storefront, furniture, furnishings, fixtures, equipment or other perils covered by extended coverage insurancepersonal property, and such that Landlord shall not be obligated to repair any damage does not require structural demolition and reconstruction of all thereto or part of replace the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premisessame.
(b) In If at any time after the event that execution of this Lease the improvements on the Premises or any portion thereof should be damaged or destroyed by any casualty requires structural demolition and reconstruction of all or a material not required on the part of the Building (whether or not such reconstruction involves any portion Landlord to be insured against hereunder, and the cost of the Premises)repair exceeds one month's Base Rent, Tenant then Landlord may, but shall have no obligations to, elect and repair, reconstruct or restore the Premises after any such damage or destruction thereto by giving at least fifteen (15) day; written notice of its election, give said election to Tenant. such notice to Landlord at any time be given within sixty thirty (6030) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such noticedamage or destruction if Landlord elects to repair, this Lease and all interest of Tenant in reconstruct or restore the Premises shall terminate on after such damage or destruction thereto, or if the cost of repair is less than one month's Base Rent, or if Tenant shall, within fifteen (15) days after the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by deliver written notice to Landlord within such 60-day period, elect that Tenant agrees to require Landlord to repair or restore such damage, pay in which case advance all funds necessary for xxx xxpair of the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and damaged improvements this Lease shall continue in full force and effect; PROVIDEDeffect (except as otherwise herein provided) and Landlord shall promptly commence and with due diligence complete the repair, HOWEVERreconstruction or restoration of the Premises so far as practicable to the condition to which the Premises were immediately prior to such damage or destruction. If Landlord fails to make such election, then this Lease shall be deemed terminated as of the date of such damage or destruction, and all amounts paid or payable by Tenant to Landlord shall, where applicable, be prorated between Landlord and Tenant.
(c) In the event Landlord elects or is required hereunder to repair, reconstruct, or restore the shell and structural portions of the Premises after any damage of destruction thereto, Tenant shall, at its own expense, as soon as reasonably practicable replace or fully repair, reconstruct or restore its interior leasehold improvements, exterior signs, storefront, merchandise and Tenant's Property Landlord's obligation under this Sectixx 00 shall, however, in no event exceed the scope of the work that was done by Landlord in the original construction and improvement of the Premises, nor shall Landlord be required to expend sums therefor in excess of such damage or destruction. Tenant shall have no interest in or claim to any portion of the proceeds of any insurance maintained by Landlord hereunder.
(d) Tenant agrees at all times after any damage to or destruction of the improvements on the Premises, or any portion thereof, to continue the operation of its business therein to the extent practicable from the standpoint of good business, and in the event Landlord is required or elects to make any repairs, reconstruction or restoration of any damage or destruction to the Premises under any of the provisions of the Section 25, Tenant shall not be entitled to any damages by reason of inconvenience or loss sustained by Tenant as a result thereof. Unless the damage or destruction is caused by the negligence of Tenant, or ifs employees or agents, during the period commencing with the date of any such damage or destruction which Landlord is required or elects hereunder to repair, reconstruct or restore, and ending with the completion of such repairs, reconstruction or restoration, or through the date of termination of this Lease, as the case may be, the Base Rent shall be proportionately abated in an amount equal to the proportion thereof which the number of square feet of gross floor area in the Premises rendered untenantable thereby bears to the total number of square feet of gross floor area in the Premises immediately prior to such damage or destruction. The full amount of said Base Rent and all other charges shall again become payable immediately upon the completion of such work of repair, reconstruction or restoration. Except as expressly hereinabove any rental or other charge payable on the part of Tenant to Landlord hereunder, or in the method of computing, accounting for or paying the same.
(e) Notwithstanding any destruction or damage to the Premises or the Shopping Center, Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 25. Notwithstanding anything to the contrary contained in this Section 25, should Landlord be delayed or prevented from repairing or restoring said damaged Premises for one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, the Landlord and the Tenant shall each have the right to alter the size and configuration of the Building in the course of such reconstructionterminate this Lease, effective upon thirty (30) days poor written notice, so long as said damaged Premises shall still have not substantially been repaired or restored.
(f) Notwithstanding anything provided herein to the Building as reconstructed contrary, if the Shopping Center or any part thereof (not necessarily including the Premises) is an integrated architectural unit, damaged or destroyed by casualty (insured or uninsured) to the dimensions extent that the cost of restoring the damaged portions exceeds fifteen percent (15%) of the Premises are substantially replacement cost of all "Landlord Improvements" comprising the same as prior Shopping Center, Landlord may elect to such casualty and Tenant is able to operate terminate this Lease by giving at least fifteen (15) days notice of its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due said election to Tenant, andsuch notice to be given within thirty (30) days after the date of such damage or destruction. For the purposes hereof, prior to "Landlord improvements" shall mean any reconstructionand all improvements comprising the Shopping Center, Tenant will deposit with Landlord or its contractor the amount other than interior, nonstructural improvements furnished by which the cost of reconstruction exceeds the amount tenants of the insurance proceedsShopping Center.
Appears in 1 contract
Samples: Lease Agreement (FNB Bancorp/Ca/)
Reconstruction. (a) Subject Landlord shall not carry any insurance on Tenant’s Personal Property or on any Leasehold Improvements and shall not be obligated to the provisions of subparagraphs (b) and (c) below, in the event the Premises repair or replace Tenant’s Personal Property or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building Leasehold Improvements (whether or not such reconstruction involves installed by or at the expense of Landlord). Tenant shall look solely to its insurance for recovery of any portion damage to or loss of Tenant’s Personal Property or any Leasehold Improvements. Tenant shall notify Landlord promptly of any Casualty in the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such noticea partial or total destruction of the Premises, this Lease Tenant shall as soon as practicable, whether or not Landlord shall have notified Tenant to remove the same, but in no event later than five (5) Business Days after receiving a notice from Landlord, remove any and all interest of Tenant in Tenant’s Personal Property from the Premises shall terminate on or the date of portion thereof destroyed, as the casualtycase may be, and if Tenant does not promptly so remove Tenant’s Personal Property, Landlord, at Tenant’s expense, may discard the same or may remove Tenant’s Personal Property to a public warehouse for deposit or retain the same in its own possession and at its discretion may sell the same at either public auction or private sale, the Rent proceeds of which shall be paid up applied first to the date expenses of removal, storage and sale, second to any sums owed by Tenant to Landlord, with any balance remaining to be paid to Tenant; if the expenses of such casualtyremoval, storage and sale shall exceed the proceeds of any sale, Tenant shall pay such excess to Landlord upon demand. Tenant shall be solely responsible for arranging for any visits to the Premises by Tenant’s insurance adjuster that may be desired by Tenant prior to the removal of Tenant’s Personal Property by Tenant or Landlord, as provided in this Section 10.4, or the performance by Landlord of Landlord’s Restoration Work or the Specified Restoration Work and Landlord shall be entitled under no obligation to all insurance maintained by delay the performance of same, nor shall Landlord have any liability to Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or event that Tenant then exercises an Option pursuant fails to Paragraph 3(b)do so. Tenant shall promptly permit Landlord access to the Premises for the purpose of performing Landlord’s Restoration Work and, if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unitapplicable, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsSpecified Restoration Work.
Appears in 1 contract
Samples: Office Lease (Quest Resource Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum the Basic Rent from or the date of damage until completion of prevailing Adjusted Basic Rent, as the case may be, while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rentals. In the event that any casualty requires structural demolition and reconstruction of all the Premises or the Building or a material part thereof are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option (i) to repair or restore such damage with this Lease continuing in full force and effect, at its electionbut with the rentals to be proportionately reduced as hereinabove provided in this Article, or (ii) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyrentals, the Rent reduced as hereinabove provided in this Article, shall be paid up to the date of such casualtysaid termination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct, or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to Tenant’s personal property in, on use of the whole or about any part of the Premises). In the alternative, and so long as at least five (5) years remain in the Term Tenant's personal property, or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, inconvenience or annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease Agreement (Synon Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same within one hundred and fifty (150) days of all or a material part casualty, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of
(1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Building Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (except for proceeds attributable to Tenant’s personal property in, on 12) months of the term of this Lease or about the Premises). In the alternative, any extension thereof and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within event of such 60-day period, elect to require Landlord to repair or restore such damage, in which case casualty during the Minimum Rent shall be proportionately reduced as provided in subparagraph last twelve (a12) above and months of the term of this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that either Landlord or Tenant shall have the right to alter terminate this Lease by giving written notice to the size and configuration other party within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord's insurance as part of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions building. The Tenant shall not be entitled to any compensation or damages from Landlord for loss of the Premises are substantially use of the same as prior to such casualty and Tenant is able to operate its business as intended at whole or any part of the time of Lease executionPremises, or Tenant's personal property, unless caused by Landlord, or, subject to Landlord’s approval which will not be unreasonably conditionedArticle 21, delayed any compensation or denied. If Tenant elects to require Landlord to construct the improvementsdamages for inconvenience or annoyance occasioned by such damage, Tenant will make available to Landlord all insurance proceeds received by Tenant repair, reconstruction or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease (Vstream Inc /Co)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises Premises, or any other portion of the Building is of which the Premises are a part, are damaged by fire or other perils covered by extended coverage "special form" casualty insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair the same to substantially the same condition as existed immediately prior to such damage utilizing the proceeds of insurance damage; and this Lease shall remain in full force and effect, except that the Tenant shall be entitled to an equitable reduction of Minimum the Rent from the date of damage until completion of while such repairs, repairs are being made. Such proportionate reduction to be based on upon the extent to which the damage and the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent unless the damage is covered by "special form" casualty insurance. If the restoration of the Premises or the Building is not likely to be completed, or is not completed, within 180 days after the date of the casualty, the Tenant shall have the right to terminate this Lease without liability. Landlord shall give Tenant at least 30 days prior notice of the date when the Premises would be restored and delivered to Tenant. During any period of rent abatement or reduction as described in this Section 22, it is agreed and understood that such rent abatement or reduction shall commence on the date which the Premises or portion thereof are subjected to such damage or casualty and continue until the later of (a) the date that is thirty (30) days after the date that Landlord provides notice to Tenant of the repair and restoration of the Premises or (b) the date on which the Premises are restored and possession of such is delivered to Tenant.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Section provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Section, and Landlord shall be entitled not have any obligation whatsoever to all insurance maintained by Tenant on repair, reconstruct or restore the Building Premises when the damage resulting from any casualty covered under this Section occurs during the last twelve (except for proceeds attributable to Tenant’s personal property in, on 12) months of the term of this Lease or about the Premises). In the alternative, any extension thereof and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within event of such 60-day period, elect to require Landlord to repair or restore such damage, in which case casualty during the Minimum Rent shall be proportionately reduced as provided in subparagraph last twelve (a12) above and months of the term of this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that either Landlord or Tenant shall have the right to alter terminate this Lease by giving written notice to the size and configuration other party within thirty (30) days of such casualty; provided, however, that if there is an unexercised renewal term of the Building Lease remaining, Tenant shall have the right to exercise such term by giving Landlord notice thereof within 30 days after the date Landlord gives Tenant notice of termination, in which event Landlord's notice of termination shall be a nullity Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the course of such reconstruction, so long Premises by Tenant unless covered by Landlord's insurance as the Building as reconstructed is an integrated architectural unit, the dimensions part of the Premises are substantially Building. Except for the same as prior abatements of Rent provided for in this Lease, The Tenant shall not be entitled to such casualty and Tenant is able to operate its business as intended at any compensation or damages from Landlord for loss of the time use of Lease executionthe whole or any part of the Premises, or Tenant's personal property, unless caused by Landlord, or, subject to Landlord’s approval which will not be unreasonably conditionedSection 21, delayed any compensation or denieddamages for inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. If Tenant elects to require Landlord to construct shall throughout the Lease term maintain "special form" casualty insurance coverage for the Building and all related insurable improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenantfor their full replacement cost, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsan agreed value endorsement.
Appears in 1 contract
Samples: Lease (New Frontier Media Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Buildinginsurance carried by Landlord, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent, which shall be negotiated in good faith, while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the PremisesPremises which is not mitigated by any business interruption insurance carried by Tenant. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) In the event that any casualty requires structural demolition and reconstruction of all the Premises or the Building or a material part are damaged by fire or other perils not covered by extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than twenty percent (whether or not such reconstruction involves any portion 20%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than twenty percent (20%) of the full replacement cost, Tenant maythe Landlord shall have the option:
(1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty ninety (6090) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than sixty (60) days and no more than ninety (90) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said such termination.
(c) Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage, in excess of fifteen percent (15%) of the replacement cost of the Building, resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. If Landlord elects not to repair, reconstruct or restore the Premises during such twelve (12) month period, this Lease shall be deemed terminated on the date of such casualty, and damage.
(d) Landlord shall not be required to repair any damage caused by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant.
(e) The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property inor any inconvenience or annoyance occasioned by such damage, on repair, reconstruction or about restoration.
(f) Tenant may elect to terminate this Lease at any time during the Premises). In term hereof, if the alternative, and so long as at least Premises are destroyed or rendered untenantable to an extent that they cannot be repaired within two hundred twenty-five (5225) years remain days following the casualty, as reasonably determined by Landlord in writing delivered to Tenant within forty-five (45) days following the date of such damage, by delivery of written notice of such election within fifteen (15) days following Tenant's receipt of such notice. Thereafter, in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord event that such repairs are not substantially complete within such 60two hundred twenty-five (225) day period, elect to require Landlord to repair or restore such damageas may be extended by delays caused by Tenant for a period of fifteen (15) days thereafter, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration terminate this Lease by delivery of the Building in the course written notice of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions election. The termination of the Premises are substantially the same as prior this Lease pursuant to this Section 22(f) shall be effective upon Landlord's receipt of such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsnotice.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairs, repairs are being made. Such proportionate reduction to be based on the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as provided for in the preceding Paragraph; or (2) give notice to Landlord at any time within no less than thirty (30) days and no more than sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) days and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury of damage of fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any other compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office/Warehouse Building Lease (Ableauctions Com Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Lessor agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant the Lessee in the Premises. If the damage is due to the fault or neglect of Lessee or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant the Lessee in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Lessee in the Premises, shall be paid up to the date time of such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting form any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Lessee. The Lessee shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Lessor for loss of the Building (except for proceeds attributable to Tenant’s use of the whole or any part of the premises, Lessee's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Building Lease (Diagnostic Retrieval Systems Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by fire and extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater then ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option: (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materiality interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case repair, reconstruction or restoration. Notwithstanding the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this foregoing, Tenant has the option to terminate the Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration if more than 20% of the Building in premises are rendered unuseable by destruction for more than 30 days after the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by date on which the cost of reconstruction exceeds the amount of the insurance proceedsdamage occurred.
Appears in 1 contract
Reconstruction. (a) Subject to Should the provisions of subparagraphs (b) and (c) below, in the event the Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all whole or part of the BuildingDemised Premises be partially or totally destroyed by fire or any other casualty covered by a standard extended coverage endorsement after the commencement of this Lease, Landlord agrees shall restore the same or cause the same to forthwith be restored without unnecessary delay, provided, however, that if the Demised Premises or the buildings (taken in aggregate) in the Shopping Center should be damaged to the extent of more than fifty percent (50%) of the cost of replacement thereof (a "Major Casualty")during the last three (3) years of the Initial Term or any Renewal Term hereof, Landlord may elect either (i) to repair such damage utilizing or rebuild the proceeds of insurance and Demised Premises or the building or buildings or (ii) to terminate this Lease shall remain in full force and effectLease, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion upon giving written notice of such repairs, based on the extent election in writing to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after the happening of the event causing the damage; provided that if Tenant has a remaining renewal option, Landlord may not terminate this Lease if Tenant exercises such option within said sixty (60) day period; provided further that, anything contained herein to the contrary notwithstanding, in the event that Landlord determines that the cost of repairing or rebuilding the Demised Premises shall exceed the amount of the insurance award payable with respect to such casualty, Landlord shall not be obligated to repair or rebuild the Demised Premises unless Tenant agrees to pay as additional rent "Tenant's share" of such deficiency. Landlord shall, within sixty (60) days after the happening of the event causing such damage, terminating notify Tenant of its election, if any, to require Tenant to pay "Tenant's share" of such deficiency, and Tenant shall, within thirty (30) days after such notice, elect either to terminate this Lease, or to execute a modification agreement increasing the Annual Minimum Rent payable hereunder by an amount equal to "Tenant's share" of such deficiency divided by the number of years remaining in the Lease term. If Tenant has a remaining renewal option, and elects to exercise such option, the Annual Minimum Rent payable hereunder shall be increased by an amount equal to "Tenant's share" of such deficiency divided by the number of years remaining in the Lease term as extended by the exercise of such option. For the purposes of this paragraph, "Tenant's share" of such deficiency shall be that percentage of such deficiency which is determined by dividing the total cost of repairing and restoring all buildings in the Shopping Center damaged by such casualty into the cost of repairing and restoring the Demised Premises. During any period commencing upon the date of any such damage or destruction and ending upon the casualty"Date of Reoccupancy of Tenant", the Rent and any other charges payable under this Lease ) shall xxxxx in the proportion that the Demised Premises shall be untenantable. In The term "Date of Reoccupancy by Tenant", as used herein, shall be the first to occur of the following two dates: (a) the date upon which Tenant shall reopen for business in that part of the Demised Premises rendered untenantable by such damage or destruction, or (b) the date which shall be thirty (30) days after the date of completion of the repairs, rebuilding and restoration required of Landlord herein. Notwithstanding the foregoing, in the event of giving such noticea Major Casualty, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and either Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior terminate this Lease upon written notice to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to TenantLandlord, andas applicable, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedswithin fourteen (14) days after a Major Casualty.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Buildinginsurance carried by Landlord, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent, which shall be negotiated in good faith, while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the PremisesPremises which is not mitigated by any business interruption insurance carried by Tenant. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b) In the event that any casualty requires structural demolition and reconstruction of all the Premises or the Building or a material part are damaged by fire or other perils not covered by extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than twenty percent (whether or not such reconstruction involves any portion 20%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent
(1) to repair or restore such damage, Tenant maythis Lease continuing in full force and effect, at its election, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty ninety (6090) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than sixty (60) days and no more than ninety (90) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said such termination.
(c) Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage, in excess of fifteen percent (15%) of the replacement cost of the Building, resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. If Landlord elects not to repair, reconstruct or restore the Premises during such twelve (12) month period, this Lease shall be deemed terminated on the date of such casualty, and damage.
(d) Landlord shall not be required to repair any damage caused by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant.
(e) The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property inor any inconvenience or annoyance occasioned by such damage, on repair, reconstruction or about restoration.
(f) Tenant may elect to terminate this Lease at any time during the Premises). In term hereof, if the alternative, and so long as at least Premises are destroyed or rendered untenantable to an extent that they cannot be repaired within two hundred twenty-five (5225) years remain days following the casualty, as reasonably determined by Landlord in writing delivered to Tenant within forty-five (45) days following the date of such damage, by delivery of written notice of such election within fifteen (15) days following Tenant's receipt of such notice. Thereafter, in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord event that such repairs are not substantially complete within such 60two hundred twenty-five (225) day period, elect to require Landlord to repair or restore such damageas may be extended by delays caused by Tenant for a period of fifteen (15) days thereafter, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration terminate this Lease by delivery of the Building in the course written notice of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions election. The termination of the Premises are substantially the same as prior this Lease pursuant to this Section 22(f) shall be effective upon Landlord's receipt of such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsnotice.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is damaged by fire or other damage the premises perils covered by Landlord's fire and extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
shall: ● Within ninety (b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (6090) days after such damagethereafter, terminating this Lease as commence repair, reconstruction and restoration of said premises and prosecute the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up same diligently to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damagecompletion, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and event this Lease shall continue in full force and effect; PROVIDEDor ● In the event of a partial or total destruction of the premises during the last one year of the term hereof, HOWEVERor of any option exercised by Tenant, that Landlord and Tenant shall each have the right option to alter terminate this Lease upon giving written notice to the size other within thirty (30) days after such destruction. For purposes of this paragraph, "partial destruction" shall be deemed destruction to the extent of at least thirty-three and configuration one-third (33 & 1/3) percent of the Building in then full replacement cost of the course premises as of the date of destruction. In the event the premises shall be damaged as a result of any flood, earthquake, act of war, nuclear radiation or radioactive contamination, or from any other casualty not covered by Landlord's fire and extended coverage insurance, to any extent whatsoever, the Landlord may within sixty (60) days following the date of such reconstructiondamage, commence repair, reconstruction or restoration of said premises and prosecute the same diligently to completion in which event this Lease shall continue in full force and effect, or within said sixty-day period elect not to so long repair, reconstruct or restore said premises in which event this Lease shall cease and terminate. In either such event Landlord shall give the Tenant written notice of its intention within said sixty-day period. In the event of repair, reconstruction and restoration as the Building as reconstructed is an integrated architectural unitherein provided, the dimensions minimum annual rental provided to be paid under Article III hereof shall be abated proportionally with the degree in which the Tenant's use of the Premises are substantially premises is impaired, commencing from the same as prior to date of destruction and continuing during the period of such casualty and repair, reconstruction or restoration. The Tenant is able to operate shall continue the operation of its business as intended at on the time premises during any such period to the extent reasonably practicable from the standpoint of Lease execution, subject prudent business management; and the obligation of the Tenant hereunder to Landlord’s approval which will pay additional rental shall remain in effect. Tenant shall not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior entitled to any reconstructioncompensation or damages from Landlord for loss of use of the whole or any part of the premises, Tenant will deposit with Landlord or its contractor the amount by building on which the cost of premises are a part, Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction exceeds the amount of the insurance proceedsor restoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage Insurance, the Landlord shall forthwith repair the same, provided the extent of the Building (whether or not such reconstruction involves any portion destruction be less than ten percent(10%) of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten percent(10%) of the full replacement cost, Tenant maythe Landlord shall have the option (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect but the rent to be proportionately reduced as hereinabove in the Article provided, or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less then thirty (30) and not more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in the Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Lease Agreement (Pawnbroker Com Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in a. In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does the estimated cost of repairs is not require structural demolition and reconstruction in excess of all or part of the Buildingavailable insurance proceeds, then Landlord agrees to shall forthwith repair such damage utilizing the proceeds of insurance same and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) b. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, or the estimated cost of all repairs is in excess of available insurance proceeds, then Landlord shall forthwith repair the same, provided the extent of the destruction is less than ten percent (10%) of the then full replacement cost of the Premises (or a material part if the damage is to the Building, and the extent of the destruction is less than ten percent (10%) of the full replacement cost of the Building (whether or not such reconstruction involves any portion of which the Premises are a part). In the event the destruction of the Premises)Premises or the Building is to the extent greater than or equal to ten percent (10%) of the full replacement cost, Tenant maythen landlord shall have the option to (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualty, the Rent rent shall be paid up to the date of said such casualtytermination.
c. Notwithstanding anything to the contrary contained in this paragraph, and Landlord shall have no obligation whatsoever to repair, reconstruct, or restore premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of the Lease or any extension thereof. Tenant may terminate this Lease in the event Landlord does not elect to repair, reconstruct or restore the Premise during the last twelve (12) months of the term.
d. Landlord shall not be required to repair any injury or damage by fire or other cause or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant.
e. Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to Tenant’s personal property in, on use of the whole or about any part of the Premises). In the alternative, and so long as at least five (5) years remain in the Term Tenant's personal property, or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, inconvenience or annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unitor restoration. For purposes of this paragraph, the dimensions of the Premises are substantially the same as prior insurance proceeds shall not be considered to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject be "available" if payable to Landlord’s approval which 's lender and such lender will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrelease them for repairs.
Appears in 1 contract
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered casualty and this Lease is not terminated in accordance with Section 10.1 above, then the damage to the Leased Premises shall be promptly repaired by extended coverage insuranceLandlord, and the Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the GLA of the Leased Premises rendered untenantable. In the event Landlord has not commenced restoration or rebuilding of the Leased Premises within one hundred twenty (120) days of the date of such damage fire or casualty loss, or does not require structural demolition and reconstruction of all diligently proceed to complete such restoration or part rebuilding so that the Leased Premises are restored or rebuilt to its former condition within three hundred sixty (360) days of the Buildingdate following such fire or casualty loss, Tenant will have the right, in either case, to terminate this Lease by providing Landlord agrees notice of such election, in which event Tenant will vacate and surrender the Leased Premises pursuant to forthwith Section 18.1 below. Payment of full rent and all other charges so abated shall re-commence and Tenant shall be obligated to reopen for business on the ninetieth (90th) day following the date that Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's work related thereto, unless Tenant opens at an earlier time in the damaged area or remains open in such area following destruction or damage, in which event there shall be no abatement or any such abatement shall terminate as of the date of Tenant's earlier reopening. Landlord shall be obligated to diligently pursue the completion of its work and shall cause the same to be completed as soon as reasonably possible under the circumstances. In no event shall Landlord be required to repair such or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, at Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to the damage utilizing the or destruction thereof. Any and all proceeds of the property insurance and required hereunder to be maintained by Tenant, so long as this Lease shall remain in full force and effect, except that shall be used only to repair or replace or pay for the items so insured. After Landlord has completed Landlord's work, Tenant shall commence such Tenant's work, at its expense. Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from diligently pursue the date of damage until completion of its work and shall cause the same to be completed as soon as reasonably possible under the circumstances. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a first-class manner. All permits required in connection with said repairs, based on the extent restoration and reconstruction to which the damage be performed by Tenant shall be obtained by Tenant at Tenant's sole cost and making of such repairs shall reasonably interfere with the business carried on expense. Any amount expended by Tenant in the Premises.
(b) In the event that excess of any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. The Leased Premises shall be reconstructed in accordance with the working drawings originally approved by Landlord or due with new drawings prepared by Tenant and acceptable to Landlord and Tenant. Except as may be specifically set forth in this Article X, and, prior Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant will deposit with Landlord by reason thereof, or its contractor the amount by which the cost deprivation of reconstruction exceeds the amount Tenant's possession of all or any part of the insurance proceedsLeased Premises.
Appears in 1 contract
Samples: Shopping Center Lease (Big Buck Brewery & Steakhouse Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same: and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided: or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within with sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Building Lease (Qt 5 Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the BuildingInsurance, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making makings of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten (whether or not such reconstruction involves any portion 10%) per cent of the Premises)then full replacement cost of the Premises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent greater than ten (10%) per cent of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease lease shall expire and all interest Interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any to which such damage materially interfered with the business carried on by the Tenant In the Premises, shall be paid up to date to said such termination. Notwithstanding anything to the date of such casualtycontrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property Installed In the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises, Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in 14.1 In the event the Premises or any other portion of the Building is be damaged by fire or other perils covered by extended coverage insuranceLandlord's insurance to be carried hereunder, Landlord shall; (i) Within a period of ninety (90) days thereafter, complete repair, reconstruction and such damage does not require structural demolition and reconstruction of all or part restoration of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and event this Lease shall continue in full force and effect; PROVIDEDor (ii) In the event of a partial or total destruction of the Premium during the last six (6) months of the lease term Landlord shall have the option to terminate this Lease upon the giving of written notice to Tenant of exercise of such option within thirty (30) days after such destruction. For purposes of this subparagraph "partial destruction" shall be deemed a destruction to an extent of at least fifty (50%) of the full replacement cost of the Premises or the Building as of the date of destruction.
14.2 In the event the Premises or the Building shall be damaged as a result of any flood, HOWEVERearthquake, that act of war, nuclear reaction, nuclear radiation or radioactive contamination, or from any other casualty not covered by Landlord's insurance to be carried hereunder, to any extent whatsoever, Landlord may within thirty (30) days following the date of such damage, commence repair, reconstruction or restoration of the Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect if Landlord completes such repairs within ninety (90) days of such casualty, or within said thirty (30) day period Landlord may elect not to so repair, reconstruct or restore the Premises, in which event this Lease shall cease and terminate. In either such event Landlord shall give Tenant written notice of its intention within said thirty (30) day period. Notwithstanding the foregoing, unless such uninsured casualty occurs during the last twenty-four (24) months of the lease term, Tenant shall have the right right, at Tenant's sole cost and expense, to alter repair, reconstruct or rebuild the size Building shell and configuration appurtenances provided Tenant completes such repair and restoration within nine (9) months of the Building date of casualty. Tenant shall notify Landlord in writing of the course exercise of such reconstructionright within 15 days after the occurrence of such uninsured casualty, and thereafter commence such reconstruction within ninety (90) days following such damage and complete the work within the aforesaid nine (9) month period, in which case this Lease shall continue in full force and effect. Landlord shall not be liable for any expense whatsoever in connection with such work by Tenant unless Landlord requests any changes to the work of restoration and agrees in writing with Tenant to bear the cost and expense of such requested change. Tenant agrees that Tenant shall indemnify and hold Landlord harmless from any and all liability, cost and expense in connection with such repair or reconstruction by Tenant.
14.3 In the event of any reconstruction of the Premises under this Section 14, said reconstruction shall be in conformity with the plans and specifications prepared by Landlord's architect and Tenant's plans and specifications approved by Landlord. All reconstruction work shall be performed by Landlord's contractor unless Landlord shall otherwise agree in writing. Tenant, at its sole cost and expense, shall be responsible for the repair and replacement of its equipment, trade fixtures, furniture and furnishings. Tenant shall commence such installation of fixtures, equipment of the Premises and shall commence such installation of fixtures, equipment of the Premises and shall diligently prosecute such installation to completion upon substantial completion of any work by Landlord.
14.4 If there is a destruction to the Building and other improvements that exceeds fifty (50) percent of the then replacement value thereof from any risk, Landlord may elect to terminate this Lease whether or not the Premises are affected by such destruction, so long as Landlord terminates the Building as reconstructed is an integrated architectural unitleases of all tenants in the Building.
14.5 Upon any termination of the Lease under any of the provisions of this Section 14, the dimensions parties shall be released thereby without further obligations to the other party coincident with the surrender of possession of the Premises are substantially to Landlord, except for items which have theretofore accrued and be then unpaid. In the same event of termination, all proceeds from Tenant's fire and extended coverage insurance covering Tenant's leasehold improvements (but excluding proceeds for equipment, trade fixtures, merchandise, signs and other personal property permitted to be removed by Tenant pursuant to Paragraph 11.1) shall be disbursed and paid to Landlord.
14.6 In the event of repair, reconstruction and restoration as prior to such casualty and herein provided, Tenant is able to operate shall continue the operation of its business as intended at on the time Premises to the extent reasonably practicable from the standpoint of Lease executionprudent business management, subject and the obligation of Tenant hereunder to Landlord’s approval which will pay rental and Direct Expenses shall be equitably abated. Tenant shall not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior entitled to any reconstruction, Tenant will deposit with compensation or damages from Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount for loss of the insurance proceedsuse of the whole or any part of the Premises or the Building or for Tenant's personal property, or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration.
14.7 Tenant hereby waives any statutory rights, of termination which may arise by reason of any partial or total destruction of the Premises or the Building which Landlord is obligated to restore or may restore under any of the provisions of this Lease.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reductions based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises or the Building of which the Premises are a part are damaged as result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of all or a material part the destruction be less than fifty (50) percent of the full replacement cost of the Premises of the Building (whether or not such reconstruction involves any portion of which the Premises are a part. In the event the destruction of the Premises)Premises or the Building is to an extent greater than fifty (50) percent of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its electionthis Lease continuing in full force and effect, but the rent to be proportionately reduced as herein above in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualty, and termination. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Building (except for proceeds attributable to Premises by Tenant’s personal property in, on or about the Premises). In the alternativeevent of any dispute between Landlord and Tenant with respect to this paragraph, and so long the matter shall be settled by arbitration in such a manner as at least five (5) years remain in the Term parties may agree upon, or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damagethey cannot agree, in which case accordance with the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration rules of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsAmerican Arbitration Association.
Appears in 1 contract
Reconstruction. Should less than fifty (a50%) Subject to percent of the provisions cost of subparagraphs (b) and (c) below, in replacement of Tenant’s building space on the event the Demised Premises be destroyed by fire or any other portion casualty covered by a standard extended coverage endorsement after the commencement of this Lease, Landlord shall promptly restore the same or cause the same to be restored without unnecessary delay; provided, however, that if the Demised Premises should be damaged to the extent of more than fifty percent (50%) of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction cost of all or part of the Buildingreplacement thereof, Landlord agrees or Tenant may elect to forthwith repair such damage utilizing terminate this lease, within ninety (90) days thereafter, by giving the proceeds other written notice of insurance and this Lease their intent to terminate, failing which, the lease shall remain in full force and effect, except that Tenant and Landlord shall promptly restore the same or cause the same to be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that restored without unnecessary delay. During any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to period commencing upon the date of such casualty, damage or destruction and Landlord ending upon the “date of reoccupancy of Tenant,” the Annual Minimum Rental and any other charges payable under this Lease (other than Percentage Rental) shall xxxxx in the proportion that the part of Tenant’s buildings which shall be entitled untenantable shall bear to all insurance maintained the whole. The term “date of reoccupancy by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in”, on or about the Premises). In the alternativeas used herein, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph the first to occur of the following two dates: (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that the date upon which Tenant shall have reopen for business in that part of Tenant’s buildings rendered untenantable by such damage or destruction, or (b) the right to alter date which shall be thirty (30) days after the size and configuration date of completion of the Building in the course repairs, rebuilding and restoration required of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsherein.
Appears in 1 contract
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.1 hereof, then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall remain be held in full force escrow and effectmade available for payment of the cost of repairing, except that replacing and rebuilding the Leased Premises. Within seventy (75) days after the casualty Landlord shall provide Tenant with a good faith estimate of the date on which the reconstruction of the Leased Premises will be completed. The Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the floor area of the Leased Premises rendered untenantable, and the Sales Break Point shall likewise be proportionately reduced. Payment of Minimum Rent and all other charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from reopen for business ninety (90) days following the date of damage until completion of such repairsthat Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's Reconstruction Work, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by unless Tenant opens at an earlier time in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all damaged area or a material part of the Building (whether remains open in such area following destruction or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease in which event there shall be no abatement or any such abatement shall terminate as of the date of the casualtyTenant's earlier reopening. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled obligated to commence Landlord's Reconstruction Work and shall diligently pursue the completion of Landlord's Reconstruction Work and shall cause the same to be completed as soon thereafter as possible under the attendant circumstances, but in any event all insurance maintained such Landlord's Reconstruction Work shall be completed and the Leased Premises reopened for business within one hundred eighty (180) days following such fire or casualty. After Landlord has completed Landlord's Reconstruction Work, Tenant shall commence Tenant's Reconstruction Work, at its expense. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a first-class manner. All permits required in connection with said repairs, restoration and reconstruction shall be obtained by Tenant on the Building (except for proceeds attributable to at Tenant’s personal property in, on or about the Premises)'s sole cost and expense. In the alternative, and so long as at least five (5) years remain Any amount expended by Tenant in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. Landlord shall reconstruct such Leased Premises in accordance with the working drawings originally approved by Landlord or due with (at Landlord's sole election) new drawings prepared by Tenant and acceptable to Landlord and Tenant ("Landlord's Reconstruction Work"). In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, andat Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to the damage or destruction thereof ("Tenant's Reconstruction Work"). Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of Tenant's possession of all or any part of the Leased Premises. In the event Landlord has not commenced restoration or rebuilding of the Leased Premises within ninety (90) days of the date of such fire or casualty loss, or if the Leased Premises are not restored/rebuilt to its former condition prior to such fire or casualty loss within one hundred eighty (180) days of the date of such fire or casualty loss, Tenant will deposit with have the right, in either case, to terminate this Lease by providing Landlord or its contractor notice of such election and Tenant will vacate and surrender the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLeased Premises pursuant to Section 17.l.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of such repairs, to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) premises. If the damage is due to the fault of neglect of Tenant or its employees, there shall be no abatement of rent. In the event that any casualty requires structural demolition and reconstruction of all the premises or a material part of the Building of which the premises are a part are damaged as a result of any cause other than perils covered by fire and extended coverage
(whether 1) to repair or not restore such reconstruction involves any portion of damage, this lease continuing in full force and effect, but the Premises), Tenant may, at its election, rent to be proportionately reduced as here in above in this Article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease lease as of the date specified in such notice, which date shall be no less than thirty (30) and nor more than sixty (60) after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire on the date so specified in such notice and all interest of rent, reduces by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises shall terminate on the date of the casualtypremises, the Rent shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the promises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fife or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed on the premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the premises. Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Office Building Lease (Anchor Pacific Underwriters Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum in the Monthly Rent from the date of damage until completion of and while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event that the Premises are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall repair the same provided the extent of the Building destruction be less than twenty-five (whether or not such reconstruction involves any portion 25%) percent of the full replacement cost of the Premises). In the event, Tenant maythe destruction of the Premises is to an extent of twenty-five (25%) percent or more of the full replacement cost then Landlord shall have the option; (1) to repair to restore such damage, at its electionthis Lease continuing in full force and effect, but the Monthly Rent to be to be proportionately reduced as hereinabove in this article provided; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease and all interest of Tenant in shall expire. Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises shall terminate on when the date damage resulting from any casualty covered under this article occurs during the last twenty-four (24) months of the casualty, the Rent shall be paid up to the date term of such casualty, and this Lease or any extension thereof. Landlord shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s make any repairs or replacements of any leasehold improvements, fixtures, or other personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceeds.
Appears in 1 contract
Samples: Commercial Lease (Bioforce Nanosciences Holdings, Inc.)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion the Build of which the Building is Premises or a part are damaged by fire or other perils covered by extended coverage insurance, and such the Landlord receives sufficient proceeds to cover the cost of replacing the damage does not require structural demolition and reconstruction of all or part of said proceeds are made available by Landlords Mortgagee then the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or his employees, there shall be no abatement of rent.
(b) In Notwithstanding anything to the event that contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty requires structural demolition and reconstruction of all or a material part covered under this Article either destroys twenty-five percent (25%) of the Building building or occurs during the last twelve (whether or not such reconstruction involves any portion 12) months of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating term of this Lease as of the date of the casualty. In the event of giving such noticeor any extension thereof, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date under either of such casualtycircumstances, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter terminate this Lease without liability on its part.
(c) Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the size and configuration Premises by Tenant. The Tenant shall not be entitled to any compensation or damages from Landlord for loss of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions use of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed whole or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount part of the insurance proceedspremises. Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration.
Appears in 1 contract
Reconstruction. In the event of damage or destruction of the Building or the Premises during the Term by fire, the elements or casualty, Landlord shall forthwith repair the same, provided (ai) Subject that such repairs are fully covered by insurance proceeds which are paid to the provisions of subparagraphs (b) Landlord, and (cii) belowthat such repairs can be made, in the event Landlord's opinion, within ninety (90) days under the Premises laws and regulations of State, County, Federal or any other portion of the Building is damaged by fire Municipal authorities. Such damage or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all destruction shall in no way annul or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and void this Lease shall remain in full force and effectLease, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent rent while such repairs are being made, such proportionate reduction to be based upon the extent Cat the Premises, or part thereof, may be un-tenantable and for the period that said Premises, or part thereof, may be un-tenantable. If (i) such repairs are not fully covered by insurance proceeds which are paid to Landlord, or (ii) in the Landlord's opinion, such repairs cannot be made within ninety (90) days, Landlord may, at its option (to be exercised within forty-five (45) days from the date of such damage until completion or destruction), make the same within a reasonable time, this Lease continuing in full force and effect and rent being proportionately reduced as provided above in this Section. In the event that Landlord does not so elect to make these latter described repairs, or if such repairs cannot be made under such laws and regulations, this Lease may be terminated at the option of either party. Tenant shall be entitled to a proportionate reduction of basic rent only with respect to un-tenantable conditions within the Premises which are not caused by Tenant, and no such rent reduction shall be allowed by reason of inconvenience, annoyance or injury to Tenant's business because of such damage or destruction, or the necessity of repairing any portion of the Building, or the making of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease as of the date of the casualty. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall not be entitled liable to all insurance maintained Tenant because of such inconvenience, annoyance or injury. For the purpose of this Section, the Premises or a part thereof shall be deemed to have been rendered "un-tenantable" if it is not reasonably subject to occupation by Tenant on for the Building (except purpose for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as or part thereof was being used prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed damage or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsdestruction.
Appears in 1 contract
Samples: Lease (E J Nak Mattress Co)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises premises or any other portion the building of which the Building is premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord Lessor agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Amended and Restated Lease shall remain in full force and effect, unless otherwise terminated in accordance with this Article, except that Tenant Lessee shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant Lessee in the Premisespremises. Provided, however, if the damage or destruction renders the premises or the common areas of the building providing access to the premises unusable, Lessee may terminate this Amended and Restated Lease effective as of the date of the damage and destruction by giving notice thereof in writing to Lessor unless Lessor shall, after receipt of the notice, immediately take all necessary emergency action so that the premises can be utilized for Lessee's normal business use with a minimum of disruption and thereafter Lessor, within seven (7) days of the date of Lessee's notice is given, commences removal of the debris and the restoration of the premises. If notwithstanding such damage or destruction, the building in which the premises is located remains open for business with the public, Lessor's restoration and repair shall be completed as soon as reasonably feasible and in no event later than one hundred twenty (120) days after such damage and destruction. If the premises and/or the building are so damaged or destroyed that it will not be open to the public or usable by Lessee for a period in excess of one hundred twenty (120) days, Lessee shall have the right to terminate this Amended and Restated Lease by giving Lessor written notice thereof, said notice to be effective as of the date it is given.
(b1) In to repair or restore such damage, this Amended and Restated Lease continuing in full force and effect; provided, Lessee has not terminated this Amended and Restated Lease in accordance with the event that any casualty requires structural demolition and reconstruction provisions of all this Article, but the rent to be proportionately reduced as provided above in the paragraph; or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Lessee at any time within sixty thirty (6030) days after such damage, terminating this Amended and Restated Lease as of the date of the casualtysuch notice. In the event of giving such notice, this Amended and Restated Lease shall expire and all interest of Tenant to the Amended and Restated Lease in the Premises premises shall terminate on the date of so specified in such notice and the casualtyrent, reduced by any proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Lessee in the premises, shall be paid up to the date of such casualtytermination. Notwithstanding anything to the contrary contained in this Paragraph, Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the premises when the damage resulting from any casualty covered under this Paragraph occurs during he last twelve (12) months of the term of this Amended and Landlord Restated Lease or any extension thereof. Lessor shall not be entitled required to all insurance maintained repair any injury or damage by Tenant on the Building (except for proceeds attributable fire or other cause, or to Tenant’s personal make any repairs or replacement of any panels, decoration, office fixtures, railing, ceiling, floor covering partitions, or any other property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain installed in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, premises by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLessee.
Appears in 1 contract
Samples: Lease (Sos Staffing Services Inc)
Reconstruction. (a) Subject to If the provisions of subparagraphs (b) and (c) below, in the event the Leased Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance casualty and this Lease is not terminated in accordance with Section 9.1 hereof, then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall remain be held in full force escrow and effectmade available for payment of the cost of repairing, except that replacing and rebuilding the Leased Premises, the damage to the Leased Premises shall be promptly repaired, and the Minimum Rent and other charges payable by Tenant to Landlord shall be abated in proportion to the floor area of the Leased Premises rendered untenantable, and the Sales Break Point shall likewise be proportionately reduced. Payment of Minimum Rent and all other charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the reopen for business carried on by Tenant in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after following the date that Landlord advises Tenant that the Leased Premises are tenantable and Landlord has substantially completed Landlord's Reconstruction Work, unless Tenant opens at an earlier time in the damaged area or remains open in such area following destruction or damage, terminating this Lease in which event there shall be no abatement or any such abatement shall terminate as of the date of the casualtyTenant's earlier reopening. In the event of giving such notice, this Lease and all interest of Tenant in the Premises shall terminate on the date of the casualty, the Rent shall be paid up to the date of such casualty, and Landlord shall be entitled obligated to commence Landlord's Reconstruction Work and shall diligently pursue the completion of Landlord's Reconstruction Work and shall cause the same to be completed as soon thereafter as possible under the attendant circumstances, but in any event all insurance maintained such Landlord's Reconstruction Work shall be completed and the Leased Premises reopened for business within one hundred eighty (180) days following such fire or casualty. After Landlord has completed Landlord's Reconstruction Work, Tenant shall commence such Tenant's Reconstruction Work, at its expense. Tenant shall comply with all laws, ordinances and governmental rules or regulations, and shall perform all work or cause such work to be performed with due diligence and in a firs class manner. All permits required in connection with said repairs, restoration and reconstruction shall be obtained by Tenant on the Building (except for proceeds attributable to at Tenant’s personal property in, on or about the Premises)'s sole cost and expense. In the alternative, and so long as at least five (5) years remain Any amount expended by Tenant in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if excess of any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant shall be the sole obligation of Tenant. "Landlord's Reconstruction Work" shall be all work required to reconstruct the Leased Premises in accordance with the working drawings originally approved by Landlord pursuant to Exhibit C and Exhibit D, or due with (at Landlord's sole election) new drawings prepared by Tenant and acceptable to Landlord and Tenant. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Landlord repairs or rebuilds, Tenant, andat Tenant's sole cost, shall repair or replace Tenant's merchandise, trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to the damage or destruction thereof ("Tenant's Reconstruction Work"). Except as may be specifically set forth in this Article IX, Landlord shall not be liable or obligated to Tenant to any reconstructionextent whatsoever by reason of any fire or other casualty damage to the Leased Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of Tenant's possession of all or any part of the Leased Premises. In the event Landlord has not commenced restoration or rebuilding of the Leased Premises within ninety (90) days of the date of such fire or casualty loss, or diligently proceeded to complete such restoration or rebuilding so that the Leased Premises are restored/rebuilt to its former condition prior to such fire or casualty loss within one hundred eighty (180) days of the date of such fire or casualty loss, Tenant will deposit with have the right, in either case, to terminate this Lease by providing Landlord or its contractor notice of such election and Tenant will vacate and surrender the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsLeased Premises pursuant to Section 17.1.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises PREMISES or any other portion of the Building is Complex or which the PREMISES are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord LANDLORD agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant TENANT shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by Tenant the TENANT in the Premises.
(b) PREMISES. If the damage is due to the fault or neglect of TENANT or its employees, there shall be no abatement of rent. In the event that any casualty requires structural demolition and reconstruction of all the PREMISES or a material part of the Building of which the PREMISES are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then LANDLORD shall have the option: (whether 1) to repair or not restore such reconstruction involves any portion of damage, this Lease continuing in full force and effect, but the Premises), Tenant may, at its election, rent to be proportionately reduced as herein above in this Article provided; or (2) give notice to Landlord TENANT at any time within thirty (30) and no more than sixty (60) days after the giving of such damage, terminating this Lease as of the date of the casualtynotice. In the event of giving such notice, this Lease shall expire and all interest of Tenant the TENANT in the Premises PREMISES shall terminate on the date of so specified in such notice and the casualtyrent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the TENANT in the PREMISES, shall be paid up to the date of such casualtytermination. LANDLORD, and Landlord shall not be required to repair any injury or damage by fire, or other cause, to any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the PREMISES by TENANT. TENANT shall not be entitled to all insurance maintained any compensation or damages from LANDLORD for loss of the use of the whole or any part of the PREMISES, TENANT’S personal property, or any inconvenience or annoyance occasioned by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract
Samples: Commercial Space Lease (Chapeau Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises leased premises shall be partially or any other portion of the Building is damaged totally destroyed by fire or other perils covered casualty insured under the insurance carried by extended coverage insuranceLandlord pursuant to Section 11.02 of this Lease as to become partially or totally untenantable, then the damage to the leased premises shall be promptly repaired, unless Landlord shall elect not to rebuild as hereinafter provided, and the Minimum Rent and other charges (to the extent such damage does not require structural demolition and reconstruction of all or part charges are based on the square footage of the Building, Landlord agrees leased premises) shall be abated in proportion to forthwith repair such damage utilizing the proceeds amount of insurance the leased premises rendered untenantable and this Lease the Minimum Gross Sales above which annual Percentage Rent is computed and payable shall remain in likewise be proportionately reduced until so repaired. Payment of full force rent and effect, except that charges so abated shall commence and Tenant shall be entitled obligated to an equitable reduction of Minimum Rent from reopen for business on the thirtieth (30th) day following the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by leased premises are tenantable unless Tenant opens earlier in the Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all damaged area or a material part of the Building (whether remains open in such area following destruction or not such reconstruction involves any portion of the Premises), Tenant may, at its election, give notice to Landlord at any time within sixty (60) days after such damage, terminating this Lease in which event there shall be no abatement or an abatement shall terminate as of the date of Tenant's earlier reopening. Landlord shall be obligated to cause such repairs to be made unless Landlord, at its sole option, elects to cause Tenant to make such repairs, in which event Tenant shall promptly complete the casualtysame, and Landlord will make available to Tenant for the sole purpose of reconstruction of the leased premises such portion of the insurance proceeds received by Landlord from its insurance carrier, under policies carried pursuant to Section 11.02 of this Lease, allocated to the leased premises. Any amount expended by Tenant in excess of such insurance proceeds received by Landlord and made available to Tenant shall be the sole obligation of Tenant. In the event of giving such noticereconstruction or repair by Landlord, any amount expended by Landlord in repairing the improvements to the leased premises in excess of the proceeds of the insurance received by Landlord pursuant to Section 11.02 of this Lease and all interest of Tenant in allocated to the Premises shall terminate on the date of the casualty, the Rent leased premises shall be paid up repayable by Tenant to Landlord within ten (10) days after receipt by Tenant from Landlord of a statement setting forth the date amount of such casualty, and Landlord excess. Landlord's insurance carrier shall be entitled to all determine the amount of insurance maintained by Tenant on the Building (except for proceeds attributable to the damage to such improvements, which determination shall be binding upon Landlord and Tenant’s personal property in, on or about . The party required hereunder to repair the Premises)damage to the leased premises shall reconstruct such leased premises in accordance with the working drawings originally approved by Landlord. In no event shall Landlord be required to repair or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If more than thirty-five percent (35%) of the alternativefloor area of the building in which the leased premises are located shall be damaged or destroyed by fire or other casualty, and so long as at least five or if during the last three (53) years remain of the term hereof more than twenty-five percent (25 %) of the leased premises or of the floor area of the building in which the Term leased premises are located shall be damaged or Tenant destroyed by fire or other casualty, then exercises an Option pursuant to Paragraph 3(b)Landlord may either elect that the building and/or the leased premises, if any Tenant mayas the case may be, be repaired or rebuilt or, at its sole option, terminate this Lease by giving written notice to Tenant of its election to so terminate, such notice to be given within ninety (90) days after the occurrence of such damage or destruction. If Landlord within such 60-day period, elect to require Landlord is required or elects to repair or restore such damagerebuild or requires the Tenant to repair or rebuild the leased premises as herein provided Tenant shall, at Tenant's sole cost, repair or replace its merchandise. trade fixtures, furnishings and equipment in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above a manner and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, to at least a condition equal to that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed damage or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsdestruction.
Appears in 1 contract
Samples: Lease Agreement (Cinema Ride Inc)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised Premises.
(b) In the event that any casualty requires structural demolition and reconstruction of all or a material part of the Building (whether or not such reconstruction involves any portion of the Demised Premises), Tenant Landlord may, at its election, give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of a date specified in such notice not more than thirty (30) days after the date giving of the casualtysuch notice. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date of so specified in such notice, and the casualtyMinimum Rent, reduced by a proportionate reduction, based upon the Rent extent, if any, to which such damage interfered with the business carried on by Tenant in the Demised Premises, shall be paid up to the date of such casualty, and Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises)termination. In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant Landlord may, by written notice to Landlord Tenant within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDED, HOWEVER, that Tenant Landlord shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, unit and the dimensions of the Demised Premises are substantially the same as prior to such casualty and Tenant is able casualty. THL Tenant’s Initials JD
(c) Notwithstanding anything to operate its business as intended at the time of Lease executioncontrary contained in this Article, subject Landlord shall not have any obligation whatsoever to Landlord’s approval which will not be unreasonably conditioned, delayed restore or denied. If Tenant elects repair any injury or damage by other cause to require Landlord to construct the any leasehold improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant fixtures or due to other personal property of Tenant, andor to repair, prior to reconstruct or restore the Demised Premises or any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount other part of the insurance proceedsBuilding when the damage resulting from any casualty occurs during the last twenty-four months of the term of this Lease or any extension thereof.
Appears in 1 contract
Samples: Business Lease (VCG Holding Corp)
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of all rent payable hereunder while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and and/or the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises.
(b) . If the damage is due to the fault and neglect of Tenant or his employees, there shall be no abatement of rent. In the event that the Premises or the Building are damaged as a result of any casualty requires structural demolition cause other than the perils covered by fire and reconstruction of all or a material part extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the Building destruction be less than ten percent (whether or not such reconstruction involves any portion 10%) of the Premises)then full replacement cost of the building in which the Premises are located. In the event the destruction of the Premises or the Building by a peril not covered by fire and extended coverage insurance is to an extent greater than ten percent (10%) of the full replacement cost, Tenant maythen Landlord shall have the option; (1) to repair or restore such damage, at its election, this Lease continuing in full force and effect; or (2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice. If the Premises of the casualty, Building are damaged as a result of any cause other than the Rent shall be paid up to the date of such casualtyperils covered by fire and extended coverage insurance, and whether or not Landlord shall be entitled to all insurance maintained by Tenant on the Building (except for proceeds attributable to Tenant’s personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, by written notice to Landlord within such 60-day period, elect to require Landlord elects to repair or restore such damage or to terminate this Lease as herein provided, Tenant shall be entitled to a proportionate reduction of all rent payable hereunder to be based upon the extent to which the damage and the making of such repairs, if any, shall materially interfere with the business carried on by the Tenant in the Premises. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises (1) when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the extended term of this Lease, if any extended term there is; or (2) when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the original term of this Lease unless Tenant, within ten (10) days following Landlord's notice to Tenant of Landlord's election not to repair such damage, exercises Tenant's option to renew. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration,, office fixtures, railings, floor covering, partitions, or any other property which is installed in which case the Minimum Rent shall be proportionately reduced Premises by Tenant. Except as otherwise provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDArticle, HOWEVER, that Tenant shall have the right not be entitled to alter the size and configuration any compensation or damages from Landlord for loss of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions use of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed whole or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount part of the insurance proceedsPremises, Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration, except as caused by Landlord, Landlord's agents or employees.
Appears in 1 contract
Reconstruction. (a) Subject to the provisions of subparagraphs (b) and (c) below, in In the event the Premises or any other portion of the Building is of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, and such damage does not require structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance same; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to an equitable a proportionate reduction of Minimum Rent from the date of damage until completion of rent while such repairsrepairs are being made, such proportionate reduction to be based on upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(b1) In to repair or restore such damage, this Lease continuing in full force and effect, but the event that any casualty requires structural demolition and reconstruction of all rent to be proportionately reduced as hereinabove in this Article provided, or a material part of the Building (whether or not such reconstruction involves any portion of the Premises), Tenant may, at its election, 2) give notice to Landlord Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no less than thirty (30) and no more than (60) days after the giving of the casualtysuch notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date of so specified in such notice and the casualtyRent, reduced by a proportionate amount, based upon the Rent extent, if any, to which such damage materially interfered with the business carried on by the Tenant in the Premises, shall be paid up to the date of said such casualtytermination. Notwithstanding anything to the contrary contained in this Article, and Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Tenant. The Tenant shall not be entitled to all insurance maintained by Tenant on any compensation or damages from Landlord for loss of the Building (except for proceeds attributable to use of the whole or any part of the Premises. Tenant’s 's personal property in, on or about the Premises). In the alternative, and so long as at least five (5) years remain in the Term any inconvenience or Tenant then exercises an Option pursuant to Paragraph 3(b), if any Tenant may, annoyance occasioned by written notice to Landlord within such 60-day period, elect to require Landlord to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect; PROVIDEDrepair, HOWEVER, that Tenant shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit, the dimensions of the Premises are substantially the same as prior to such casualty and Tenant is able to operate its business as intended at the time of Lease execution, subject to Landlord’s approval which will not be unreasonably conditioned, delayed reconstruction or denied. If Tenant elects to require Landlord to construct the improvements, Tenant will make available to Landlord all insurance proceeds received by Tenant or due to Tenant, and, prior to any reconstruction, Tenant will deposit with Landlord or its contractor the amount by which the cost of reconstruction exceeds the amount of the insurance proceedsrestoration.
Appears in 1 contract