Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) 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 sixtieth (60th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's ’s election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's ’s Percentage Share of Excess Building Expenses 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 ’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 ’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 injured or damaged by fire or other cause, any items required to be insured by Lessee under this Lease including Lessee's ’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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l21, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's ’s Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("“Net Insurance Proceeds"”) are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's ’s business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Office Lease (Borland Software Corp)
Reconstruction. If the Leased Premises are damaged by fire or other casualty and rendered substantially -------------- untenantablethis Lease is not terminated in accordance with Section 9.1 hereof, or if then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall be held in escrow and made available for payment of the Building is damaged (regardless 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 rental and all other charges so abated shall commence and Tenant shall be obligated to reopen for business sixty (60) days 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, 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 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 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 in excess of any 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 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, 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 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 extent whatsoever by reason of any fire or other casualty damage to the Leased Premises) , or destroyedany damages suffered by Tenant by reason thereof, Lessor may, 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 after of the casualtydate of such fire or casualty loss, notify Lessee 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 Lessor's election not to repairthe date of such fire or casualty loss, then Tenant will have the right, in which event this Lease shall terminate at the expiration of the sixtieth (60th) day. If Lessor elects to repair the damage or destructioneither case, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives any rights to terminate this Lease if by providing Landlord notice of such election and Tenant will vacate and surrender the Leased Premises are damaged or destroyed, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease17.1 hereof.
Appears in 1 contract
Reconstruction. If Should the whole or part of the Demised Premises are damaged and rendered substantially -------------- untenantablebe partially or totally destroyed by fire or any other casualty covered by a standard extended coverage endorsement after the commencement of this Lease, Landlord shall restore the same or cause the same to be restored without unnecessary delay, provided, however, that if the Building is Demised Premises or the buildings (taken in aggregate) in the Shopping Center should be damaged (regardless of damage to the Premisesextent 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 destroyedany Renewal Term hereof, Lessor mayLandlord may elect either (i) to repair or rebuild the Demised Premises or the building or buildings or (ii) to terminate this Lease, upon giving written notice of such election in writing to Tenant within ninety sixty (9060) days after the casualty, notify Lessee of Lessor's election not to repair, in which event this Lease shall terminate at the expiration happening of the sixtieth (60th) day. If Lessor elects to repair event causing the damage or destructiondamage; provided that if Tenant has a remaining renewal option, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 Landlord may not be required to repair or replace, whether injured or 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. 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 destroyedTenant exercises such option within said sixty (60) day period; provided further that, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 contained herein to the contrary notwithstanding, in the foregoing, if event that Landlord determines that the damage is due to cost of repairing or rebuilding the fault or neglect of Lessee, or Lessee's Agents, there Demised Premises shall be no abatement of Base Rent or any other Rentals. Notwithstanding exceed the foregoing, if less than thirty-three percent (33%) amount of the Rentable Area of the Building is damaged from an insured casualty and the insurance proceeds actually available award payable with respect to Lessor for reconstruction (net of costs to recover such proceeds and after all claimants thereto including lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Buildingcasualty, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor Landlord shall not be obligated to repair or rebuild the Building and Demised Premises unless Tenant agrees to pay as additional rent "Tenant's share" of such deficiency. Landlord shall, within sixty (60) days after the provisions happening of the first paragraph event causing such damage, 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 Article paragraph, "Tenant's share" of such deficiency shall controlbe 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. Lessee During any period commencing upon the date of any such damage or destruction and ending upon the "Date of Reoccupancy of Tenant", the Rent and any other charges payable under this Lease ) shall not xxxxx in the proportion that the Demised Premises shall be entitled untenantable. The term "Date of Reoccupancy by Tenant", as used herein, shall be the first to any compensation or damages from Lessor for loss occur of the use of following two dates: (a) the whole or any date upon which Tenant shall reopen for business in that part of the PremisesDemised Premises rendered untenantable by such damage or destruction, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure (b) the date which shall be thirty (30) days after the date of Lessor to make any completion of the repairs, reconstruction rebuilding and restoration required of Landlord herein. Notwithstanding the foregoing, in the event of a Major Casualty, either Landlord or restoration under Tenant shall have the right to terminate this Article Lease upon written notice to Tenant or any other provision of this LeaseLandlord, as applicable, within fourteen (14) days after a Major Casualty.
Appears in 1 contract
Samples: Sagemark Companies LTD
Reconstruction. If the Leased Premises are damaged by fire or other casualty and rendered substantially -------------- untenantablethis Lease is not terminated in accordance with Section 9.1 hereof, or if then all fire and extended coverage insurance proceeds from policies carried pursuant to Section 8.1 hereof, however recovered, shall be held in escrow and made available for payment of the Building is damaged (regardless 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 rental and all other charges so abated shall commence and Tenant shall be obligated to reopen for business sixty (60) days 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, 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 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 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 in excess of any insurance proceeds received by Tenant shall be the sole obligation of Tenant. (deleted) in accordance with the working drawings originally approved by Landlord or 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, 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 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 extent whatsoever by reason of any fire or other casualty damage to the Leased Premises) , or destroyedany damages suffered by Tenant by reason thereof, Lessor may, 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 after of the casualtydate of such fire or casualty loss, notify Lessee 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 Lessor's election not to repairthe date of such fire or casualty loss, then Tenant will have the right, in which event this Lease shall terminate at the expiration of the sixtieth (60th) day. If Lessor elects to repair the damage or destructioneither case, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives any rights to terminate this Lease if by providing Landlord notice of such election and Tenant will vacate and surrender the Leased Premises are damaged or destroyed, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease17.1 hereof.
Appears in 1 contract
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor Landlord may, within ninety (90) days after the casualtycasually, notify Lessee Tenant of LessorLandlord's election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If Lessor Landlord elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and LesseeTenant's Percentage Share of Excess Office Project Taxes and Operating Expenses 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 LesseeTenant's business conducted in the Premises, as reasonably determined by LessorLandlord. All other Rentals due hereunder shall continue unaffected, and Lessee Tenant shall have no claim against Lessor Landlord for compensation for inconvenience or loss of business during any period of repair or reconstruction. Lessee Tenant 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 LessorLandlord's election to repair, Lessor Landlord shall diligently repair the damage to the extent of insurance proceeds available to LessorLandlord. Lessor Landlord shall not be required to repair or replace, whether injured or damaged by fire or other cause, any items required to be insured by Lessee Tenant under this Lease including Lessee's Tenants 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 Tenant to the Premises, and Lessee Tenant shall be obligated to promptly rebuild or restore the same to the same condition as they were in immediately before the casualty. Lessee Tenant hereby waives all claims for loss or damage to the foregoing. Lessee Tenant waives any rights to terminate this Lease if the Premises are damaged or destroyed, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter hereafter enacted. If the Lease is terminated by Lessor Landlord pursuant to this Article 2l21, the unused balance of the Security Deposit and any Rentals unearned as of the effective date of termination shall be refunded to LesseeTenant. Lessee Tenant shall pay to Lessor Landlord any Rentals or other charges due Lessor Landlord under the Lease, prorated as of the effective date of termination. Notwithstanding anything to the contrary in the foregoingthis Lease, if the damage is due to the fault or neglect of Lessee, Tenant or LesseeTenant's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged from an insured casualty and the insurance proceeds actually available to Lessor Landlord for reconstruction (net of costs to recover such proceeds and after all claimants thereto including lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor Landlord agrees to make such reparations repairs and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are them arc not sufficient insurance proceeds actually available to allow Lessor Landlord to completely restore the Building, Lessor Landlord shall not be obligated to repair the Building and the provisions of the first paragraph of this Article 21 shall control. Lessee Tenants shall not be entitled to any compensation or damages from Lessor Landlord for loss of the use of the whole or any part of the Premises, or for any damage to LesseeTenant's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by LessorLandlord, or by any failure of Lessor Landlord to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Centre Office Lease (QCS Net Corp)
Reconstruction. If the Premises or the Building are damaged and rendered substantially -------------- untenantableby 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 cannot be completed within 180 days from the date of such damage (or within sixty (60) days from the date of such damage if such damage occurred within the last twelve (12) months of the Term), or if such damage is not insured against by the Building is damaged (regardless of damage 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 Premises) or destroyed, Lessor may, Tenant within ninety (90) days after of the casualtydate 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, notify Lessee of Lessor's election not Tenant shall have the option to repair, in which event terminate this Lease shall by written notice to Landlord within ninety (90) days thereafter. If either party exercises its option to terminate at this Lease, the expiration 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 sixtieth (60th) dayPremises by Tenant during such period. If Lessor neither party elects to terminate as set forth in the paragraph above, then Landlord agrees to repair the Premises (except for and excluding any Tenant Improvements) to substantially their former condition immediately prior to such casualty or damage or destructionat Landlord’s expense, and this Lease shall remain in effect full force and effect, except that Tenant shall be entitled to a proportionate reduction in the then current Base Rent and Lessee's Percentage Share of Excess Expenses shall be proportionately reduced during the period of repair. The reduction shall be based upon on the extent to which the making of repairs interferes damage and the repair work shall materially interfere with Lessee's the business conducted carried on by the Tenant 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 injured or 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, Tenant or Lessee's Agentsits employees, there shall be no reduction in Base Rent. Other than the abatement of Base Rent or any other Rentals. Notwithstanding the foregoingas specifically provided for in this Section 20, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. Lessee Tenant shall not be entitled to any compensation or damages from Lessor Landlord for loss of the use of the whole or any part of the Premises, Premises or for any damage to LesseeTenant's business, personal property or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessorrestoration, and Landlord shall have no obligation to repair any damage to, or by any failure of Lessor to make any repairsrepairs or replacements of, reconstruction or restoration under this Article any panels, decorations, office fixtures, railings, floor coverings, partitions, or any other provision of this Leaseproperty installed in the Premises by Tenant.
Appears in 1 contract
Reconstruction. If the Leased Premises are damaged by fire or other casualty and rendered substantially -------------- untenantablethis Lease is not terminated in accordance with Section 10.1 above, or if then the Building is damaged (regardless of damage to the Premises) Leased Premises shall be promptly repaired by Landlord, 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 destroyed, Lessor may, rebuilding of the Leased Premises within ninety one hundred twenty (90120) days after of the casualtydate of such fire or casualty loss, notify Lessee or does not diligently proceed to complete such restoration or rebuilding so that the Leased Premises are restored or rebuilt to its former condition within three hundred sixty (360) days of Lessor's election not the date following such fire or casualty loss, Tenant will have the right, in either case, to repairterminate this Lease by providing Landlord notice of such election, in which event this Lease Tenant will vacate and surrender the Leased Premises pursuant to 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 at the expiration as of the sixtieth (60th) daydate 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 or replace Tenant's merchandise, trade fixtures, furnishings or equipment. If Lessor elects 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 repair at least a condition equal to that prior to the damage or destructiondestruction thereof. Any and all proceeds of the property insurance required hereunder to be maintained by Tenant, so long as this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses effect, 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 used only to repair or replacereplace or pay for the items so insured. After Landlord has completed Landlord's work, whether injured or damaged by fire or other causeTenant shall commence such Tenant's work, 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 at its expense. Tenant shall be obligated to promptly rebuild or restore diligently pursue the completion of its work and shall cause the same to be completed as soon as reasonably possible under the same condition 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, restoration and reconstruction to be performed by Tenant shall be obtained by Tenant at Tenant's sole cost and expense. Any amount expended by Tenant in excess of any 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 with new drawings prepared by Tenant and acceptable to Landlord and Tenant. Except as they were may be specifically set forth in immediately before the casualty. Lessee hereby waives all claims for loss this Article X, Landlord shall not be liable or obligated to Tenant to any extent whatsoever by reason of any fire or other casualty 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of LesseeLeased Premises, or Lesseeany damages suffered by Tenant by reason thereof, or the deprivation of Tenant's Agents, there shall be no abatement possession of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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 Leased Premises, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, all or if the Building is damaged (regardless of damage to the Premises) 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 any portion of the sixtieth (60th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 Leased 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 injured or is damaged by fire or other cause, any items required to be insured by Lessee under casualty and this Lease including Lessee's fixturesis not terminated in accordance with Section 9.01 hereof, 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 then 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. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives Leased Premises shall be repaired promptly upon receipt of the insurance proceeds therefor, but in any rights to terminate this Lease if event within six (6) months following the Premises are damaged damage or destroyed, including without limitation any rights pursuant destruction (exclusive of events set forth in Article XVI herein) and the rent and Sales Break Point shall be reduced in proportion to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 floor area of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 terminationLeased Premises rendered unusable. Notwithstanding anything to the contrary contained herein, in the foregoingevent 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, if the damage is due Sales Break Point shall not be reduced until Tenant achieves said sales. Payment of full rent shall commence and Tenant shall be obligated to reopen all of the fault Leased Premises for business on the fifteenth (15th) day following the date that Landlord advises Tenant that the Leased Premises are usable, unless Tenant opens at an earlier time in the damaged area or neglect of Lesseeremains open in such area following destruction or damage, or Lessee's Agents, in which event there shall be no abatement of Base Rent reduction or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) such reduction shall terminate as of the Rentable Area date of Tenant's earlier reopening. Landlord shall be obligated to cause such repairs to be made except that Landlord shall have the Building is damaged option 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 an insured casualty 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 such repair and reconstruction by Tenant, Landlord shall make available to 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 casualty a reasonable replacement value of its improvements. In the event of any such repair or reconstruction by Tenant, an architect duly registered in the State shall be selected by Landlord and shall direct the payment of such insurance proceeds, 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 Lessor for reconstruction (net Tenant shall be the sole obligation of costs Tenant. The party who shall actually repair or reconstruct Tenant's improvements to recover such proceeds the Leased Premises shall do so in accordance with Tenant's Working Drawings and after all claimants thereto including lienholders have been satisfied Specifications originally approved by Landlord pursuant to Exhibit D hereof or waive their respective claims) ("Net Insurance Proceeds") are sufficient 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 completely restore 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 Buildingnegligence or willful misconduct of Landlord, Lessor agrees to make such reparations and continue its agents, contractors or employees. Except as may be specifically set forth in this Lease in effect. IfArticle IX, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor Landlord shall not be liable or obligated to repair the Building and the provisions of the first paragraph of this Article shall control. Lessee shall not be entitled Tenant to any compensation extent whatsoever by reason of any fire or damages from Lessor for loss of other casualty damage to the use of the whole or any part of the Leased Premises, or for any damage to Lessee's businessdamages suffered by Tenant by reason thereof, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.the deprivation of
Appears in 1 contract
Samples: Ashworth Inc
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's ’s election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Rent, Lessee's ’s Percentage Share of Excess Building Expenses and any other Rentals which vary depending upon the Rentable Area of the Premises 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 ’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 ’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 injured or damaged by fire or other cause, any items required to be insured by Lessee under this Lease including Lessee's ’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. Lessee hereby waives all claims for loss or damage to the foregoing. Except as specifically provided in this Article 21, 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If It the Lease is terminated by Lessor or Lessee pursuant to this Article 2l21, the unused balance of the Security Deposit and any Rentals unearned as of the effective date of termination shall be refunded to Lessee. Lessee and 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 the foregoing, if it the damage is due to the fault or neglect of Lessee, or Lessee's ’s Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("“Net Insurance Proceeds"”) are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building Building, and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's ’s business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease. Notwithstanding anything to the contrary contained in this Article, within ninety (90) days following the occurrence of any material casualty damage to the Premises, Lessor shall deliver written notice to Lessee estimating in good faith the time required for completion of the repair of such damage, and if such time is more than one hundred eighty (180) days, Lessee shall have the right to terminate this Lease by delivery of written notice of such termination to Lessor within ten (10) days following Lessee’s receipt of such estimate notice from Lessor.
Appears in 1 contract
Samples: Office Lease (Vyyo Inc)
Reconstruction. If In the event the Premises are damaged by tire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) 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 sixtieth (60th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect full force and the then current Base Rent and Lessee's Percentage Share of Excess Expenses effect, except that Tenant shall be proportionately reduced during entitled to a proportionate reduction of the period Minimum Monthly Rent, Adjustments or other charges from the date of repair. The damage and while such repairs are being made, such proportionate reduction shall to be based upon the extent to which the damage and making of such repairs interferes shall reasonably interfere with Lessee's the business conducted carried on by the Tenant 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 injured or 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, Tenant or Lessee's Agentsits employees, there shall be no abatement of Base Minimum Monthly Rent, Adjustments, or other charges. 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 (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, this Lease continuing in full force and effect, but the Minimum Monthly Rent to be proportionately reduced as hereinabove in this Article provided: or (2) give notice to 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 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 so specified in such notice and the Minimum Monthly Rent Adjustments and other charges reduced by a proportionate reduction, based upon the 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 date of said such termination. 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 twenty-four months of the term of this Lease or any other Rentalsextension thereof. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor Landlord shall not be obligated required to repair the Building and the provisions of the first paragraph of this Article shall control. Lessee shall not be entitled to any compensation injury or damages from Lessor for loss of the use of the whole damage by tire or any part of the Premisesother cause, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairsrepairs or replacements of any leasehold improvements, reconstruction fixtures, or restoration under this Article or any other provision personal property of this LeaseTenant.
Appears in 1 contract
Samples: Lease (Sunesis Pharmaceuticals Inc)
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) 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 sixtieth ninetieth (60th90th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Office Lease (Inktomi Corp)
Reconstruction. If the Premises are damaged or destroyed during the Term, Landlord shall, to the extent that insurance proceeds are available therefor and rendered substantially -------------- untenantable, or if are not applied by any lender against payment of an existing loan on the Building is damaged (regardless of damage or lot, except as hereinafter provided, diligently repair or rebuild them to substantially the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's election not to repair, condition in which event this Lease shall terminate at the expiration of the sixtieth (60th) day. If Lessor elects they existed immediately prior to repair the such damage or destruction; provided, this Lease however, that any damage which is estimated in good faith by Landlord to be under Two Thousand and No/I 00 Dollars ($2,000.00), regardless of how such damage occurred, shall remain in effect be deemed to constitute "ordinary repairs and maintenance" and shall be repaired by Tenant at its own expense, regardless of the availability of any insurance proceeds relating thereto. In the event that any damage or destruction occurs that is to be repaired by Landlord hereunder, and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 LessorLandlord therefore under the insurance policies required in Article 4 hereof are insufficient to cover the costs of 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 available insurance proceeds by giving written notice of such election to Landlord within ten (10) days after Tenant's receipt of Landlord's notice. Lessor If Tenant does not deliver such notice to Landlord within the ten (10) day period, Tenant shall be deemed to have elected not be required to pay such difference, and Landlord shall have the right, in its sole discretion, either to proceed to repair or replace, whether injured or 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. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives any rights to terminate this Lease if the Premises by delivering written notice of such termination to Tenant. Nothing contained in this Article 9 shall be construed in any event to obligate Landlord to make ordinary repairs and maintenance that are damaged or destroyed, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated be performed by Lessor Tenant at its own expense pursuant to this Article 2l9.0 1, except to the unused balance extent that such repairs relate to the walls, ceilings, and subfloors of the Security Deposit Premises that are to be maintained and any Rentals unearned as of the effective date of termination shall be refunded repaired by Landlord at Tenant's expense pursuant 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision 6.01 of this Lease.
Appears in 1 contract
Reconstruction. Tenant shall obtain Landlord's prior written approval (not to be unreasonably withheld) 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 same (the completion of 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 workmanlike manner, in compliance with all applicable laws and ordinances, and shall be completed lien-free and in compliance with all title, zoning, building, and other applicable restrictions. If the Premises are damaged and rendered substantially -------------- untenantableat any time 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 the Building is damaged such failure or neglect continues for ten (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (9010) days after such notice, then, if Landlord so requests in Landlord's sole discretion, Tenant shall assign all construction contracts for the casualtyreconstruction to Landlord, notify Lessee 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 Lessor's election not any contract and/or do such other acts and things as Landlord may deem advisable to repairprosecute such work, in which event this Lease shall terminate at the expiration of the sixtieth (60th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses Landlord shall be proportionately reduced during entitled to reimbursement of its costs and expenses out of any insurance proceeds, condemnation award or awards and any other monies held by Landlord for application to the period cost of repairsuch work, in accordance with the restoration provisions hereof. The reduction All costs and expenses incurred by Landlord in carrying out such work for which Landlord is not reimbursed out of insurance proceeds, condemnation award or awards or other monies held by Landlord, shall be based upon the extent to which the making of repairs interferes with Lessee's business conducted in the Premises, as reasonably determined borne by Lessor. All other Rentals due hereunder shall continue unaffected, Tenant 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 injured or 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 payable by Tenant to promptly rebuild or restore the same to the same condition Landlord as they were in immediately before the casualty. 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 destroyedadditional rent upon demand, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended which demand may be made by Landlord from time to timetime as such costs and expenses are incurred, and the provisions of in addition to any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant or all damages to this Article 2l, the unused balance of the Security Deposit and any Rentals unearned as of the effective date of termination which Landlord 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Leasehereunder.
Appears in 1 contract
Samples: Lease Agreement (Revenge Marine Inc)
Reconstruction. In the event the leased premises shall be partially or totally destroyed by fire or other casualty insured under the insurance carried by Landlord 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 charges are based on the square footage of the leased premises) shall be abated in proportion to the amount of the leased premises rendered untenantable and the Minimum Gross Sales above which annual Percentage Rent is computed and payable shall likewise be proportionately reduced until so repaired. Payment of full rent and charges so abated shall commence and Tenant shall be obligated to reopen for business on the thirtieth (30th) day following the date the leased premises are tenantable unless Tenant opens earlier in the damaged area or remains open in such area following destruction or damage, 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 same, 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 reconstruction 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 allocated to the leased premises shall be repayable by Tenant to Landlord within ten (10) days after receipt by Tenant from Landlord of a statement setting forth the amount of such excess. Landlord's insurance carrier shall determine the amount of insurance proceeds attributable to the damage to such improvements, which determination shall be binding upon Landlord and 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. 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 Premises floor area of the building in which the leased premises are located shall be damaged and rendered substantially -------------- untenantableor destroyed by fire or other casualty, or if during the Building is last three (3) years 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 leased premises are located shall be damaged (regardless or destroyed by fire or other casualty, then Landlord may either elect that the building and/or the leased premises, as the case may be, be repaired or rebuilt or, at its sole option, terminate this Lease by giving written notice to Tenant of damage its election to the Premises) or destroyedso terminate, Lessor may, such notice to be given within ninety (90) days after the casualty, notify Lessee occurrence of Lessor's election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth (60th) daysuch damage or destruction. If Lessor Landlord is required or elects to repair or rebuild 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 a manner and to at least a condition equal to that prior to its damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Lease (Cinema Ride Inc)
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's ’s election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If the Premises are damaged and rendered substantially untenantable during the last six (6) months of the Term, Lessee may terminate this Lease by giving written notice to the Lessor within fifteen (15) days after the date of such damage and this Lease shall terminate as of the date of such damage If Lessee does not terminate this Lease (to the extent Lessee has the right to do so) and Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's ’s Percentage Share of Excess Building Expenses allocated to the Office Cost Pool 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 ’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 ’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 injured or damaged by fire or other cause, any items required to be insured by Lessee under this Lease including Lessee's ’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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l21, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's ’s Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("“Net Insurance Proceeds"”) together with the deductibles are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's ’s business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Office Lease (Pure Storage, Inc.)
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's ’s election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's ’s Percentage Share of Excess Building Expenses shall be proportionately reduced during the period of repair. The reduction shall be based upon the extent to which the making snaking of repairs interferes with Lessee's ’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 ’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 injured or damaged by fire or other cause, any items required to be insured by Lessee under this Lease including Lessee's ’s fixtures, equipment, merchandise, personal property, inventory, panels, decoration, furniture, railings, floor covering, partitions or any airy 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. Lessee hereby waives all claims for loss lass 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l21, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's ’s Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("“Net Insurance Proceeds"”) are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's ’s business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease.
Appears in 1 contract
Samples: Office Lease (Splunk Inc)
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) 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 sixtieth (60th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 Landlord shall not be required to repair carry any insurance on Tenant’s Personal Property or replace, whether injured or damaged by fire or other cause, on 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, Leasehold Improvements and Lessee shall be obligated to promptly rebuild or restore the same to the same condition as they were in immediately before the casualty. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair or replace Tenant’s Personal Property or any Leasehold Improvements (whether or not installed by or at the Building and the provisions expense of the first paragraph Landlord). Tenant shall look solely to its insurance for recovery of this Article shall control. Lessee shall not be entitled any damage to any compensation or damages from Lessor for loss of the use of the whole Tenant’s Personal Property or any part Leasehold Improvements. Tenant shall notify Landlord promptly of any Casualty in the Premises. In the event of a partial or total destruction of the Premises, 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 of Tenant’s Personal Property from the Premises or the portion thereof destroyed, as the case 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 proceeds of which shall be applied first to the 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 removal, 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 damage visits to Lessee's businessthe 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 under no obligation to delay the performance of same, nor shall Landlord have any inconvenience or annoyance occasioned by such damageliability to Tenant in the event that Tenant fails to do so. Tenant shall promptly permit Landlord access to the Premises for the purpose of performing Landlord’s Restoration Work and, or by any repairif applicable, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Leasethe Specified Restoration Work.
Appears in 1 contract
Samples: Office Lease (Quest Resource Corp)
Reconstruction. If Provided, in the Premises are damaged event of a casualty, any award of insurance proceeds is paid to Mortgagor and rendered substantially -------------- untenantablenot applied to the Loan, then the Mortgagor shall promptly repair, restore, replace or if rebuild any part of the Building Mortgaged Property, now or hereafter encumbered by this Mortgage which may be affected by any condemnation proceeding or which may otherwise become damaged, destroyed, loss or unsuitable for use. In the event the Mortgaged Property or any part thereof is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the destroyed by fire or other casualty, the 77 Mortgagor shall immediately notify Lessee of Lessor's election not to repairthe Mortgagee, in which event this Lease shall terminate at the expiration writing, of the sixtieth (60th) day. If Lessor elects to repair the such damage or destruction. The Mortgagor shall not cause or permit anything to be done which would or could increase the risk of fire or other hazard to the Mortgaged Property, or any part thereof, or which would or could result in an increase in any insurance premiums payable with respect to the Mortgaged property, or which would or could result in the cancellation of any insurance policy canied with respect to the Mortgaged Property. No part of the Mortgaged Property, including, but not limited to, any building, structure, water system, sewer system, parking lot, driveway, landscape scheme, timber or other ground improvement, equipment or other property, now or hereafter mortgaged, shall be removed, demolished or materially altered without the prior written consent of the Mortgagee. No top soil, sand, sod, loam, clay or gravel shall be mined, stripped, or removed from the Mortgaged Property without the written consent of the Mortgagee. However, this Lease shall remain not prevent or restrict removal of any such materials taken for excavation necessary to construct a basement, cellar or foundation footings for the erection of a building or buildings for which a building permit or permits has or have first been issued by the governmental authority having jurisdiction thereof; or for the construction of roadways constructed in effect and accordance with plans approved by the then current Base Rent and Lessee's Percentage Share of Excess Expenses shall be proportionately reduced during governmental authorities having jurisdiction thereof in accordance with the period of repair. The reduction shall be based upon the extent to which the making of repairs interferes with Lessee's business conducted Loan Agreements; provided, nevertheless, that in the Premisesevent the required removals become so extensive, as reasonably determined by Lessorthe Mortgagee, as to create profit by sale of the removed portion of the Mortgaged Property, said sums shall inure to the benefit of the Mortgagee to be applied as the Mortgagee so directs, to the reduction of the Debt. All other Rentals due hereunder shall continue unaffectedNotwithstanding anything in this paragraph to the contrary, 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 Mortgagee elects to repairpay down the Debt with the insurance and/or condemnation proceeds as set forth in paragraphs 9.7 and 9.8 above and the Loan, Lessor shall diligently repair the damage to the extent of insurance proceeds available to Lessor. Lessor after such pay down, remains adequately collateralized in Mortgagee’s sole opinion, Mortgagor shall not be required to repair or replace, whether injured or damaged by fire or other cause, any items required to be insured by Lessee under reconstruct as set forth in 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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Leaseparagraph.
Appears in 1 contract
Samples: Contract for Sale and Purchase (Floridian Financial Group Inc)
Reconstruction. If the Premises are damaged and rendered substantially -------------- untenantable, or if the Building is damaged (regardless of damage to the Premises) or destroyed, Lessor may, within ninety (90) days after the casualty, notify Lessee of Lessor's ’s election not to repair, in which event this Lease shall terminate at the expiration of the sixtieth ninetieth (60th90th) day. If Lessor elects to repair the damage or destruction, this Lease shall remain in effect and the then current Base Rent and Lessee's ’s Percentage Share of Excess Building Expenses allocated to the Office Cost Pool shall be proportionately reduced from the date of damage and during the period of repair. The reduction shall be based upon the extent to which the making of repairs interferes with Lessee's ’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 ’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 injured or damaged by fire or other cause, any items required to be insured by Lessee under this Lease including Lessee's ’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. 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 Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l21, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's ’s Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("“Net Insurance Proceeds"”) are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's ’s business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease. However, notwithstanding anything to the contrary contained in this Lease, in the event of material casualty damage to the Premises not resulting in termination of this Lease, Lessor shall deliver written notice to Lessee within sixty (60) days following such casualty damage or occurrence setting forth Lessor’s good faith estimate of the time required for completion of repair and/or restoration of the Premises, and if such estimated time exceeds one hundred eighty (180) days from the occurrence of the casualty, Lessee may elect to terminate this Lease by written notice to Lessor within fifteen (15) days following Lessee’s receipt of such notice. In addition, if such repair is not substantially completed so as to permit Lessee’s resumption of business from the Premises without material interference from any uncompleted repair work within one hundred fifty (150) days from the occurrence of the casualty (or thirty (30) days less than such longer period as may have been estimated in Lessor’s written notice to Lessee pursuant hereto), then Lessee shall thereafter have the right to terminate this Lease upon thirty (30) days prior written notice to Lessor (provided that if such repair work is so substantially completed prior to the expiration of such thirty (30) day period, then Lessee’s election to terminate shall be nullified and this Lease shall continue in full force and effect).
Appears in 1 contract
Samples: Office Lease (SourceForge, Inc)
Reconstruction. If the Leased Premises are damaged by fire or other 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 be held in escrow and made available for payment of the cost of repairing, 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 substantially -------------- 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 obligated to reopen for business ninety (90) days 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 if 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 Building is damaged date of Tenant's earlier reopening. Landlord shall be 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 such Landlord's Reconstruction Work shall be completed and the Leased Premises reopened for business within one hundred eighty (regardless 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 at Tenant's sole cost and expense. Any amount expended by Tenant in excess of any 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 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, 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 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 extent whatsoever by reason of any fire or other casualty damage to the Leased Premises) , or destroyedany damages suffered by Tenant by reason thereof, Lessor may, 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 after of the casualtydate of such fire or casualty loss, notify Lessee 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 Lessor's election not to repairthe date of such fire or casualty loss, Tenant will have the right, in which event this Lease shall terminate at the expiration of the sixtieth (60th) day. If Lessor elects to repair the damage or destructioneither case, this Lease shall remain in effect and the then current Base Rent and Lessee's Percentage Share of Excess Expenses 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 injured or 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. Lessee hereby waives all claims for loss or damage to the foregoing. Lessee waives any rights to terminate this Lease if by providing Landlord notice of such election and Tenant will vacate and surrender the Leased Premises are damaged or destroyed, including without limitation any rights pursuant to the provisions of Subdivision 2 of Section 1932 and Subdivision 4 of Section 1933 of the Civil Code of California, as amended from time to time, and the provisions of any similar law hereinafter enacted. If the Lease is terminated by Lessor pursuant to this Article 2l, 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 the foregoing, if the damage is due to the fault or neglect of Lessee, or Lessee's Agents, there shall be no abatement of Base Rent or any other Rentals. Notwithstanding the foregoing, if less than thirty-three percent (33%) of the Rentable Area of the Building is damaged 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 lienholders have been satisfied or waive their respective claims) ("Net Insurance Proceeds") are sufficient to completely restore the Building, Lessor agrees to make such reparations and continue this Lease in effect. If, upon damage of less than thirty-three percent (33%) of the Rentable Area of the Building there are not sufficient insurance proceeds actually available to allow Lessor to completely restore the Building, Lessor shall not be obligated to repair the Building and the provisions of the first paragraph of this Article shall control. 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, or for any damage to Lessee's business, or any inconvenience or annoyance occasioned by such damage, or by any repair, reconstruction or restoration by Lessor, or by any failure of Lessor to make any repairs, reconstruction or restoration under this Article or any other provision of this Lease17.l.
Appears in 1 contract
