Common use of Repair and Restoration Clause in Contracts

Repair and Restoration. i. If the Premises are damaged by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a above, then subject to the rights of any mortgagee, Lessor shall, at Lessor’s sole cost and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as of the Commencement Date; provided, however, Lessor shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premises.

Appears in 2 contracts

Samples: Real Property Lease (Scotts Liquid Gold Inc), Purchase and Sale Agreement (Scotts Liquid Gold Inc)

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Repair and Restoration. i. If Notwithstanding the Premises are damaged by fire provision of paragraph 15, and provided that (i) no event of default has occurred hereunder or under the Note or other casualty and this Lease cannot be or Loan Documents, (ii) Mortgagee is not terminated pursuant satisfied that the there are sufficient proceeds to Section 15a above, then subject complete the restoration of the improvements constructed on the Mortgaged Premises to the rights of any mortgageesame value and character as existed prior to such damage, Lessor shalland (iii) the insurers do not deny liability as to the insureds, at Lessor’s sole cost Mortgagee shall apply the insurance proceeds for the repair and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as restoration of the Commencement Date; providedMortgaged Property in accordance in accordance with the following conditions: 15.1.1 Prior to commencement of repair and restoration, howeverthe contracts, Lessor contractors, and plans and specifications thereof shall be approved by Mortgagee which approval shall not be required unreasonably withheld, conditioned or delayed, and Mortgagee shall be provided with mechanics’ lien waivers. 15.1.2 At the time of any disbursement of the proceeds, Mortgagor shall not be in default under the Note, or this Mortgage, no mechanics’ or materialmen’s liens shall have been filed and remain undischarged and/or not bonded against and a satisfactory bring down of title insurance shall be delivered to expend more than Mortgagee. 15.1.3 Disbursement shall be made from time to time in an amount not exceeding the insurance proceeds received from such casualty plus cost of the work completed since the last disbursement, upon receipt of satisfactory evidence of the stage of completion and or performance of the work in a good and workmanlike manner in accordance with the contracts and the plans and specifications. 15.1.4 Mortgagee shall retain ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part is fully completed. 15.1.5 The proceeds shall not bear interest and may be commingled with Mortgagee’s other funds. 15.1.6 Mortgagee may impose such other conditions as are customarily imposed by construction lenders. 15.1.7 Prior to commencement of the Premises rendered unusable bears to the whole; provided, howeverand at any time during repair and restoration, if the casualty is estimated cost thereof as determined by Mortgagee exceeds the result amount of the intentionalproceeds, criminal or otherwise uninsurable acts Mortgagor shall, immediately upon demand by Mortgagee, pay the amount of Lessee or its agents, contractors or employees, then such excess to Mortgagee to be added to the Rent will xxxxx during any such period proceeds held by Mortgagee. Any sum so added by Mortgagor which remains upon completion of repair and restoration but only shall be refunded to Mortgagor. If any sum remains after the extent of completion and any recovery by Lessor under its rental insurance related refund to the Premises. During any period of repair and restorationMortgagor aforesaid, Lessor shall use reasonable efforts to minimize disruption of Lesseesuch sum remaining shall, at Mortgagee’s use option, be applied on account of the Premisesoutstanding balance of the Note.

Appears in 2 contracts

Samples: Open End Mortgage and Security Agreement (Evans & Sutherland Computer Corp), Open End Mortgage and Security Agreement (Evans & Sutherland Computer Corp)

Repair and Restoration. i. (1) If, by reason of any casualty cause, the Leased Premises is damaged to such an extent that the Leased Premises are untenantable in whole, or in substantial part, then: (a) If the repairs and rebuilding necessary to restore the Leased Premises are damaged by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a above, then subject substantially its condition prior to the rights of any mortgagee, Lessor shall, at Lessor’s sole cost and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as occurrence of the Commencement Date; provided, however, Lessor shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoingdamage can, in the event Lessor has not received final confirmation reasonable judgment of Authority, be completed within 180 days from the determination of available insurance proceeds date on which the damage occurred, Authority shall so notify Tenant in writing, and provided written notice thereof to Lessee within 90 days after the Casualty Determinationshall proceed promptly with such repairs and rebuilding, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lesseein such event, the parties rental for the Leased Premises shall be released from all obligations and liabilities arising thereafter, except abated pro rata for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx period from the date of the casualty until occurrence of such damage to the completion date upon which such repairs and rebuilding are completed. (b) If such repairs and rebuilding cannot, in the reasonable judgment of Authority be completed with the aforesaid 180 days, Authority or Tenant, at its option, to be evidenced by notice in writing to the other party, may either: (i) proceed promptly with said repairs and rebuilding, in which event Tenant’s rental shall be abated as stated in subparagraph (a) above, or (ii) terminate this Lease Agreement in which event Tenant’s rental shall be abated from and after the date of occurrence of the repair casualty damage. (c) Authority shall use its best efforts to assist Tenant with locating alternative space, if necessary, during any repairs, rebuilding or reconstruction of the Leased Premises. (d) Authority shall have no obligation to repair, restore, or replace any of Tenant’s Personal Property (including without limitation the Excluded Property) or to make repairs or restoration beyond the extent of the gross proceeds derived from insurance less payment of attorneys’ fees and restoration expenses properly incurred in the same proportion that collection of those gross proceeds. (e) In no event shall the Authority be liable to Tenant by reason of any injury to or interference with Tenant’s business or property arising from a Casualty or by reason of any repairs or restoration to any part of the Premises rendered unusable bears to Facilities (including without limitation the whole; provided, however, if Leased premises) necessitated by the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the PremisesCasualty.

Appears in 1 contract

Samples: Lease Agreement (Republic Airways Holdings Inc)

Repair and Restoration. i. If Notwithstanding the Premises are damaged by fire provision of paragraph 15, and provided that (i) no event of default has occurred hereunder or under the Note or other casualty and this Lease cannot be or Loan Documents, (ii) Mortgagee is not terminated pursuant satisfied that the there are sufficient proceeds to Section 15a above, then subject complete the restoration of the improvements constructed on the Mortgaged Premises to the rights of any mortgageesame value and character as existed prior to such damage, Lessor shalland (iii) the insurers do not deny liability as to the insureds, at Lessor’s sole cost Mortgagee shall apply the insurance proceeds for the repair and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as restoration of the Commencement Date; providedMortgaged Property in accordance in accordance with the following conditions: 15.1.1 Prior to commencement of repair and restoration, howeverthe contracts, Lessor contractors, and plans and specifications thereof shall be approved by Mortgagee which approval shall not be required unreasonably withheld, conditioned or delayed, and Mortgagee shall be provided with mechanics' lien waivers. 15.1.2 At the time of any disbursement of the proceeds, Mortgagor shall not be in default under the Note, or this Mortgage, no mechanics' or materialmen's liens shall have been filed and remain undischarged and/or not bonded against and a satisfactory bring down of title insurance shall be delivered to expend more than Mortgagee. 15.1.3 Disbursement shall be made from time to time in an amount not exceeding the insurance proceeds received from such casualty plus cost of the work completed since the last disbursement, upon receipt of satisfactory evidence of the stage of completion and or performance of the work in a good and workmanlike manner in accordance with the contracts and the plans and specifications. 15.1.4 Mortgagee shall retain ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part is fully completed. 15.1.5 The proceeds shall not bear interest and may be commingled with Mortgagee's other funds. 15.1.6 Mortgagee may impose such other conditions as are customarily imposed by construction lenders. 15.1.7 Prior to commencement of the Premises rendered unusable bears to the whole; provided, howeverand at any time during repair and restoration, if the casualty is estimated cost thereof as determined by Mortgagee exceeds the result amount of the intentionalproceeds, criminal or otherwise uninsurable acts Mortgagor shall, immediately upon demand by Mortgagee, pay the amount of Lessee or its agents, contractors or employees, then such excess to Mortgagee to be added to the Rent will xxxxx during any such period proceeds held by Mortgagee. Any sum so added by Mortgagor which remains upon completion of repair and restoration but only shall be refunded to Mortgagor. If any sum remains after the extent of completion and any recovery by Lessor under its rental insurance related refund to the Premises. During any period of repair and restorationMortgagor aforesaid, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use such sum remaining shall, at Mortgagee's option, be applied on account of the Premisesoutstanding balance of the Note.

Appears in 1 contract

Samples: Open End Mortgage and Security Agreement (Transnational Industries Inc)

Repair and Restoration. i. If the Premises are damaged by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a abovecanceled as provided for in this Subsection, then subject to the rights of any mortgagee, Lessor shall, Landlord at Lessor’s sole cost its expense shall promptly repair and expense, rebuild or repair restore the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed immediately before the taking, except for the part taken, so as to render the Premises a complete architectural unit; provided that Landlord's repair and restoration obligations shall be limited to the repair and restoration of the Commencement Date; provided, however, Lessor shall not be required Tenant Improvements to expend more than the insurance proceeds received from such casualty plus ten percent (10%) extent of the replacement cost condemnation award received for such taking. Awards and Damages. Landlord reserves all rights to damages paid because of any partial or entire taking of the Premises. Tenant assigns to Landlord any right Tenant may have to the damages or award. Further, Tenant shall not make claims against Landlord or the condemning authority for damages. Notwithstanding the foregoingforegoing however, Tenant may claim and recover from the condemning authority a separate award for Tenant's moving expenses, business dislocation damages, Tenant's personal property and fixtures, the unamortized costs of leasehold improvements paid for by Tenant, and any other award that would not reduce the award payable to Landlord. Each party shall seek its own award, as limited by this provision, at its own expense, and neither shall have any right to the award made to the other. Temporary Condemnation. If part or all of the Premises are condemned for a limited period of time ("Temporary Condemnation"), this Lease shall remain in effect. The Base Rent and Additional Rent and Tenant's obligations for the part of the Premises so taken shall xxxxx during the Temporary Condemnation in proportion to the part of the Premises that Tenant is unable to use, and in fact does not use, in its business operations as a result of the Temporary Condemnation. Landlord shall receive the entire award for any Temporary Condemnation. In the event Lessor has not received final confirmation that a Temporary Condemnation results in Tenant being unable to use all or substantially all of the determination Premises for a period of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determinationmore than one hundred eighty (180) days, Lessee Tenant shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender as of the Premises and all interest therein by Lessee, date on which the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use condemning authority takes possession of the Premises.

Appears in 1 contract

Samples: Office Lease Agreement (E Loan Inc)

Repair and Restoration. i. If the Premises are Building should be damaged by fire any peril covered by the insurance to be provided by Landlord under Paragraph 12.A, but only to such extent that rebuilding or other casualty and repairs can, in Landlord's sole estimation, be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this Lease canAgreement shall not be or is not terminated pursuant to Section 15a aboveterminate, then subject to the rights of any mortgagee, Lessor and Landlord shall, at Lessor’s its sole cost and expense, thereupon proceed with reasonable diligence to rebuild or and repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise Building to substantially the condition in which it existed prior to such casualty, except that existed as Landlord may elect not to rebuild if such damage occurs during the last year of the Commencement Date; providedterm of this Lease Agreement, however, Lessor and except further than Landlord shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) rebuild, repair or replace any part of the replacement cost partitions, fixtures, additions and other personal property and improvements that may have been placed in, on or about the Premises by Tenant. If the Premises are untenantable in whole or in part following such casualty, the Base Rent and Additional Rent payable hereunder during the period in which they are untenantable shall be adjusted to such extent as may be fair and reasonable under all of the Premisescircumstances. Notwithstanding the foregoing, in In the event Lessor has not received final confirmation of the determination of available insurance proceeds Landlord fails to complete such repairs and provided written notice thereof to Lessee rebuilding within 90 two hundred (200) days after the Casualty Determinationdate upon which Landlord is notified by Tenant of such damage (unless any delay is due to changes, Lessee deletions or additions in construction requested by Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulations or control or other causes beyond the reasonable control of Landlord, in which event such period shall be extended for the amount of time Landlord is so delayed), Tenant may, at its option, upon thirty (30) days prior written notice, terminate this Lease Agreement as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and terminate. Notwithstanding anything contained herein to the contrary, Tenant shall also have the right to terminate this Lease by delivery in the event of written notice thereof damage or destruction to Lessor the Premises that makes such Premises untenable for Tenant's purposes if such damage or destruction occurs within 15 days after receipt of Lessor’s notice and, upon surrender the last year of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Leaseterm hereof. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premises.

Appears in 1 contract

Samples: Lease Agreement (Lakes Gaming Inc)

Repair and Restoration. i. If Notwithstanding the Premises are damaged by fire provisions of paragraph 17, in the event of a partial taking, and provided that (i) no event of default has occurred hereunder or under the Note or other casualty Loan Documents, and this Lease cannot be or (ii) Mortgagee is not terminated pursuant satisfied that the there are sufficient proceeds to Section 15a above, then subject complete the restoration of the improvements constructed on the Mortgaged Premises to the rights of any mortgageesame value and character as existed prior to such taking, Lessor shall, at Lessor’s sole cost Mortgagee shall apply the condemnation proceeds for the repair and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as restoration of the Commencement Date; providedMortgaged Property in accordance with the following conditions: 17.1.1 Prior to commencement of repair and restoration, howeverthe contracts, Lessor contractors, and plans and specifications thereof shall be approved by Mortgagee, which approval shall not be required unreasonably withheld, conditioned or delayed, and Mortgagee shall be provided with mechanics' lien waiver. 17.1.2 At the time of any disbursement of the proceeds, Mortgagor shall not be in default under the Note, or the Mortgage, no mechanics' or materialmen's liens shall have been filed and remain undischarged and or properly bonded against and a satisfactory bring down of title insurance shall be delivered to expend more than Mortgagee. 17.1.3 Disbursement shall be made from time to time in an amount not exceeding the insurance proceeds received from such casualty plus cost of the work completed since the last disbursement, upon receipt of satisfactory evidence of the stage of completion and of performance of the work in a good and workmanlike manner in accordance with the contracts and the plans and specifications. 17.1.4 Mortgagee shall retain ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part is fully completed. 17.1.5 The proceeds shall not bear interest and may be commingled with Mortgagee's other funds. 17.1.6 Mortgagee may impose such other conditions as are customarily imposed by construction lenders. 17.1.7 Prior to commencement of the Premises rendered unusable bears to the whole; provided, howeverand at any time during repair and restoration, if the casualty is estimated cost thereof as determined by Mortgagee exceeds the result amount of the intentionalproceeds, criminal or otherwise uninsurable acts Mortgagor shall, immediately upon demand by Mortgagee, pay the amount of Lessee or its agents, contractors or employees, then such excess to Mortgagee to be added to the Rent will xxxxx during any such period proceeds held by Mortgagee. Any sum so added by Mortgagor which remains upon completion of repair and restoration but only shall be refunded to Mortgagor. If any sum remains after the extent of completion and any recovery by Lessor under its rental insurance related refund to the Premises. During any period of repair and restorationMortgagor aforesaid, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use such sum remaining shall, at Mortgagee's option, be applied on account of the Premisesoutstanding balance of the Note.

Appears in 1 contract

Samples: Open End Mortgage and Security Agreement (Transnational Industries Inc)

Repair and Restoration. i. If the Premises are damaged by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a 16a above, then subject to the rights of any mortgagee, Lessor shall, at Lessor’s sole cost and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as of the Commencement Date; provided, however, Lessor shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b16b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premises.

Appears in 1 contract

Samples: Real Property Lease (Scotts Liquid Gold Inc)

Repair and Restoration. i. If the Premises are Building or Premises, or any part thereof, is damaged by fire or other casualty during the Lease Term, and this Lease cannot be or is not terminated pursuant to Section 15a above14.2 of this Lease, then subject to the rights of any mortgagee, Lessor Lessee shall, at Lessor’s sole cost its cost, repair such damage and expense, rebuild restore the Building and Premises to substantially the same condition in which the Building and Premises existed before the occurrence of such fire or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) other casualty and in compliance with all applicable Laws laws, and otherwise this Lease shall, subject to substantially this Section, remain in full force and effect. Lessee shall be obligated to repair and restore the condition that existed as of the Commencement Date; provided, however, Lessor shall Building and Premises whether or not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premisesexist. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of keep the Premises and all interest therein by Lessee, the parties shall be released free from all obligations and liabilities arising thereafter, except any liens for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails work performed to repair and restore the Premises within 60 days after in accordance with this Lease. Lessor shall not be obligated to repair or restore the Estimated Repair TimeframeBuilding or the Premises for any reason, then or to make any replacement of, any movable furniture, equipment, trade fixtures or personal property in the Building or Premises. No fire or other casualty damage to the Building or Premises, whether or not the Building or Premises is rendered unusable by such damage, shall relieve Lessee of it obligation to pay Rent or any other obligation under this Lease. Except for repair or restoration that is reasonably expected to cost less than one hundred thousand dollars ($100,000.00), all insurance proceeds recovered on account of damage or destruction to the Building or Premises shall be deposited with a depository acceptable to Lessor and Lessee (“Depository”). Lessor shall immediately endorse to Lessee or to the Depository, as applicable, any such insurance proceeds. Lessee shall have also endorse to the right Depository, as applicable, any such insurance proceeds. All insurance proceeds recovered on account of damage or destruction to terminate this Lease by delivery of written notice thereof the Building or Premises shall be applied to Lessor and, upon surrender the payment of the cost of repairing and restoring the Building and Premises so damaged. The Depository shall disburse the Proceeds during the course of repair and all interest therein by Lesseerestoration in accordance with customary construction disbursements. If, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of after the repair and restoration has been completed in accordance with the same terms of this Lease, there are remaining insurance proceeds (whether or not held by the Depository), then such excess insurance proceeds (after first deducting from such proceeds, the fees and expenses of the Depository) shall be distributed to the Lessor and Less in proportion ot the amount of proceeds deposited by each. If insurance proceeds are not available to pay the fees and expenses of the Depository, Lessee shall be responsible to pay these fees and expenses. In the event that the part Building or Premises is not repaired or restored in accordance with this Section for any reason, then Lessor shall be entitled to an amount equal Lessor’s reasonable estimate of the Premises rendered unusable bears cost to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only restore the Premises as required hereunder from Lessee, whether or not insurance proceeds exist. Lessee shall be entitled to the extent any insurance proceeds in excess of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premisessuch amount.

Appears in 1 contract

Samples: Lease Agreement

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Repair and Restoration. i. If In the Premises are damaged by fire or other casualty and event of a taking which does not result in the termination of this Lease cannot be or is not terminated pursuant to Section 15a 13.1 above, then subject or a casualty which does not result in the termination of this Lease pursuant to Section 13.4 above, the rights of any mortgagee, Premises shall be repaired and restored in the manner provided in this Section. Lessor shall, at Lessor’s sole cost shall diligently act to restore the Building and expense, rebuild or repair the Premises (but excluding exclusive of Lessee’s Property or any Lessee’s Work's Property) or, in compliance with all applicable Laws and otherwise case of taking, what remains thereof, to substantially the condition that in which they existed as prior to the occurrence of the Commencement Date; such taking or casualty, provided, however, that: (i) in no event shall Lessor be required to spend in connection with restoring the Premises more than the amount of insurance proceeds or taking award actually received and allocable thereto (except that this limitation with respect to insurance proceeds shall not apply to casualties occurring during such time as Lessor self-insures pursuant to Section 7.4 above); (ii) Lessor shall not be required to expend more than restore or replace any of Lessee's Property; and (iii) promptly upon substantial completion of such work by Lessor, Lessee shall diligently act to repair and/or restore all of Lessee's Property to substantially the insurance proceeds received same condition it was in prior to the occurrence of such taking or casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee or injury to the business of Lessee resulting in any way from such casualty plus ten percent (10%) taking or damage or the repair thereof. Rent shall be abated from and after the date of such taking or damage to the replacement cost of date on which Lessor substantially completes the Premisesrestoration described above, to the extent the Premises are unusable for the Permitted Uses. Notwithstanding the foregoingforegoing provisions of this Section 13.5, in the event that within six months after the date of such taking or damage (other than damage resulting from a casualty which Lessor establishes was caused by Lessee, or anyone claiming by, through or under Lessee, or the officers, agents, servants, contractors or employees thereof), Lessor has not received final confirmation of substantially completed the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations restoration work which expressly survive termination of this Lease. ii. In the event Lessor it is required to rebuild and repair the Premises pursuant to by this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframeperform, then Lessee shall have the right to terminate this Lease by delivery of giving thirty (30) days' written notice thereof to Lessor and, upon surrender within thirty (30) days after the end of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Leasesuch 6-month period. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premises.

Appears in 1 contract

Samples: Lease (Transcend Therapeutics Inc)

Repair and Restoration. i. If neither party elects to terminate this Lease under Section 15.1, then except as provided below in Section 15.3 respecting uninsured damage, the Project and the structural components of the Premises are damaged shall be reconstructed and restored by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a above, then subject to the rights of any mortgagee, Lessor shallLandlord, at Lessor’s sole cost and Landlord's expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the same condition that existed as they were prior to the casualty (except for modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Building or Project or any other modification to the Common Areas deemed desirable by Landlord), and the Tenant Improvements and other nonstructural elements of the Commencement DatePremises shall be reconstructed and restored by Tenant, at Tenant's expense, to substantially the same condition as they were prior to the casualty (unless Landlord as an additional insured, elects, in its sole discretion, to take all, or a portion, of Tenant's insurance proceeds, in an amount satisfactory to Landlord in its sole discretion, in which event Landlord shall reconstruct and restore the Tenant Improvements and other nonstructural elements of the Premises to the extent of Tenant's insurance proceeds actually received by Landlord); provided, however, Lessor shall not be required that Landlord may at its option elect to expend more than supervise and contract for the insurance proceeds received from such casualty plus ten percent (10%) repair or reconstruction of the replacement cost Tenant Improvements and other nonstructural elements of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee which work shall have the right to terminate this Lease nonetheless be paid for by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iiTenant. In the event Lessor is required of such reconstruction, Landlord shall not be liable for any inconvenience or annoyance to rebuild and Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof; provided, however, that rent shall be abated in the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after proportion which the date Lessor receives final confirmation approximate area of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender damaged or destroyed portion of the Premises and all interest therein (which are not occupied by Lessee, Tenant as a result of such damage) bears to the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination total area of this Lease. iii. Rent shall xxxxx the Premises from the date of the casualty until the earlier of substantial completion of the repair and restoration in reconstruction or the same proportion that the part date Tenant occupies such portion of the Premises rendered unusable bears to Premises, and this Lease shall continue in full force and effect for the whole; provided, howeverbalance of the Term. Notwithstanding the foregoing, if the casualty is the result of the intentionaldamage or destruction were caused by Tenant, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but rent shall only be abated to the extent of Landlord's recovery for lost rental from the Premises under any recovery rental loss insurance maintained by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the PremisesLandlord.

Appears in 1 contract

Samples: Office Space Lease (Software Technologies Corp/)

Repair and Restoration. i. If In the Premises are damaged by fire or other casualty and event of a taking which does not result in the termination of this Lease cannot be or is not terminated pursuant to Section 15a 13.1 above, then subject or a casualty which does not result in the termination of this Lease pursuant to Section 13.4 above, the rights of any mortgagee, Premises shall be repaired and restored in the manner provided in this Section. Lessor shall, at Lessor’s sole cost shall diligently act to restore the Building and expense, rebuild or repair the Premises (but excluding exclusive of all items or components of Lessee’s Property 's Work or any Alterations which Lessee is by this Lease either entitled to or required to remove upon the expiration or earlier termination of this Lease, and Lessee’s Work's Property) or, in compliance with all applicable Laws and otherwise case of taking, what remains thereof, to substantially the condition that in which they existed as prior to the occurrence of the Commencement Date; such taking or casualty, provided, however, that: (i) in no event shall Lessor be required to spend in connection with restoring the Premises more than the amount of insurance proceeds or taking award actually received and allocable thereto (except that this limitation with respect to insurance proceeds shall not apply to casualties occurring during such time as Lessor self-insures pursuant to Section 7.4 above or to the extent Lessor insures the Premises for less than full replacement value as set forth in Section 7.4); (ii) Lessor shall not be required to expend more than restore or replace any of Lessee's Work or any Alterations which Lessee is by this Lease either entitled to or required to remove upon the insurance proceeds received expiration or earlier termination of this Lease; (iii) Lessor shall not be required to restore or replace any of Lessee's Property; and (iv) promptly upon substantial completion of such work by Lessor, Lessee shall diligently act to repair and/or restore all of Lessee's Property and all items or components of Lessee's Work or Alterations which Lessee is by this Lease either entitled to or required to remove upon the expiration or earlier termination of this Lease, to substantially the same condition they were in prior to the occurrence of such taking or casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee or injury to the business of Lessee resulting in any way from such casualty plus ten percent taking or damage or the repair thereof. Rent shall be abated from and after the date of such taking or damage to the date on which Lessor substantially completes the restoration described above, to the extent the Premises are unusable for the Permitted Uses. In the event that, having commenced its repair, restoration and reconstruction work pursuant to this Section 13.5, Lessor fails to substantially complete such work either (10%i) within six (6) months from the date of the replacement cost of such casualty, with respect to work to be performed within the Premises. Notwithstanding , or (ii) nine (9) months from the foregoingdate of such casualty, with respect to work to be performed elsewhere in the event Building which is required for the operation of Lessee's business in the Premises (which periods shall be extended for any delays suffered by Lessor has not received final confirmation as the result of Force Majeure or the determination acts or omissions of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty DeterminationLessee, its employees, agents, contractors or servants), Lessee shall have the further right to terminate this Lease by delivery of on at least thirty (30) days' prior written notice thereof to Lessor Lessor, such notice to be given within 15 thirty (30) days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination expiration of this Leasesuch six (6) or (9) month period (as applicable). ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of the Premises.

Appears in 1 contract

Samples: Lease Extension Agreement (Millennium Pharmaceuticals Inc)

Repair and Restoration. i. If In the Premises are damaged by fire or other casualty and event of a taking which does not result in the termination of this Lease cannot be or is not terminated pursuant to Section 15a 12.1 above, then subject or a casualty which does not result in the termination of this Lease pursuant to Section 12.4 above, or if, notwithstanding the rights occurrence of any mortgageea substantial casualty described in Section 12.4, Lessor shalldecides not to demolish the Building, at Lessor’s sole cost the Premises shall be repaired and expense, rebuild or repair restored in the manner provided in this Section. Lessor shall diligently act to restore the Building and the Premises (but excluding exclusive of all items or components of Alterations which Lessee is by this Lease either entitled to or required to remove upon the expiration or earlier termination of this Lease, and Lessee’s Property or any Lessee’s Work's Property) or, in compliance with all applicable Laws and otherwise case of taking, what remains thereof, to substantially the condition in which they existed prior to the occurrence of such taking or casualty, PROVIDED, HOWEVER, that: (i) in no event shall Lessor be required to spend in connection with restoring the Premises more than the amount of insurance proceeds or taking award actually received and allocable thereto (except that existed this limitation with respect to insurance proceeds shall not apply to casualties occurring during such time as of the Commencement DateLessor self-insures pursuant to Section 7.4 above); provided, however, (ii) Lessor shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to restore or replace any Alterations which Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate is by this Lease by delivery of written notice thereof either entitled to Lessor within 15 days after receipt of Lessor’s notice and, or required to remove upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive expiration or earlier termination of this Lease. ii. In the event ; and (iii) Lessor is shall not be required to rebuild restore or replace any of Lessee's Property. Lessor shall not be liable for any inconvenience or annoyance to Lessee or injury to the business of Lessee resulting in any way from such taking or damage or the repair thereof. Rent shall be abated from and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair taking or damage to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of on which Lessor substantially completes the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provideddescribed above, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restoration, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use of Premises are unusable for the PremisesPermitted Uses.

Appears in 1 contract

Samples: Lease (Analog Devices Inc)

Repair and Restoration. i. If In the Premises are damaged by fire or other casualty and event of a taking which does not result in the termination of this Lease cannot be or is not terminated pursuant to Section 15a 14.1 above, then subject or a casualty which does not result in the termination of this Lease pursuant to Section 14.3 above, the rights of any mortgagee, Premises shall be repaired and restored in the manner provided in this Section. Lessor shall, at Lessor’s sole cost shall diligently act to restore the Building and expense, rebuild or repair the Premises (but excluding exclusive of Lessee’s Property or 's Work, any Alterations made by Lessee’s Work, and Lessee's Property) or, in compliance with all applicable Laws and otherwise case of taking, what remains thereof, to substantially the condition that in which they existed as prior to the occurrence of the Commencement Date; such taking or casualty, provided, however, that: (i) in no event shall Lessor be required to spend in connection with restoring the Premises more than the amount of insurance proceeds or taking award actually received and allocable thereto (except that this limitation with respect to insurance proceeds shall not apply to casualties occurring during such time as Lessor self-insures pursuant to Section 8.4 above); (ii) Lessor shall not be required to expend more than the insurance proceeds received from restore or replace any of Lessee's Work, Alterations or Lessee's Property; and (iii) promptly upon completion of such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determinationwork by Lessor, Lessee shall have diligently act to restore and/or replace Lessee's Work, the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises Alterations and all interest therein of Lessee's Property to substantially the same condition they were in prior to the occurrence of such taking or casualty. All work performed by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease. ii. In the event Lessor is required to rebuild and repair the Premises or by Lessee pursuant to this Section 15bshall be performed in a good and workerlike manner, and in compliance with all Legal Requirements. Lessor shall: (A) commence shall not be liable for any inconvenience or annoyance to Lessee or injury to the business of Lessee resulting in any way from such rebuilding taking or damage or the repair thereof. Rent shall be abated from and repair within 45 days after the date of such taking or damage to the date on which Lessor receives final confirmation of substantially completes the determination of available insurance proceedsrestoration described above, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the extent the Premises are unusable for the Permitted Uses, but the amount of such abatement shall in no event exceed the amount received by Lessor under the rental loss insurance policy required by Section 8.2 above. Notwithstanding the foregoing provisions of this Section: (a) in the event that Lessor has not substantially completed, within 60 days one (1) year after the Estimated Repair Timeframedate of such taking or damage (which period shall be extended by the duration of any and all events of Force Majeure), the restoration work which it is required by this Section to perform, then Lessee shall have the right to terminate this Lease by delivery of giving thirty (30) days' written notice thereof to Lessor within thirty (30) days after the end of such 1-year period (as such 1-year period may be extended as provided above); and, upon surrender (b) in the event that Lessor determines that the amount of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except insurance proceeds available for those obligations which expressly survive termination of this Lease. iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in work for which Lessor is responsible under this Section and Lessor refuses to provide the same proportion that the part of the Premises rendered unusable bears funds necessary to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any make up such period of repair and restoration but only to the extent of any recovery by Lessor under its rental insurance related to the Premises. During any period of repair and restorationdeficit, Lessor shall use reasonable efforts to minimize disruption of Lessee’s use notify Lessee within thirty (30) days of the Premisesoccurrence of such casualty. Lessee shall then have the right to terminate this Lease by giving written notice to Lessor within fifteen (15) days after Lessee's receipt of Lessor's notice.

Appears in 1 contract

Samples: Lease (Alkermes Inc)

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