Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and void.
Appears in 2 contracts
Samples: Lease Agreement (Airvana Inc), Lease Agreement (Airvana Inc)
Repair Obligation. If neither party elects to terminate this Lease following a CasualtyCasualty and there has not been a Material Casualty Event, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period question (as the same may have been reduced by amounts required to be extended as set forth above) and prior paid to Landlord’s current Mortgagee without the ability to use such proceeds towards the repair or restoration of the Premises). Any deductible payable under Landlord’s insurance policies shall be deemed to be a Building Operating Expense hereunder. Notwithstanding any other provision of this Lease to the date upon which contrary, under no circumstances shall Landlord substantially completes be required to repair, replace or compensate Tenant or any other Person for the repair, restoration or replacement of (i) Tenant’s Property, or (ii) any Leasehold Improvements (as defined below), and Tenant shall promptly repair and replace all such restorationLeasehold Improvements at Tenant’s sole cost and expense. Such termination For purposes hereof, the “Leasehold Improvements” shall be effective mean all tenant and other improvements in and to the Premises, including, without limitation, all such tenant and other improvements in, on or to the Building and/or the Premises as of the date specified of mutual execution and delivery of this Lease and all Alterations made in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days or to the Building and/or the Premises after the date of such noticemutual execution and delivery of this Lease. Notwithstanding anything contained in this Section 10(d) as to the contrary, if such date were the date fixed for the expiration Premises, Building or any other part of the Term. If San Diego Facility are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant fails to timely give such termination noticeor any of Tenant’s agents, employees, shippers, customers, invitees or contractors (individually a “Tenant Party” or “Tenant Related Party” and collectively the “Tenant Parties” or “Tenant Related Parties”), Tenant shall be deemed pay to have waived its right to terminate this Lease, time being Landlord the full amount of the essence with respect theretodeductible under Landlord’s insurance policy and any amounts not insured. Notwithstanding the foregoing, if upon the receipt of This Lease shall continue in full force and effect without any abatement or reduction in Rent or other payments owed by Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and void.
Appears in 2 contracts
Samples: Lease Agreement (Quidel Corp /De/), Lease Agreement (Quidel Corp /De/)
Repair Obligation. If neither party Landlord elects not to terminate this Lease following a Casualty pursuant to the terms of Section 13.1 above, Landlord shall, prior to the expiration of the Casualty Termination Period, notify Tenant of Landlord's good faith determination (the "Restoration Estimate Notice") of the time period required to restore the Building and/or Premises. In the event such time period exceeds one (1) year from the date of the Casualty, Tenant shall have the right to terminate this Lease within thirty (30) days after receipt of the Restoration Estimate Notice. If neither Landlord nor Tenant elects to terminate this Lease, as set forth above, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall will proceed with reasonable diligence to repair, restore or rehabilitate the Premises Building and/or the Premises, as the case may be, to substantially the same condition as they existed immediately before such Casualty; however. However, Landlord shall will not be required to repair or replace any alterations or betterments within of the Premises or any furniture, equipment, trade fixtures fixtures, and other leasehold improvements which may have been placed by or personal property at the request of Tenant or others other occupants in the Building or the Premises and required to be insured by Tenant or other tenants. In the event that Landlord elects not to terminate the Lease and Landlord proceeds to repair the Building and/or the Premises, then Tenant must apply to the replacement or restoration of the furniture, equipment, fixtures and other improvements in the Premises (if replacement or restoration is necessary because of the Building, Casualty) any proceeds of insurance that it may have received from its policy(ies) on account of the Casualty allocable to such fixtures and Landlord's obligation to other improvements. During such repair or restore rebuilding of the Building and/or the Premises, Rent for the portion of the Premises shall rendered untenantable by the damage will be limited to abated on a reasonable basis determined by Landlord from the extent date of damage until the completion of the insurance proceeds actually received by Landlord for repair, restoration or rehabilitation, unless the Casualty was caused by Tenant or any of Tenant's Affiliates, in questionwhich event Tenant shall continue to pay Rent without abatement. If this Lease is terminated under In the provisions of this Section 16, event Landlord shall be entitled fails to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not substantially complete the restoration of the Building and/or the Premises within sixty one (601) days after year from the time period estimated by Landlord to repair date of the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant PartyCasualty, Tenant may shall have the right to terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following at any time after the expiration of such 60-day period one (as the same may be extended as set forth above1) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day year period, Tenant's election to terminate shall be null and void.
Appears in 2 contracts
Samples: Lease Agreement (Coolsavings Com Inc), Disturbance and Attornment Agreement (Coolsavings Com Inc)
Repair Obligation. If neither party Landlord elects not to terminate this Lease following a Casualty, then Landlord shallLandlord, within a reasonable time after such Casualty, begin to repair the Premises and shall will proceed with reasonable diligence to repair, restore or rehabilitate the Premises Building and/or the Premises, as the case may be, to substantially the same condition as they existed immediately before such Casualty; however. However, Landlord shall will not be required to repair or replace any alterations or betterments within of the Premises or any furniture, equipment, trade fixtures fixtures, and other leasehold improvements which may have been placed by or personal property at the request of Tenant or others other occupants in the Premises Building or the BuildingPremises and required to be insured by Tenant or other tenants, and Landlord's obligation to repair or restore the Building and/or the Premises shall will be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this In the event that Landlord elects not to terminate the Lease is terminated under and Landlord proceeds to repair the provisions of this Section 16Building and/or the Premises, Landlord shall be entitled then Tenant must apply to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the replacement or restoration of the furniture, equipment, fixtures and other improvements in the Premises within sixty (60if replacement or restoration is necessary because of the Casualty) days after any proceeds of insurance that it may have received from its policy(ies) on account of the time period estimated Casualty. During such repair or rebuilding of the Building and/or the Premises, Rent for the portion of the Premises rendered untenantable by the damage will be abated on a reasonable basis determined by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after from the date of such notice) as if such date were damage until the date fixed for the expiration completion of the Term. If repair, restoration or rehabilitation, unless the Casualty was caused by Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt or any of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord mayAffiliates, in its sole discretion, elect which event Tenant shall continue to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidpay Rent without abatement.
Appears in 2 contracts
Samples: Lease Agreement (Paragon Financial Corp), Lease Agreement (Hotjobs Com LTD)
Repair Obligation. If neither party elects to terminate Landlord’s obligation under this Lease following a Casualtywith respect to maintenance, then Landlord shallrepair, within a reasonable time after such Casualtyand replacement shall be limited to (i) the structural portions of the Building; (ii) the exterior walls of the Building, begin including exterior glass and glazing; (iii) the exterior roof; (iv) mechanical, electrical, plumbing and life safety systems serving the Project and/or the Leased Premises, subject to Tenant’s repair obligations provided in Section 5.4 below; (v) the Premises Common Areas; (vi) the Project parking area; and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however(vii) landscaped areas. However, Landlord shall not be have any obligation to repair damage caused by Tenant, its agents, employees, contractors, invitees or licensees. Landlord shall have the right, but not the obligation, to undertake work of repair which Xxxxxx is required to perform under this Lease and which Xxxxxx fails or refuses to perform in a timely and efficient manner after Xxxxxx’s receipt of written notice and reasonable opportunity to cure. Tenant shall reimburse Landlord upon demand, as Additional Rent, for all costs incurred by Landlord in performing any such repair for the account of Tenant, together with an amount equal to ten percent (10%) of such costs to reimburse Landlord for its administration and managerial effort. Except as specifically set forth in this Lease, Landlord shall have no obligation whatsoever to maintain or replace any alterations or betterments within repair the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Leased Premises or the Building, Project. The parties intend that the terms of this Lease govern their respective maintenance and Landlord's obligation to repair obligations. Tenant expressly waives the benefit of any statute now or restore the Premises shall be limited hereafter in effect to the extent it is inconsistent with the terms of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under with respect to such obligations or which affords Tenant the provisions right to make repairs at the expense of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as reason of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration condition of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Leased Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidor any needed repairs.
Appears in 2 contracts
Samples: Office Building Lease (Marqeta, Inc.), Office Building Lease (Marqeta, Inc.)
Repair Obligation. If neither party elects to exercise any right it may have to terminate this Lease Lease, or neither party is entitled to terminate this Lease, following a Casualty, then Landlord shall, within a reasonable time as soon as reasonably practicable after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments improvements made by Tenant within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense to the extent of the insurance proceeds actually received by Tenant for the Casualty in question, or the extent of the insurance proceeds Tenant would have received but for Landlord’s failure to carry the insurance policies it is required to carry under this Lease) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building. Except for the amount of any excess deficiency Tenant agrees to fund pursuant to Section 16(c)(3) above, Landlord’s repair and restoration obligations under this Section 16(d) shall be performed at Landlord's ’s sole cost and shall not be part of Operating Expenses, provided that Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion (or the extent of the insurance proceeds Landlord would have actually received but for Landlord’s failure to carry the insurance policies it is required to carry under this Lease), plus the amount of any excess deficiency Tenant agrees to fund. If this Lease is terminated under the provisions of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, alterations and improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not shall have failed to complete the restoration of the Premises within sixty by a date that is thirty (6030) days after following the time period estimated Anticipated Restoration Date, and such failure was not caused in whole or in part by Landlord to repair the damage caused by such Casualty as specified in the Damage Noticeany Tenant Party or events beyond Landlord’s reasonable control, as the same may be extended by force majeure or delays caused by a Tenant Party, then Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee of its intention to terminate within ten sixty (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give Anticipated Restoration Date; provided, however, that such termination notice, Tenant shall be deemed to have waived its right to terminate automatically rescinded, and this Lease, time being of the essence with respect thereto. Notwithstanding the foregoingLease shall continue in full force and effect, if upon Landlord substantially completes the restoration within sixty (60) days after receipt of Tenant's written election ’s notice of intention to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidterminate.
Appears in 1 contract
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than Building-standard leasehold improvements and any leasehold improvements existing in the Premises which were included within the Work performed by Landlord pursuant to Exhibit D, Landlord shall not be required to repair or replace any alterations Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense, provided that Tenant’s obligation to so repair and restore shall be limited to the extent of the sum of the insurance proceeds actually received by Tenant for the Casualty in question (or which would have been received by Tenant if Tenant complied with its insurance obligations under this Lease) plus the amount of any deductible maintained by Tenant under such insurance) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the sum of the insurance proceeds actually received by Landlord for the Casualty in questionquestion (or which would have been received by Landlord if Landlord complied with its insurance obligations under this Lease) plus the amount of any deductible maintained by Landlord under such insurance. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterationsAlterations, improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If neither party elects to terminate this Lease following a Casualty and Landlord does not thereafter fails to complete the repairs and restoration within one hundred eighty (180) days after the commencement of such repairs and restoration or within two hundred seventy (270) days after the Premises within Casualty, which deadlines shall be subject to extension for force majeure (not to exceed sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Noticeaggregate) and/or Tenant delay, as the same may then Tenant shall be extended by force majeure or delays caused by a Tenant Party, Tenant may entitled to terminate this Lease by delivering giving written notice thereof to Landlord and Landlord's Mortgagee within ten (10) days following the expiration after such period but prior to substantial completion of such 60-day period (as the same may be extended as set forth above) repairs and prior to the date upon which restoration; provided, however, if Landlord thereafter substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the repairs and restoration of the Premises within thirty (30) days following the receipt of after Tenant delivers such termination notice, Landlord may, in its sole discretion, elect to proceed with then such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate termination notice shall be null and voidvoid and this Lease shall continue in full force and effect.
Appears in 1 contract
Samples: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Tenant shall deliver to Landlord the amount of all insurance proceeds received by Tenant and the amount of Tenant’s deductible under such applicable insurance policies and thereafter Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall promptly proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and . Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 1621, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterationscovering the Premises (and, improvements and betterments in if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the Premisesproceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not complete the restoration of the Premises within sixty (60) 120 days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's ’s Mortgagee within ten (10) days following the expiration of such 60120-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's ’s termination notice (but not earlier than thirty (30) 30 days nor later than ninety (90) 90 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's ’s written election to terminate this Lease as provided in this Section 16(d21(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) 30 days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's ’s election to terminate shall be null and void.
Appears in 1 contract
Samples: Lease Agreement (Efj Inc)
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time promptly after such Casualty, begin to repair the Premises Premises, Building and Project and shall proceed with reasonable diligence to restore the Premises Premises, Building and Project to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises, up to the amount of the Construction Allowance. If Landlord does not complete the restoration of the Premises within sixty (60) 60 days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by (i) no more than 30 total days due to force majeure or (ii) delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's ’s Mortgagee within ten (10) days at any time following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's ’s termination notice (but not earlier than thirty (30) 30 days nor later than ninety (90) 90 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's ’s written election to terminate this Lease as provided in this Section 16(d15(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) 30 days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's ’s election to terminate shall be null and void.
Appears in 1 contract
Samples: Lease Agreement (Blucora, Inc.)
Repair Obligation. If neither party Landlord elects not to terminate this Lease following a Casualty, then Landlord shallLandlord, within a reasonable time after such Casualty, begin to repair the Premises and shall will proceed with reasonable diligence to repair, restore or rehabilitate the Premises Building and/or the Leased Premises, as the case may be, to substantially the same condition as they existed immediately before such Casualty; however. However, Landlord shall will not be required to repair or replace any alterations or betterments within of the Premises or any furniture, equipment, trade fixtures fixtures, and other leasehold improvements which may have been placed by or personal property at the request of Tenant or others other occupants in the Premises Building or the BuildingLeased Premises and required to be insured by Tenant or other tenants, and Landlord's obligation to repair or restore the Building and/or the Leased Premises shall will be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this In the event that Landlord elects not to terminate the Lease is terminated under and Landlord proceeds to repair the provisions of this Section 16Building and/or the Leased Premises, Landlord shall be entitled then Tenant must apply to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the replacement or restoration of the furniture, equipment, fixtures and other improvements in the Leased Premises within sixty (60if replacement or restoration is necessary because of the Casualty) days after any proceeds of insurance that it may have received from its policy(ies) on account of the time period estimated Casualty. During such repair or rebuilding of the Building and/or the Leased Premises, Rent for the portion of the Leased Premises rendered untenantable by the damage will be abated on a reasonable basis determined by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after from the date of such notice) as if such date were damage until the date fixed for the expiration completion of the Term. If repair, restoration or rehabilitation, unless the Casualty was caused by Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt or any of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord mayaffiliates, in its sole discretion, elect which event Tenant shall continue to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidpay Rent without abatement.
Appears in 1 contract
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualtythe Repair Period, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion (plus applicable deductible amounts); provided, further, however, if Landlord commences to restore the Premises and fails to substantially complete the restoration within thirty (30) days following the Repair Period (such deadline to be extended for delays caused by any Tenant Party or reasons specified in Section 25(c) below, the “Repair Deadline”), then Tenant may elect to terminate this Lease at any time following the Repair Deadline until such time as the restoration has been substantially completed. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated and, if Tenant has failed to maintain insurance on such items as required by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination noticeLease, Tenant shall be deemed pay Landlord an amount equal to the proceeds Landlord would have waived its right to terminate received had Tenant maintained insurance on such items as required by this Lease); provided, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d)however, Landlord reasonably believes it can complete shall not be entitled to insurance proceeds applicable to Tenant’s trade fixtures, equipment, personal property and other property of Tenant in the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidPremises.
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Repair Obligation. If neither party elects to terminate Landlord’s obligation under this Lease following a Casualtywith respect to maintenance, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Buildingrepair, and Landlord's obligation to repair or restore the Premises replacement shall be limited to (i) the extent structural portions of the insurance proceeds actually received by Landlord for Building, including the Casualty in question. If this Lease is terminated under foundation; (ii) the provisions of this Section 16, Landlord shall be entitled to the full proceeds exterior walls of the insurance policies providing coverage for all alterationsBuilding (including exterior glass and glazing); (iii) the roof; (iv) the Common Areas (including the Excess Land prior to Excess Land Exclusion Date); (v) the Project parking area; (vi) landscaped areas, improvements if any, and betterments in (vii) mechanical, electrical, plumbing and life safety systems serving the Project (including, without limitation, the HVAC central plant serving the Project), other than such systems exclusively serving the Leased Premises (including, without limitation, the HVAC equipment exclusively serving the Leased Premises). If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated by Landlord fails or refuses to repair the damage caused by such Casualty as specified perform in the Damage Noticea timely manner maintenance, as the same may be extended by force majeure or delays caused by a Tenant Partyrepair, Tenant may terminate and replacement that it is required to perform under this Lease by delivering after Landlord’s receipt of Tenant’s written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as undertake the same may be extended as set forth above) and prior to (except in the date upon which case of emergency, timely manner meaning that Landlord substantially completes such restoration. Such termination shall be effective as of commence the date specified in Tenant's termination notice (but maintenance, repair, or replacement not earlier later than thirty (30) days nor after receipt of such notice and thereafter shall diligently attempt to complete the maintenance, repair, or replacement), then Tenant shall have the right, but not the obligation, to undertake such work upon giving an additional three (3) business days’ written notice to Landlord specifying that Tenant will undertake such work if Landlord has not commenced the maintenance, repair, or replacement within such additional three (3)-business day period. However, Landlord shall not have any obligation to repair damage caused by the negligence or willful misconduct of Tenant, its agents, employees, contractors, invitees or licensees. Landlord shall have the right, but not the obligation, to undertake repair work which Tenant is required to perform under this Lease and which Tenant fails or refuses to perform in a timely and efficient manner after Tenant’s receipt of Landlord’s written notice to undertake such repairs (except in the case of emergency, timely manner meaning that Tenant shall commence the maintenance, repair, or replacement not later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the after receipt of such noticenotice and thereafter shall diligently attempt to complete the maintenance, repair, or replacement). Tenant shall reimburse Landlord upon demand, as Additional Rent, for all costs incurred by Landlord in performing any such repair for the account of Tenant, together with an amount equal to five percent (5%) of such costs to reimburse Landlord for its administration and managerial effort. Except as specifically set forth in this Lease, Landlord may, shall have no obligation whatsoever to maintain or repair the Leased Premises or the Project. The parties intend that the terms of this Lease govern their respective maintenance and repair obligations. Tenant expressly waives the benefit of any statute now or hereafter in its sole discretion, elect effect to proceed the extent it is inconsistent with the terms of this Lease with respect to such restoration and, provided obligations or which affords Tenant the right to make repairs at the expense of Landlord substantially completes such restoration within such 30-day period, Tenant's election to or terminate this Lease by reason of the condition of the Leased Premises or any needed repairs. All costs of Landlord in performing the work described in this Section shall be null and voidincluded in Basic Operating Costs (except for those costs that are included in Additional Rent under the terms of this Lease).
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Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not complete the restoration of or the Premises within sixty (60) 120 days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's ’s Mortgagee within ten (10) days following the expiration of such 60120-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's ’s termination notice (but not earlier than thirty (30) 30 days nor later than ninety (90) 90 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's ’s written election to terminate this Lease as provided in this Section 16(d15(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) 30 days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's ’s election to terminate shall be null and void.
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Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time as soon as commercially practicable after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any improvements, alterations or betterments within additions to the Premises made by Tenant (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the BuildingPremises, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. Notwithstanding the foregoing, if any insurance policy taken out by Landlord covers any of the improvements, alterations or additions to the Premises made by Tenant (it being understood and agreed that Landlord has no obligation to obtain or maintain such insurance coverage), then to the extent that Landlord actually collects the proceeds of insurance for the repair or replacement of the foregoing, Landlord will make such proceeds available to Tenant for the repair or replacement thereof. If this Lease is terminated under the provisions of this Section 1614, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterationsimprovements, improvements and betterments alterations or additions in the Premises. If Landlord does not complete the restoration of Nothing herein is intended to prohibit Tenant from separately insuring, at Tenant's expense, any improvements, alterations or additions to the Premises within sixty (60) days after the time period estimated made by Landlord to repair the damage caused by Tenant and in such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Partyevent, Tenant may terminate this Lease by delivering written notice retain the proceeds of any such insurance payable with respect thereto as a result of a Casualty, as long as the amounts payable to Landlord under its policy of insurance covering such improvements, alterations or additions are not reduced. If, at the time that Tenant makes any improvements, alterations or additions, Landlord agrees, in writing, that such improvements, alterations or improvements will belong solely to Tenant and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as removed at the end of the date specified in Term by Tenant's termination notice (but , then Landlord shall not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If insure same and Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoingmay, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d)it so desires, Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidinsure same.
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Repair Obligation. If neither party elects to terminate this Lease as to the applicable portion of the Premises following a Casualty, within the time periods specified for so doing, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any improvements, alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionProject. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If ; provided, that in such event, after Landlord does not complete has received proceeds sufficient to restore the restoration of Project and all improvements funded by Landlord with respect to the Premises within sixty (60) days after including the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination noticeConstruction Allowance), Tenant shall be deemed entitled to have waived its right proceeds up to terminate the unamortized portion of the out-of-pocket amounts initially expended by Tenant to third parties (over and above the amount permitted to be retained by Landlord as described above) to perform the Work in the Premises, and any subsequent work in the Premises paid for exclusively by Tenant, as calculated using a straight-line amortization over the initial Term (or, for any improvements installed during any renewal Term amortized over such renewal Term), and, if Tenant has failed to maintain insurance on such items as required by this Lease, time being of Tenant shall pay Landlord an amount equal to the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidLease.
Appears in 1 contract
Samples: Lease Agreement (Ciena Corp)
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not shall have failed to complete the restoration of the Premises within sixty by a date that is thirty (6030) days after following the time period estimated Anticipated Restoration Date, and such failure was not caused in whole or in part by Landlord to repair the damage caused by such Casualty as specified in the Damage Noticeany Tenant Party or events beyond Landlord’s reasonable control, as the same may be extended by force majeure or delays caused by a Tenant Party, then Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee of its intention to terminate within ten sixty (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give Anticipated Restoration Date; provided, however, that such termination notice, Tenant shall be deemed to have waived its right to terminate automatically rescinded, and this Lease, time being of the essence with respect thereto. Notwithstanding the foregoingLease shall continue in full force and effect, if upon Landlord substantially completes the restoration within sixty (60) days after receipt of Tenant's written election ’s notice of intention to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidterminate.
Appears in 1 contract
Samples: Lease Agreement (Solyndra, Inc.)
Repair Obligation. If neither party elects to terminate this Lease following a CasualtyCasualty and there has not been a Material Casualty Event, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion (or would have received if Landlord maintained the insurance required pursuant to the terms of this Lease, all as the same may have been reduced by amounts required to be paid to Landlord’s current Mortgagee without the ability to use such proceeds towards the repair or restoration of the Premises). If Any deductible if and as accrued under Lxxxxxxx’s insurance policies shall be deemed to be an Operating Expense hereunder. Notwithstanding any other provision of this Lease is terminated under to the provisions of this Section 16contrary but subject to then-applicable Laws, Landlord shall be entitled required to reconstruct the Building and Premises in accordance with the Building standards for the initial construction and all of Landlord’s Work; provided however, under no circumstances shall Landlord be required to repair, replace or compensate Tenant or any other person for the repair, restoration or replacement of (i) Tenant’s Property, or (ii) any Leasehold Improvements (as defined below), and Tenant shall promptly repair and replace all such Leasehold Improvements at Tenant’s sole cost and expense. For purposes hereof, the “Leasehold Improvements” shall mean all tenant and other improvements in and to the full proceeds of Premises, including, without limitation, all TI Work, all Tenant’s Work, and all Alterations made in or to the insurance policies providing coverage for all alterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of Building and/or the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were mutual execution and delivery of this Lease. In the date fixed event the damage is due to the gross negligence or willful misconduct of Landlord or any of Landlord Parties, Landlord shall be solely responsible for the expiration full amount of the Termdeductible for Tenant’s applicable insurance policies which shall not exceed $25,000, as well as for the full amount of the deductible for Landlord’s applicable insurance policies. If Notwithstanding anything contained in this Section 10.4 to the contrary, if the Premises, Building or any other part of the Project are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct of Tenant fails to timely give such termination noticeor any of Tenant’s agents, employees, customers, or contractors (individually a “Tenant Party” or “Tenant Related Party” and collectively, the “Tenant Parties” or “Tenant Related Parties”), Tenant shall be deemed pay to have waived its right to terminate this Lease, time being Landlord the full amount of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate deductible under Lxxxxxxx’s insurance policy and this Lease as provided shall continue in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, full force and effect without any abatement or reduction in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Rent or other payments owed by Tenant's election to terminate shall be null and void.
Appears in 1 contract
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises Premises, the Building and the Property and shall proceed with use commercially reasonable efforts and diligence to restore the Premises and the Building and the Property within a reasonable time, not to exceed the applicable Repair Period, to substantially the same condition as they that existed immediately before such Casualty; however, Landlord shall not only be required to repair or replace any alterations or betterments within reconstruct the Premises or to the extent of any furniture, equipment, trade fixtures or personal property improvements existing therein on the date of Tenant or others the Casualty that were installed by Landlord as part of the Landlord’s Work (as defined in the Premises or the BuildingExhibit B) (“Landlord’s Contribution”), and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion plus the deductible under Landlord’s insurance policy. If this Lease Tenant shall be responsible for repairing or replacing its furniture, equipment, fixtures, alterations and other improvements (including Tenant’s Work) that Landlord is terminated under not obligated to restore, and shall use the provisions proceeds of this Section 16its insurance for such purpose; provided, however, Landlord shall be entitled will deliver to Tenant the full proceeds balance of the insurance policies providing coverage for all alterationsproceeds received by Landlord, improvements and betterments if any, in excess of Landlord’s Contribution. Prior to Landlord’s commencement of reconstruction, Tenant shall furnish Landlord other assurances, reasonably acceptable to Landlord, of payment of Landlord’s estimate of Tenant’s Contribution. Notwithstanding the terms of Section 14.(b), if Landlord fails to complete the reconstruction of the Premises. If Landlord does not complete , the restoration Building and the Property and deliver possession of the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified Tenant in the Damage Noticecondition herein contemplated within the applicable Repair Period, as the same may be extended by force majeure or delays caused by a Tenant Party, then Tenant may terminate this Lease at any time prior to Landlord’s completion of such repairs and reconstruction by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior its election to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days terminate at any time after the date of such notice) as if such date were the date fixed for the expiration of the Termapplicable Repair Period. If Tenant fails Landlord has elected or is obligated to timely give such termination noticerepair and reconstruct the Premises, Tenant then the Term shall be deemed extended by a period of time equal to have waived its right to terminate this Leasethe period of such repair and reconstruction; provided, time being of the essence with respect thereto. Notwithstanding the foregoinghowever, if upon the receipt of Tenant's written election to terminate this Lease as provided nothing in this Section 16(d), 14.(d) shall modify the rights of Landlord reasonably believes it can complete or the restoration dates set forth in Section 20. To the extent that any portion of the Premises within thirty is not suitable for occupancy by Tenant during the period of any such repair and reconstruction, if any alternative space is available in the Building or any other building owned or operated by Landlord in Victory Park, Landlord agrees (30i) days following to use commercially reasonable efforts to provide such alternative space as Tenant may reasonably require at the receipt per-square-foot rental rate then in effect under the Lease and (ii) to pay Tenant’s cost of relocation to and from the Premises, not to exceed $2.00 per Net Rentable Square Foot, in each instance, of the Premises rendered Untenantable as a result of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidCasualty.
Appears in 1 contract
Samples: Office Lease (Plains Capital Corp)
Repair Obligation. If neither party elects Landlord and Tenant both elect not to terminate this Lease following a Casualty, then Landlord shallLandlord, within a reasonable time after such Casualty, begin to repair the Premises and shall will proceed with reasonable diligence to repair, restore or rehabilitate the Premises Building and/or the Premises, as the case may be, to substantially the same condition as they existed immediately before such Casualty; however. However, Landlord shall will not be required to repair or replace any alterations or betterments within of the Premises or any furniture, equipment, trade fixtures fixtures, and other leasehold improvements which may have been placed by or personal property at the request of Tenant or others other occupants in the Premises Building or the BuildingPremises and required to be insured by Tenant or other tenants, and Landlord's obligation to repair or restore the Building and/or the Premises shall will be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If In the event that the insurance proceeds actually received or to be received by Landlord do not or will not permit Landlord to repair, restore or rehabilitate the Premises and/or the Building, as the case may be, to substantially the same condition as they were before such Casualty, then Landlord will notify Tenant at such time as it reasonably believes that such repair, restoration or rehabilitation will not be completed to such condition, and within thirty (30) days of receipt of such notice, Tenant will have the right to terminate this Lease is terminated under the provisions of this Section 16Lease, Landlord shall be entitled to the full proceeds and Base Rent and Additional Rent will abate as of the insurance policies providing coverage for all alterations, improvements and betterments in date of the Casualty. During such repair or rebuilding of txx Xxilding and/or the Premises, Rent for the portion of the Premises rendered untenantable by the damage will be abated from the date of damage until the completion of the repair, restoration or rehabilitation. If In the event that Landlord does and Tenant both elect not complete to terminate the Lease and Landlord proceeds to repair the Building and/or the Premises and, the restoration of the Building and/or the Premises within is not substantially complete on or before three hundred sixty (60360) days after from the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant PartyDetermination Date, Tenant may terminate this Lease by delivering written giving Landlord notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period election (the "Repair Period Tenant Termination Notice"), and Base Rent and Additional Rent will abate as the same may be extended as set forth above) and prior to of the date upon which Landlord substantially completes such restorationof the Casualty. Such termination shall be effective as ox xxx date of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Repair Period Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidTermination Notice.
Appears in 1 contract
Samples: Lease Agreement (Coolsavings Inc)
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation with respect to maintenance and repair or restore the Premises shall be limited to (i) the structural portions of the Building; (ii) the exterior walls of the Building, including exterior glass and glazing; (iii) the exterior roof; (iv) heating, ventilating, mechanical, electrical, plumbing, life safety and any Building-wide or Project-wide systems; (v) the Common Areas; and (vi) landscaped areas. Landlord shall be obligated to keep and maintain the foregoing at all times in good order, condition and repair. Landlord shall not have any obligation to repair damage to such portions of the Building or the Project to the extent such damage is caused by Tenant, its agents, employees, contractors, invitees or licensees, unless such damage is covered by insurance Landlord is maintaining. Landlord shall have the right, but not the obligation, to undertake work of the insurance proceeds actually received repair which Tenant is required to perform under this Lease and which Xxxxxx fails or refuses to perform in a timely and efficient manner. Tenant shall reimburse Landlord upon demand, as Additional Rent, for all costs incurred by Landlord in performing any such repair for the Casualty account of Tenant, together with an amount equal to five percent (5%) of such costs to reimburse Landlord for its administration and managerial effort. Except as specifically set forth in question. If this Lease is terminated under the provisions of this Section 16Lease, Landlord shall be entitled have no obligation whatsoever to maintain or repair the Leased Premises or the Project. The parties intend that the terms of this Lease govern their respective maintenance and repair obligations. Except as otherwise provided in SECTION 5.16, Tenant expressly waives the benefit of any statute now or hereafter in effect to the full proceeds extent it is inconsistent with the terms of this Lease with respect to such obligations or which affords Tenant the insurance policies providing coverage for all alterations, improvements and betterments in right to make repairs at the Premises. If expense of Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as reason of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration condition of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Leased Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidor any needed repairs.
Appears in 1 contract
Samples: Shopnow Com Inc
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall only be required to repair or replace: (i) the initial Work as described in Exhibit D; and (ii) any subsequent Alterations or betterments within the Premises to the extent insurance proceeds from Tenant’s insurance described in Section 11(a)(2)(C) are provided to Landlord, and Landlord shall not be required to repair or replace any alterations or betterments within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building. Notwithstanding the foregoing, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion (plus the insurance deductible for such loss). If proceeds (plus any deductible) are inadequate to rebuild the Premises to substantially the same condition as they existed immediately before such Casualty (subject to the limitation set forth in (ii) above), and Landlord elects to not fund the necessary amounts to make up the difference, then Landlord shall provide written notice of such inadequacy to Tenant within ninety (90) days of the Casualty, and Tenant shall have the right to terminate the Lease upon written notice delivered to Landlord within ten (10) days following OFFICE LEASE AGREEMENT CentrePort/Radiant Systems, Inc. 21 receipt of such notice. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterationsAlterations, improvements and betterments in the Premises. If Landlord does not complete the restoration of the Premises within sixty (60) days after the time period estimated and, if Tenant has failed to maintain insurance on such items as required by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination noticeLease, Tenant shall be deemed pay Landlord an amount equal to the proceeds Landlord would have waived its right to terminate received had Tenant maintained insurance on such items as required by this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and void.
Appears in 1 contract
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the BuildingPremises, and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 16, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not shall have failed to complete the restoration of the Premises within sixty by a date that is thirty (6030) days after following the time period estimated Anticipated Restoration Date, and such failure was not caused in whole or in part by Landlord to repair the damage caused by such Casualty as specified in the Damage Noticeany Tenant Party or events beyond Landlord’s reasonable control, as the same may be extended by force majeure or delays caused by a Tenant Party, then Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee of its intention to terminate within ten sixty (10) days following the expiration of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give Anticipated Restoration Date; provided, however, that such termination notice, Tenant shall be deemed to have waived its right to terminate automatically rescinded, and this Lease, time being of the essence with respect thereto. Notwithstanding the foregoingLease shall continue in full force and effect, if upon Landlord substantially completes the restoration within sixty (60) days after receipt of Tenant's written election ’s notice of intention to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and voidterminate.
Appears in 1 contract
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, Building and Landlord's ’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in questionquestion or proceeds that would have been received had Landlord maintained the insurance required of Landlord under this Lease, and regardless of the cause of such Casualty, together with any deductible amounts. If this Lease is terminated under the provisions of this Section 1615, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the PremisesPremises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease). If Landlord does not complete the restoration of the Premises within sixty ninety (6090) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Partymajeure, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's ’s Mortgagee within ten (10) days following the expiration of such 60-day ninety (90)-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's ’s termination notice (but not earlier than thirty (30) 30 days nor later than ninety (90) 90 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination notice, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 16(d), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and void.
Appears in 1 contract
Repair Obligation. If neither party elects Tenant does not elect to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time promptly or as expeditiously as commercially reasonable, after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not only be required to repair or replace any alterations or betterments within reconstruct the Premises or to the extent of any furniture, equipment, trade fixtures or personal property improvements existing therein on the date of Tenant or others in the Premises or damage that were installed by Landlord as part of the BuildingWork (if any) pursuant to EXHIBIT D ("LANDLORD'S CONTRIBUTION"), and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under ; provided, however, in the provisions of this Section 16event that Landlord's Mortgagee retains such insurance proceeds, Landlord Landlord's obligation to repair or restore the Premises shall be entitled limited to the full amount Landlord would have received had such proceeds not been retained by Landlord's Mortgagee. Tenant shall be responsible for repairing or replacing its furniture, equipment, fixtures, alterations and other improvements which Landlord is not obligated to restore, and shall use the proceeds of its insurance for such purpose. Tenant shall pay the insurance policies providing coverage for all alterations, improvements and betterments in difference between the Premises. If Landlord does not complete the restoration total cost of reconstructing the Premises within sixty (60) days after the time period estimated by Landlord to repair the damage caused by such Casualty as specified in the Damage Notice, as the same may be extended by force majeure or delays caused by a Tenant Party, Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within ten Contribution (10) days following the expiration "TENANT'S CONTRIBUTION"). Prior to Landlord's commencement of such 60-day period (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Term. If Tenant fails to timely give such termination noticereconstruction, Tenant shall be deemed to have waived its right to terminate this Lease, time being of the essence with respect thereto. Notwithstanding the foregoing, if upon the receipt place Landlord's estimate of Tenant's written election to terminate this Lease as provided Contribution in this Section 16(descrow with Landlord (or furnish Landlord other commercially reasonable assurances of payment thereof), Landlord reasonably believes it can complete the restoration of the Premises within thirty (30) days following the receipt of such notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such 30-day period, Tenant's election to terminate shall be null and void.
Appears in 1 contract
Samples: Lease Agreement (Aviall Inc)