Common use of Repair Obligation Clause in Contracts

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 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 by Tenant under the provisions of Section 15(b), Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all Alterations, improvements and betterments in the Premises.

Appears in 2 contracts

Samples: Office Lease Agreement (Dermavant Sciences LTD), Office Lease Agreement (Dermavant Sciences LTD)

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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, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations alterations or betterments installed or performed by Tenant within the Premises and which were not included as part of Landlord’s Work (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s '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 by Tenant under the provisions of Section 15(b)this Article 10, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all Alterationsalterations, improvements and betterments in the Premises.

Appears in 1 contract

Samples: Agreement of Lease (COMPASS Pathways PLC)

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 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 by Tenant under the provisions of this Section 15(b)15, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all Alterations, improvements and betterments in the Premises.

Appears in 1 contract

Samples: Industrial Lease Agreement (Solid Power, 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, other than building standard leasehold improvements 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) 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. If this Lease is terminated by Tenant under the provisions of this Section 15(b)15, Landlord shall be entitled to the full proceeds of the insurance policies carried by Landlord providing coverage for all Alterationsalterations, improvements and betterments in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Intermolecular Inc)

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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 commence to repair the Building and the Premises and shall proceed with reasonable diligence to restore the Building and Premises to substantially the same or better condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within part of 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 fixtures, and other improvements which may have been placed by, or personal property of at the request of, Tenant or others other occupants in the Premises Building or the BuildingPremises (including the improvements constructed as part of Tenant’s Work), and Landlord’s obligation to repair or restore the Building or 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 by In any event, Tenant under the provisions of Section 15(b), Landlord shall be entitled to the full retain all of its insurance proceeds of the for Tenant’s trade fixtures, furniture, equipment, personal property and improvements made by Tenant, recovered by Tenant under its insurance policies providing coverage for all Alterations, improvements and betterments in the Premisespolicies.

Appears in 1 contract

Samples: Lease Agreement (Arthrocare Corp)

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