Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 4 contracts
Sources: Lease Agreement (Sphere 3D Corp), Lease Agreement (Virobay Inc), Lease Agreement (Virobay Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇▇ ▇ months ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 4 contracts
Sources: Sublease (Jni Corp), Lease Agreement (Sunrise Technologies International Inc), Lease Agreement (Brightpoint Inc)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the full replacement cost of the Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a fire normal extended coverage policy should Landlord fail to carry that insurance); or other casualty(ii) Landlord reasonably determines that the cost of repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than sixty (60) days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds two hundred seventy (270) days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within ten (10) days following delivery of the other party given no later than 30 days after Landlord’s notice. If neither party elects Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to terminate reimbursement from the proceeds of rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), if any(b) and (c) of this Section, which is not usable by Tenant bears but subject to Section 10.5, the total area cost of the Premises. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, Tenant waives any right to terminate if the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease is due to the contraryfault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to the extent the damage require Landlord to the Project repair any Tenant Installations, fixtures and other items that Tenant is attributable obligated to Tenant, Tenant shall pay insure pursuant to Landlord with respect to Exhibit D or any damage to the Project an amount other provision of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicethis Lease.
Appears in 4 contracts
Sources: Office Space Lease, Office Space Lease (United Business Holdings, Inc), Office Space Lease (Infosonics Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible not in excess of commercially reasonable amounts to be treated as a current Operating Expense (and the determination of whether a deductible amount is commercially reasonable shall be determined with reference to the deductible amounts then being maintained by other institutional owners of comparable projects), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 4 contracts
Sources: Lease Agreement (Global Blood Therapeutics, Inc.), Lease Agreement (Global Blood Therapeutics, Inc.), Lease Agreement (Global Blood Therapeutics, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Net Multi-Tenant Laboratory 455 Mission Bay/Twist Bioscience - Page 13 Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement (Twist Bioscience Corp), Lease Agreement (Twist Bioscience Corp)
Restoration. If at (a) Borrower shall deliver, or shall cause Mortgage Borrower to deliver, to Lender all reports, plans, specifications, documents and other materials that are delivered to Mortgage Lender under the applicable terms and conditions of the Mortgage Loan Agreement in connection with a Restoration of the Property after a loss or damage or condemnation, simultaneously with any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as delivery to Mortgage Lender. Subject only to the amount rights of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Mortgage Lender pursuant to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Mortgage Loan Agreement, all repairs or restoration not required Net Insurance Proceeds that are permitted by the terms of the Mortgage Loan Documents to be done by Landlord and shall promptly re-enter paid to Mortgage Borrower or otherwise distributed to Borrower or Mortgage Borrower (rather than being used to rebuild or improve the Premises and commence doing business Property in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises Mortgage Loan Documents) shall be immediately paid over to Lender and are damaged during the last year hereby assigned to Lender as additional collateral security hereunder.
(b) Borrower shall (or shall cause Mortgage Borrower to) keep Lender timely informed of the Lease Term progress of any Restoration and Landlord the status of any negotiations with insurers relating to any such loss or damage or condemnation. In addition, Borrower shall (or shall cause Mortgage Borrower to) provide Lender with any and all documentation reasonably estimates requested by Lender relating to any loss or damage or condemnation or Restoration. If any Net Insurance Proceeds are to be disbursed by Mortgage Lender for Restoration, Borrower shall deliver or cause to be delivered to Lender copies of all written correspondence delivered to and received from Mortgage Lender that it will take more than one month relates to repair such damagethe Restoration and release of the Net Insurance Proceeds. Base Rent If, in connection with a Restoration, Mortgage Lender does not require the deposit by Mortgage Borrower of any Net Insurance Proceeds pursuant to the applicable terms and Operating Expenses conditions of the Mortgage Loan Agreement, Lender shall be abated for have the period of repair and restoration commencing on the date right to demand that Borrower make a deposit of such casualty event Net Insurance Proceeds in the proportion which the area of the Premisesaccordance with those same terms and conditions, such Net Insurance Proceeds to then be governed by such terms and conditions as if anyeach reference therein to “Administrative Agent” and “Borrower” referred to Lender and Borrower, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives respectively.
(c) Notwithstanding any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained provision in the Lease this Agreement to the contrary, all Net Insurance Proceeds will be made available to Mortgage Borrower in accordance with the Mortgage Loan Agreement. In the event the Mortgage Loan has been paid in full and Lender receives any Net Insurance Proceeds, Lender shall either apply such proceeds to the extent Indebtedness or for the damage to Restoration in accordance with the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to same terms and conditions contained in the Project an amount Mortgage Loan Agreement. Upon repayment in full of the commercially reasonable deductible under Landlord’s insurance policyMortgage Loan, not to exceed $10,000.00, within 30 days after presentment the provisions of Landlord’s invoicethe Mortgage Loan Agreement governing Restoration and use of Net Insurance Proceeds shall be incorporated into this Agreement in their entirety.
Appears in 3 contracts
Sources: Mezzanine Loan Documents (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, Inc.)
Restoration. If at Landlord and Tenant acknowledge that Tenant’s obligations with respect to any time during the Lease Term removal of Tenant Improvements and related restoration and repair of the Premises are damaged governed by that certain work letter attached hereto as Exhibit B (the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements), Landlord shall, within fifteen (15) business days after Tenant’s specific written request made at the time Tenant requests Landlord’s approval of such Alterations (any such specific request by Tenant, a fire “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or other casualtycomponents of Alterations may remain in the Premises upon the expiration or sooner termination of this Lease. If Landlord does not expressly indicate that any portion or component of the Alterations described in the Removal Determination Request may remain, then Landlord may require that such portion of component of the Alterations be removed from the Premises at the expiration or earlier termination of the Lease Term; provided, however, that if Landlord fails to respond to a Removal Determination Request within such 15 business day period) then Tenant may send a subsequent written notice to Landlord renewing the Removal Determination Request, and if Landlord fails to respond to the subsequent Removal Determination Request within an additional 5 business day period (but has otherwise approved the Alterations pursuant to Paragraph 7(a)), then such Alterations may remain in the Premises upon the expiration or sooner termination of this Lease, provided that the second Removal Determination Request expressly notes in capitalized, boldfaced language that Landlord’s failure to respond will mean Landlord has waived its right to request removal of all such Alterations. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall notify Tenant within 60 days after such damage as be entitled to the amount require removal of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsAlterations that, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after in Landlord’s notice. If neither party elects to terminate this Lease judgment, (i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in the Stanford Research Park and University Circle, (ii) affect the structure of the Building or if Landlord estimates that restoration will ▇▇▇▇ ▇ months the Building Systems; or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds(iii) would have no value, or from Force Majeure events (as defined in Paragraph 33)would have negative value, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Leasea future tenant. Notwithstanding Without limiting the foregoing, either party Landlord may terminate require removal of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed by or on behalf of Tenant, raised flooring, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units and any accompanying structural steel reinforcements at the expiration or earlier termination of the Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Lease if Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises are damaged during in connection with the last year removal of such Alterations. For avoidance of doubt, Tenant shall not be obligated to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term and that Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event has specifically designated in writing may remain in the proportion which the area Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the PremisesWork Letter, if any, or that are the subject of a second Removal Determination Request to which is Landlord does not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, respond within 30 days after presentment of Landlord’s invoice5 business days.
Appears in 3 contracts
Sources: Sublease (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after such discovery of such, damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord or Tenant may may, in such notice, elect to terminate this Lease upon notice to as of the other party given no later than 30 date that is 75 days after Landlord’s noticethe date of discovery of such damage or destruction. If neither party Unless Landlord so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17. in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided. however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s expense repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Materials Clearances, all repairs Alterations and other improvements installed by Tenant or restoration not by Landlord and paid for by Tenant (except to the extent covered by insurance required to be done maintained by Landlord pursuant to Section 17. in which case such improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided herein, in this Section 18. Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or, any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Lease Agreement (Sigilon Therapeutics, Inc.), Lease Agreement (Sigilon Therapeutics, Inc.), Lease Agreement (Foghorn Therapeutics Inc.)
Restoration. If i. Grantee shall not open, disturb, or obstruct any more of the Property than is reasonably necessary and shall not allow any portion of the Property so disturbed or obstructed by it to remain open, disturbed, or obstructed for a longer period of time than shall be reasonably necessary. After the construction and installation of any portion the Improvements is completed, Grantee shall, at its cost, repair and return the Property to a condition to a minimum of the same or similar condition existing before the start of the construction and installation. Grantee shall be responsible for any time during damage to street pavements, existing utilities, curbs, gutters, sand dunes, vegetation, landscaping, grounds, walkways, sidewalks and any other structures or improvements on the Lease Term Property due to Grantee’s construction and installation of the Premises are damaged by a fire or other casualtyImprovements (the “Damaged Property”), Landlord and shall notify Tenant repair, replace, and restore in-kind, the said Damaged Property at its sole expense within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time construction and installation is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thencompleted, subject to receipt extension as provided in the Agreement . If Grantee fails to repair, replace, and restore said Damaged Property to the reasonable satisfaction of sufficient insurance proceedsGrantor, Landlord after thirty (30) days’ written notice given by Grantor to Grantee, Grantor may cause such necessary repairs to be made. All out-of-pocket costs incurred by Grantor, as well as reasonable, direct charges for Grantor’s employee labor and use of Grantor’s equipment, shall be charged against Grantee and payable within ten (10) business days or may be collected by exercising the right to draw on letters of credit. Grantor may collect such costs, and any expenses and reasonable attorney fees incurred in collecting such costs, as debts owed to Grantor, by bringing action in any court of competent jurisdiction or in any manner allowed by law.
ii. If weather or other conditions do not permit the complete restoration required by this Agreement, Grantee shall temporarily restore the Damaged Property to the reasonable satisfaction of Grantor. Such temporary restoration shall be at Grantee’s sole expense and Grantee shall promptly restore undertake and complete the Premises excluding required permanent restoration when the improvements installed by Tenant weather or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair other conditions no longer prevent such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicepermanent restoration.
Appears in 3 contracts
Sources: Easement Agreement, Easement Agreement, Easement Agreement
Restoration. If If, at any time during the Lease Term Term, any portion of the Building shall be damaged or destroyed by a fire or other casualty to the extent that the operation of Tenant’s business in the Premises in the normal course is materially adversely affected or if any portion of the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (“Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months270 days (“Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises to their condition on the date of Delivery (excluding the improvements installed by Tenant or by Landlord and paid for by TenantTenant unless covered by the insurance Landlord maintains as an Operating Expense hereunder, in which case such improvements shall be included, to the extent of such insurance proceeds, in Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials in, on, or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 30 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant, subject to the abatement set forth in the paragraph below. Tenant Landlord’s right to perform any such repair or restoration in the Premises pursuant to this Section 18 shall be performed in accordance with the access restrictions set forth in Section 32 below. Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter reenter the Premises and commence doing business in accordance with this LeaseLease upon Landlord’s completion of the repairs or restoration of the Premises. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which that the area of the Premises, if any, which that is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business as reasonably determined by Tenant. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation that is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Sublease Agreement (NextCure, Inc.), Sublease Agreement (NextCure, Inc.), Sublease Agreement (NextCure, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the Premises excluding to the extent such Alterations or improvements installed by exceed Building Standard Installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or by notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at either Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events Restoration Payment (as defined in Paragraph 33)hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant’s Above Building Standard Installations, all repairs or then until the restoration not required to be done by Landlord and shall promptly re-enter of the Premises is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Tenant’s Operating Expenses Payment shall be abated for the period of repair and restoration commencing on the date of such casualty event reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives .
(b) As a condition precedent to Landlord’s obligation to repair or restore any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to TenantAbove Building Standard Installations, Tenant shall (i) pay to Landlord with respect to any damage upon demand a sum (“Tenant’s Restoration Payment”) equal to the Project an amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the commercially reasonable deductible under Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of all of Landlord’s invoiceobligations to repair or restore any of the Above Building Standard Installations, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and Tenant’s abatement of Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any Above Building Standard Installations) is Substantially Complete.
Appears in 3 contracts
Sources: Lease Agreement (Achieve Life Sciences, Inc.), Lease Agreement (Marchex Inc), Lease Agreement (Marchex Inc)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 monthsmonths (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord and Tenant shall be relieved of their respective obligations hereunder to make repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord within the Premises and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Lease Agreement (Avidity Biosciences, Inc.), Lease Agreement (Avidity Biosciences, Inc.), Lease Agreement (Avidity Biosciences, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 the Maximum Restoration Period. If Tenant has not exercised its Extension Right pursuant to Section 40, Tenant may also terminate this Lease by written notice to Landlord delivered within 5 business days after Landlord’s noticereceipt of a notice estimating the date on which the Restoration Period is expected to occur if the Restoration Period is estimated by Landlord to be completed during the last 12 months of the Base Term. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space reasonably acceptable to Tenant during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Lease Agreement (Kala Pharmaceuticals, Inc.), Lease Agreement (Kala Pharmaceuticals, Inc.), Lease Agreement (Kala Pharmaceuticals, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless Landlord so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as an Operating Expense subject to the provisions of Section 5), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform), subject to delays arising from the collection of insurance proceeds, or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Paragraph 33Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, all however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Notwithstanding the foregoing, if a portion of the Project not including the Premises is damaged, Landlord may not terminate this Lease on the basis that the Restoration Period will exceed the Maximum Restoration Period if Landlord elects to merely repair the damage rather than redevelop or improve the Project as a whole, and Landlord actually commences construction of the repair of such damage. The Restoration Period and the Maximum Restoration Period shall not be extended by Force Majeure. In the event that the Lease terminates pursuant to the provisions of this Section 18 as a result of an earthquake, Tenant shall not be required to be done by Landlord and shall pay any deductibles as part of Operating Expenses in connection with such earthquake. Tenant may, at Tenant’s option, promptly re-enter the Premises and commence doing business in accordance with this Lease upon Landlord’s completion of all repairs or restoration required to be done, by Landlord pursuant to this Section 18; provided, however, that Tenant shall nonetheless (and even if Tenant does not re-enter the Premises) continue to be responsible for all of its obligations under this Lease. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space in the Project during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 3 contracts
Sources: Lease Agreement (Veracyte, Inc.), Lease Agreement (Veracyte, Inc.), Lease Agreement (Veracyte, Inc.)
Restoration. If at the Property or the Premises, or any time ----------- part thereof, other than improvements and buildings on Expansion Areas, is damaged by fire or other casualty during the term of this Lease, and this Lease Term is not terminated pursuant to section 11.2 hereof, Landlord shall ------------ repair such damage and restore the Property and the Premises expeditiously to the extent commercially reasonable, subject to force majeure, in accordance with all laws and to substantially the same condition in which the Property and the Premises existed before the occurrence of such fire or other casualty (excluding any improvements made by or on behalf of Tenant which shall be restored by Tenant) and this Lease shall, subject to this section 11.1, remain in full force and effect. Landlord shall not be ------------ obligated to repair any damage to, or to make any replacement of, any movable furniture, equipment, trade fixtures or personal property in the Premises. Tenant shall not be entitled to any reduction or abatement in rent. Landlord and Tenant shall reasonably cooperate with each other to mitigate any material interference with their respective operations on the Property through temporary relocations if reasonably practical, or other measures designed to mitigate the adverse effect of such casualty event. If any improvements or buildings located on the Expansion Area are damaged by a fire or other casualtycasualty during the term of this Lease, Landlord Tenant shall notify Tenant within 60 days after as soon as practicable, render such Expansion Area safe and shall promptly repair such damage as to the amount of time Landlord reasonably estimates it will take to and restore the Premises. If Expansion Area and all buildings and improvements thereon to substantially the restoration time is estimated to exceed 6 monthssame condition as existed before the occurrence of such fire or other casualty or, either Landlord or Tenant may elect to terminate this the Lease upon notice with respect to such Expansion Area and release in writing any and all rights it may have in and to the Expansion Area including without limitation, any rights under section 7.5 hereof in which ----------- event Tenant shall raze the buildings and other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or lessimprovements thereon, thenclean all debris, subject to receipt of sufficient insurance proceedsrender the site safe and sightly, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or provide documentation reasonably required by Landlord and paid by Tenant, subject to delays arising from that the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined Expansion Area is in Paragraph 33), compliance with all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrarylaws and, to the extent the damage to the Project is attributable reasonably practicable, restore any prior landscaping, sod, parking areas, drives or other improvements which existed prior to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice's construction.
Appears in 2 contracts
Sources: Campus Lease (Monsanto Co /New/), Campus Lease (Monsanto Co /New/)
Restoration. Should either (i) the termination option as provided above in this Section not apply or, if applicable, should neither party elect to timely exercise such option, or (ii) should Landlord otherwise be required to repair and restore the Premises as provided herein, then Landlord shall repair or restore the Premises to substantially the same condition as existed before such damage or destruction. Upon electing to repair or restore or being required to repair or restore pursuant to this Section, Landlord may proceed with reasonable dispatch to perform the necessary work, and the Base Rent and the Additional Rent attributable to Tenant’s Proportionate Share of the Operating Expenses due for the period following the casualty shall be abated in proportion to the unusable Premises for a period commencing as of the date of the casualty damage until the repairs and restoration of the Premises are substantially complete. Landlord shall not be liable to Tenant for any delay which arises by reason of any Force Majeure as described in Section 22.21 or any other cause beyond Landlord’s control, and in no event shall Landlord be liable for any loss of profits or income experienced by Tenant as a result of such casualty damage or repair and restoration work, If such repair or restoration is not substantially complete within one hundred eighty (180) days after the date it is determined that Landlord is obligated to make such repairs, then Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate at any time during after the expiration of said one hundred eighty (180) day period and before Landlord’s substantial completion of such repair or restoration; provided that if Tenant delivers said notice in a timely manner, this Lease Term shall terminate as of the Premises are damaged by a date of the fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Office Building Lease (Teladoc, Inc.), Office Building Lease (Teladoc, Inc.)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the full replacement cost of the Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a fire normal extended coverage policy should Landlord fail to carry that insurance); or other casualty(ii) Landlord reasonably determines that the cost of repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. In the event the Building is damaged as the result of an event of casualty during the final twelve (12) months of the Lease Term, Tenant shall also have the right to elect to terminate the Lease by providing Landlord with a written notice notifying Landlord of Tenant’s election to terminate the Lease, and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than sixty (60) days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds one hundred eighty (180) days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within ten (10) days following delivery of the other party given no later than 30 days after Landlord’s notice. If neither party elects Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to terminate reimbursement from the proceeds of rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), if any(b) and (c) of this Section, which is not usable by Tenant bears but subject to Section 10.5, the total area cost of the Premises. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, Tenant waives any right to terminate if the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease is due to the contraryfault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to the extent the damage require Landlord to the Project repair any Tenant Installations, fixtures and other items that Tenant is attributable obligated to Tenant, Tenant shall pay insure pursuant to Landlord with respect to Exhibit D or any damage to the Project an amount other provision of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicethis Lease.
Appears in 2 contracts
Sources: Office Space Lease (Neothetics, Inc.), Office Space Lease (Neothetics, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (“Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (“Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion but only if the failure to substantially complete such repair or restoration by such date is due to matters not within Landlord’s control, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Tenant or Landlord may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 3 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Glycomimetics Inc), Lease Agreement (Glycomimetics Inc)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is reasonably estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord or Tenant may may, in such notice, elect to terminate this Lease upon notice to as of the other party given no later than 30 date that is 45 days after the date of discovery of such damage or destruction. If Landlord, in such notice, does not elect to terminate this Lease, and the restoration will exceed the Maximum Restoration period, Tenant may terminate this Lease by providing Landlord with notice of such election to terminate this Lease within five (5) Business Days of Tenant’s receipt of such notice. If neither party Unless Landlord or Tenant, as the case may be, so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (including Landlord’s Work and Tenant’s Work, but excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 30.20) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month two months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease (Bluebird Bio, Inc.), Lease Agreement (Bluebird Bio, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months from the date of discovery of the damage or destruction (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure events. Tenant at events or as needed to obtain any license, clearance or other authorization of any kind required in connection with Tenant’s expense occupancy of the Premises to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Except to the extent that this Lease is terminated by Landlord or Tenant pursuant to the terms of this Section 18, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (CytomX Therapeutics, Inc.), Lease Agreement (CytomX Therapeutics, Inc.)
Restoration. If at (i) Amounts made available to the Borrower from the Loss Proceeds Account for Restoration following any time during Event of Loss shall be remitted to the Lease Term Borrower by the Premises are damaged Administrative Agent, in the event that the Net Available Amount is less than or equal to $1,000,000.
(ii) Amounts made available to the Borrower from the Loss Proceeds Account for Restoration following any Event of Loss shall be remitted to the Borrower by the Administrative Agent in the event that the Net Available Amount is greater than $1,000,000 but less than or equal to $2,000,000 if the Independent Engineer shall have delivered to the Administrative Agent and the Collateral Agent a fire certificate to the effect that the Net Available Amount deposited in the Loss Proceeds Account is sufficient (together with all other monies reasonably expected to be available to the Borrower as determined by the Administrative Agent in consultation with the Independent Engineer), in the reasonable opinion of the Independent Engineer, for such Restoration. Amounts made available to the Borrower for Restoration shall only be utilized for Restoration and, if not so utilized within ninety (90) days (or other casualtywithin such longer period as may be necessary to achieve such Restoration as determined by the Independent Engineer), Landlord shall notify Tenant within 60 be used to prepay the Loans.
(iii) Amounts made available to the Borrower from the Loss Proceeds Account for Restoration following any Event of Loss shall be remitted to the Borrower by the Administrative Agent in the event that the Net Available Amount is greater than $2,000,000 if (A) the Borrower shall submit a plan for Restoration as soon as commercially practicable, but in no event more than sixty (60) days after the occurrence of such damage as Event of Loss and the Independent Engineer shall have delivered a certificate to the amount of time Landlord reasonably estimates it will take to restore Administrative Agent and the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Collateral Agent to the effect that the Borrower’s plan of Restoration is prudent and sound and the Net Available Amount deposited in the Loss Proceeds Account is sufficient (together with all other party given no later than 30 monies reasonably expected to be available to the Borrower as determined by the Administrative Agent in consultation with the Independent Engineer), in the reasonable opinion of the Independent Engineer, for such Restoration and (B) the Majority Lenders have consented to such use of the Net Available Amount. Amounts made available to the Borrower for Restoration shall only be utilized for Restoration and, if not so utilized in ninety (90) days after Landlord’s notice. If neither party elects approval of the plan of Restoration (or within such longer period as may be necessary to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore achieve such Restoration as determined by the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33Independent Engineer), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for used to prepay the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceLoans.
Appears in 2 contracts
Sources: Credit Agreement (GreenHunter Energy, Inc.), Credit Agreement (GreenHunter Energy, Inc.)
Restoration. If at any time during the Lease Term the Premises are Project is damaged by a fire or other insured casualty, Landlord shall notify shall, within thirty (30) days thereafter, provide an estimate to Tenant within 60 days after such damage as to of the amount length of time Landlord reasonably estimates it will take need to restore the Premisescomplete its repair and restoration obligations set forth below (“Landlord’s Estimate”). If insurance proceeds have been made available therefor by the restoration time is estimated to exceed 6 monthsholder or holders of any mortgages or deeds of trust covering the Premises or the Project, either the damage shall be repaired by Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s reasonable opinion, be completed within two hundred seventy (270) days after Landlord’s noticethe necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore From the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year date of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair damage until such damage. Base repairs are completed, Rent and Operating Expenses shall be abated for in proportion to the period part of repair and restoration commencing on the date of such casualty event Premises which is unusable by Tenant in the proportion which the area conduct of the Premises, if any, which is not usable by Tenant bears to the total area of the Premisesits business. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryHowever, to the extent such damage was caused by Tenant, its employees, agents, contractors, guests, and invitees, there shall be no abatement of Rent, unless and to the extent Landlord receives rental income insurance proceeds; provided, further, if Landlord does not receive such rental income insurance proceeds as a result of Landlord’s failure to make a timely claim under its insurance, then such condition to Rent abatement under this Section 17.1 shall not apply. Landlord’s obligation to make repairs under this Article is limited to the base Building, Common Areas and the interior improvements to the Premises that are covered by Landlord’s insurance. Upon the occurrence of any damage to the Project is attributable Premises, Tenant shall assign to TenantLandlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Article 14 above (or, if Tenant has failed to carry the insurance required under such Article 14, Tenant shall pay to Landlord the amount which Tenant would have received as insurance proceeds had Tenant carried such required insurance) with respect to any damage Tenant Improvements and Alterations in the Premises in which case Landlord shall manage restoration of such Tenant Improvements and Alterations to the Project an extent of such proceeds. If the amount assigned (or paid) to Landlord pursuant to the immediately preceding sentence is insufficient to repair the Tenant Improvements or Alterations within the Premises, and Tenant does not covenant to supply the difference upon completion of restoration, Landlord shall have the commercially reasonable deductible under Landlord’s insurance policy, not right to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceterminate this Lease upon written notice to Tenant.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Redfin CORP)
Restoration. If at any time during Licensee agrees to take all necessary precautions to avoid causing damage to structures, buildings, equipment, grounds, wildlife and plants on the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as Property.
(a) Prior to the amount end of time Landlord reasonably estimates the License Term, Licensee shall clean the Property of any debris and restore it to the condition which existed prior to the film or photography production, reasonable wear and tear excepted, including replacing any turf which may be torn up or destroyed by the Licensee’s access to the Property. Such clean-up shall include, but is not limited to, the following: (1) removing all garbage and litter; (2) restoring or replacing all grasses, turf, and plants. Licensee will take be responsible for payment of the following:
(i) Five (5) days before the License Term begins, Licensee shall pay to Landowner a deposit of [ACTIVE FEE] and 00/100 DOLLARS ($[TOTAL RESTORATION FEE]) to secure the obligations contained herein (the “Restoration Deposit”).
(ii) Landowner shall inspect the Property the day after the term of the License has expired, and if Landowner, in its sole discretion, determines that the Property has not been damaged, Landowner will return the Restoration Deposit in its entirety to the Licensee within fifteen (15) days of such inspection. If Landowner, in its sole reasonable discretion, determines that the Property has been damaged, Landowner will provide Licensee with a detailed list of any such alleged damage and Landowner shall give Licensee the option to repair such damages to the satisfaction of Landowner before retaining the Restoration Deposit. Before moving forward with any repairs or restoration, Licensee shall have received Landowner’s prior written approval. If Licensee elects not to repair the damage, Landowner shall retain the Restoration Deposit as payment for the cost to repair and restore the PremisesProperty. If the restoration time is estimated cost to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly repair and restore the Premises excluding Property exceeds the improvements installed Restoration Deposit, Licensee shall be responsible for any remaining costs (the “Restoration Fee”) including reasonable managerial and administrative time expenditures.
(iii) Licensee agrees and covenants to pay Landowner the amount(s) set out in Exhibit C attached hereto and incorporated herein by Tenant or by Landlord and paid by Tenant, subject to delays arising from this reference for the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year use of the Lease Term and Landlord reasonably estimates Property. However, Licensee acknowledges that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated responsible for the period paying all additional fees not listed in Exhibit C, but that become due as a result of repair and restoration commencing on the date of such casualty event in the proportion which the area Licensee’s holdover or other use of the PremisesProperty, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained described in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicethis Agreement.
Appears in 2 contracts
Sources: Film and Still Photography Location License Agreement, Film and Still Photography Location License Agreement
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease Agreement (Intervideo Inc), Lease Agreement (Volterra Semiconductor Corp)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months120 days from the date of Landlord’s Notice, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s noticeNotice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months take 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant’s expense expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration to the Premises not required to be done by Landlord (provided, however, if such damage or destruction is caused by the act(s) or omission(s) of Landlord, its employees, agents, or contractors, Landlord shall pay to Tenant with respect to any damage to the Premises the amount of the commercially reasonable deductible under Tenant’s insurance policy, not to exceed Five Thousand Dollars ($5,000.00), within ten (10) days after presentment of Tenant’s invoice) and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord ‘s insurance policy within ten (10) days after presentment of Landlord’s invoice.
(d) Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord or Tenant may may, in such notice, elect to terminate this Lease upon notice to as of the other party given no later than 30 date that is 75 days after Landlord’s noticethe date of discovery of such damage or destruction. If neither party Unless Landlord so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or from Force Majeure events; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the discovery of such damage or destruction, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events (as defined in Paragraph 33)Section 34) events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event discovery of the damage or destruction, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable, in Tenant’s commercially reasonable judgment, for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate terminates the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Adaptive Insights Inc), Lease Agreement (Adaptive Insights Inc)
Restoration. If If, at any time during the Lease Term Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by TenantTenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant at for Tenant’s expense repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Materials Clearances, all repairs Alterations and other improvements installed by Tenant or restoration not by Landlord and paid for by Tenant (except to the extent covered by insurance required to be done maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, within 30 days after presentment of Landlord’s invoiceProperty or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Rubius Therapeutics, Inc.), Lease Agreement (Rubius Therapeutics, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises or the Building or a part thereof are materially damaged by a fire any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an uncured Event of Default by Tenant has occurred; or (iv) the material damage occurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing ("LANDLORD'S NOTICE") within 60 sixty (60) days after such the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the amount number of time days within which Landlord reasonably estimates it will take to restore has estimated that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord's Notice).
(b) If Landlord has the restoration right to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, and provided that at the time is estimated of Landlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to exceed 6 monthsfulfill an obligation under this Lease which, either Landlord or unless cured by Tenant within the applicable grace period, would constitute an Event of Default, then within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease upon by written notice to Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the other party given no later than 30 Premises cannot be repaired, with reasonable diligence, within two hundred seventy (270) days after Landlord’s noticethe date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsPremises resulting from a casualty, Landlord shall promptly restore repair all material damage to the Premises excluding or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements installed made by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events any Alterations (as defined in Paragraph 33Section 7.3), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease (Endocare Inc), Lease Agreement (Endwave Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord or Tenant may elect to terminate this Lease upon by delivery of written notice to Landlord within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 60 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Tenant. Notwithstanding anything to the contrary contained in this Section 18, if the Premises or the Project is damaged or destroyed by a casualty which is not covered by Landlord’s insurance (or is only partially covered by Landlord’s insurance) such that there is any shortfall in coverage to restore the Premises or the Project other than any shortfall resulting from Landlord’s failure to maintain the insurance required to be maintained by Landlord pursuant to Section 17, and Landlord is not willing to pay the amount of such shortfall, then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”). In addition, if any Holder requires that any of the insurance proceeds from a casualty be applied to indebtedness secured by the Project and it results in a shortfall to complete the repairs and Landlord is not willing to pay for such shortfall, then Landlord shall have the right to provide a Determination Notice to Tenant; provided, however that, if Landlord encumbers the Project with a Mortgage, Landlord shall use reasonable efforts to cause the Holder of such Mortgage to agree to only claim such insurance proceeds if the Restoration Period is estimated to exceed the Maximum Restoration Period (provided further that in no event shall Landlord have any liability to Tenant in connection with Landlord’s failure to obtain such agreement from the Holder despite Landlord’s good faith efforts). Either Landlord (subject to Tenant’s right to deliver a Termination Rejection Notice) or Tenant may terminate this Lease by giving written notice (“Termination Notice”) to the other party within 30 days after receipt of the Determination Notice. Tenant at shall have the right to reject Landlord’s termination notice and require Landlord to restore the Premises or the Project, as applicable, provided, however, that Tenant provides Landlord with written notice (“Termination Rejection Notice”), within 10 business days after receipt of the Termination Notice, of Tenant’s expense election to require Landlord to restore the Premises or the Project, as applicable, and Tenant pays the full amount of the shortfall (“Tenant Contribution”). Landlord shall have the right to require Tenant to deposit the full Tenant Contribution with Landlord concurrently with Tenant’s delivery of the Termination Rejection Notice. Notwithstanding anything to the contrary contained in this paragraph, in no event shall Landlord have any repair obligations under this paragraph unless there is at least 4 years remaining on the Base Term of this Lease from and after the estimated completion date of the repairs. Net Lease Net Lease 9877 ▇▇▇▇▇▇/Cue - Page 18 Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all any repairs or restoration Tenant wishes to have performed that are not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable (as reasonably determined by Tenant) for the temporary conduct of Tenant’s business for the Permitted Use. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Cue Health Inc.), Lease Agreement (Cue Health Inc.)
Restoration. If at any time during (a) Reference is made to Paragraphs 6.4 and 26.2 of the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease therein to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the extent reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the Project is attributable FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to Tenantas the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall pay to Landlord deposit with respect to any damage Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Project an Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the commercially Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Lease.
(b) Landlord shall only perform the Restoration should it determine, in its reasonable deductible under discretion, after engaging a third party reputable real estate broker familiar with the area to market and show the Premises to potential tenants. Landlord shall engage the broker as soon as reasonably practical after Tenant has not exercised its option to renew the Lease or within 12 months of termination of the Lease. In the event that the Landlord is unable, using good faith and due diligence, to obtain a tenant for the Premises, and Landlord determines that the Restoration is necessary or desirable in connection with the optimal re-leasing of the FONS Premises, Landlord may elect to demolish all or part of the office improvements. Prior to performing the Restoration, Landlord shall provide Tenant with its estimate of the cost and schedule thereof, and Tenant shall be afforded the opportunity to perform the Restoration, at its sole cost, if it demonstrates to Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of reasonable satisfaction that Tenant can perform the restoration at a cost lower than Landlord’s invoiceestimate and complete same within the same time period. If Landlord performs the Restoration, Landlord shall provide Tenant evidence of the cost thereof by written notice (with reasonable supporting documentation) delivered not later than the end of the Restoration Period, and Landlord may then draw on the Restoration LOC if Tenant does not object to costs within ten (10) days of its receipt from Landlord. Upon (i) Landlord’s receipt of reimbursement in full for the cost of the Restoration, or (ii) Tenant’s completion of the Restoration and demonstration to Landlord’s reasonable satisfaction that the cost thereof has been fully paid and the Building is free of any mechanics’ liens arising out of the Restoration, Landlord shall return the unused portion of the Restoration LOC to Tenant. If Landlord does not perform the Restoration during the Restoration Period and timely notify Tenant of the cost thereof, Landlord shall return the Restoration LOC to Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are damaged by a fire or other casualtypart is damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord’s All Risk Policy (whether or not Landlord chooses to self-insure such coverage) plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within three hundred sixty (360) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant’s substantial use and enjoyment of the amount Premises within three hundred sixty (360) days after the date of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsdamage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events sixty (as defined 60) day period stated in Paragraph 33subsection (a), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing .
(c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, if any, which is not usable by Tenant bears but only to the total area extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant’s insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Such abatement Upon request, Landlord shall be consult with Tenant to determine if there are safe methods of entry into the sole remedy of TenantBuilding or the Premises solely in order to allow Tenant to retrieve files, data in computers, and except as provided hereinnecessary inventory, subject however to all indemnities and waivers of liability from Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything Landlord contained in the this Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to and any additional indemnities and waivers of liability which Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicemay require.
Appears in 2 contracts
Sources: Industrial Lease (Cryocor Inc), Industrial Lease (Cryocor Inc)
Restoration. (a) If at any time during the Lease Term Building or the Premises (including the Tenant Improvements constructed pursuant to the Work Letter therein) are damaged by a fire or other casualtymaterially damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share, such Share, however, not to exceed Fifty Thousand Dollars ($50,000.00) for any particular casualty); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term unless Tenant then has the right to extend the Term of this Lease and does so in accordance with the provisions of Section 3.3 hereof. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 forty-five (45) days after such the damage occurs and this Lease shall terminate as of the date of that notice as to the amount Building which was damaged; provided, however that if the remaining Premises after such termination is less than an entire Building, Tenant shall have the right to cause the Lease to be terminated as to the remainder of time the Premises by giving Landlord written notice within thirty (30) days after receipt of Landlord's notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease after expiration of the applicable cure period, (i) if the damage is so extensive that Landlord reasonably estimates it will take determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to restore allow Tenant's substantial use and enjoyment of the Premises. If Premises within two hundred seventy (270) days after the restoration time is estimated to exceed 6 monthsdate of damage, either Landlord or (ii) the damage occurs during the final twelve (12) months of the Lease Term, then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 thirty days after receipt of Landlord’s notice's notice pursuant to subsection (a) as to the Building which was damaged. If neither party In the event Tenant elects not to terminate the Lease and the repairs are commenced but not completed within two hundred seventy (270) days after the date of the damage, (the "Restoration Window"), Tenant may by written notice to Landlord, terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt within fifteen (15) days after the end of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseRestoration Window. Notwithstanding the foregoing, if at any time during the repair period, Landlord reasonably believes that the restoration will not be completed prior to the end of the Restoration Window, Landlord shall notify Tenant in writing of such fact and of a new outside date on or before which the Premises shall be restored, and Tenant must elect within ten (10) business days of receipt of such notice to either party may terminate this Lease if or waive its right to terminate this Lease provided the Premises are damaged during is restored on or prior to the last year of the new outside date established by Landlord in such notice to Tenant. Tenant's failure to elect to terminate this Lease Term and Landlord reasonably estimates that it will take more than one month to repair within such damage. Base Rent and Operating Expenses ten (10) business day period shall be abated for deemed Tenant's waiver of its right to terminate this Lease as provided in this paragraph as to the period of repair and restoration commencing previous outside date, but not as to the new outside date established by said notice.
(c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired and the Premises is tendered to Tenant in the same condition as required on the Commencement Date or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, if any, which is not usable but only to the extent that the business interruption insurance required to be carried by Tenant bears as described in Exhibit D was then in force.
(d) In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall cooperate with Landlord in removing Tenant's personal property and any debris from the total area Premises to facilitate all inspections of the Premises. Such abatement shall be Premises and the sole remedy making of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossrepairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Lease Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises, but subject to the contraryapplicability of the rental abatement provisions. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the extent Building or the damage Premises solely in order to the Project is attributable allow Tenant to Tenantretrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant shall pay to Landlord with respect to contained in this Lease and any damage to the Project an amount additional indemnities and waivers of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceliability which Landlord may require.
Appears in 2 contracts
Sources: Lease Agreement (New Century Financial Corp), Lease Agreement (New Century Financial Corp)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty covered by insurance carried by Landlord, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 12 months from the casualty date or if Landlord is unable to obtain the necessary permits for restoration within 6 monthsmonths from the casualty date (a “Premises Total Destruction”), either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice; provided, however, if the damage or destruction was caused by the gross negligence or willful misconduct of Tenant, Landlord shall have the right to recover Landlord's damages from Tenant, except as provided in Section 8.C., and Tenant shall have no right to terminate this Lease. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ take 12 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall diligently pursue the necessary permits and promptly restore the Premises excluding Trade Fixtures and the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents (as defined in Section 47). Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year 6 months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Notwithstanding the foregoing, if Tenant at that time has an exercisable option to extend this Lease, then Tenant may preserve this Lease by exercising such option and providing Landlord with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the repairs within 10 days after Tenant's receipt of Landlord's written notice purporting to terminate this Lease. Base Rent and Operating Expenses shall be abated for the period of repair and restoration of an insured casualty commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss, including without limitation those available under California Civil Code Sections 1932 and 1933(4). Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an the amount of the commercially reasonable deductible under Landlord’s 's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s 's invoice.
Appears in 2 contracts
Sources: Standard Industrial Multi Tenant Lease (iPower Inc.), Standard Industrial Multi Tenant Lease (iPower Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense subject to the terms of Section 5 above), Landlord shall promptly restore the Premises (including the Tenant Improvements, but excluding the any other improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Promptly following the date that Landlord makes the Premises available to Tenant at for Tenant’s expense repairs and restoration, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, shall make all repairs or restoration not required to be done the improvements in the Premises installed by Tenant or by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Leasepaid for by Tenant. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary739171641.8 Net Multi-Tenant Laboratory 825 Industrial/Suites 100A & 200B/Codexis - Page 19 The provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Assignment and Assumption of Lease (Vaxcyte, Inc.), Lease Agreement (Codexis, Inc.)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged by a fire as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or other casualty(iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance (exclusive of deductibles), including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds 270 days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either Landlord or party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice. In addition, if (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining at the date of casualty, and (ii) the material damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then Tenant may elect to terminate this Lease upon by written notice to Landlord within 15 days following the other party given no later than 30 days after Landlord’s notice. If date of the casualty.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject pursuant to receipt of sufficient insurance proceedsSection 11.1(b), Landlord shall promptly restore repair all material damage to the Premises excluding or the improvements installed Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant or by Landlord and paid by under Tenant, subject ’s insurance with respect to delays arising from any Tenant Installations; provided if the collection estimated cost to repair such Tenant Installations exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from such Tenant Installations.
(d) From and after the collection date of insurance proceedsthe casualty event, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required the rental to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate paid under this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the area Floor Area of the Premises, if any, which Premises that is not usable rendered unusable by Tenant the damage from time to time bears to the total area Floor Area of the Premises. Such abatement shall be .
(e) Notwithstanding the sole remedy provisions of Tenantsubsections (a), (b) and except as provided herein(c) of this Section 11.1, Tenant waives any right but subject to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to TenantSection 10.5, Tenant shall pay not be entitled to Landlord with respect to any termination rights if the damage is due to the Project an amount gross negligence or willful misconduct of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the commercially reasonable deductible provisions of this Section 11.1 shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment any other provision of Landlord’s invoicethis Lease.
Appears in 2 contracts
Sources: Lease (Inari Medical, Inc.), Lease (Inari Medical, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant’s Property, or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the Premises excluding to the extent such Alterations or improvements installed by exceed Building Standard Installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or by notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at either Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events Restoration Payment (as defined in Paragraph 33)hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant’s Above Building Standard Installations, all repairs or then until the restoration not required to be done by Landlord and shall promptly re-enter of the Premises is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Tenant’s Operating Expenses Payment shall be abated for the period of repair and restoration commencing on the date of such casualty event reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives This Article 11 constitutes an express agreement governing any right to terminate the Lease by reason case of damage or casualty loss. Notwithstanding anything contained destruction of the Premises or the Building by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, which provides for such contingency in the Lease absence of an express agreement, and any other law of like nature and purpose now or hereafter in force, shall have no application in any such case.
(b) As a condition precedent to the contrary, Landlord’s obligation to the extent the damage to the Project is attributable to repair or restore any of Tenant’s Above Building Standard Installations, Tenant shall (i) pay to Landlord with respect to any damage upon demand a sum (“Tenant’s Restoration Payment”) equal to the Project an amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the commercially reasonable deductible under Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of all of Landlord’s invoiceobligations to repair or restore any of the Above Building Standard Installations, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and Tenant’s abatement of Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any Above Building Standard Installations) is Substantially Complete.
Appears in 2 contracts
Sources: Lease Agreement (Xstelos Holdings, Inc.), Lease Agreement (Omrix Biopharmaceuticals, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord or Tenant may may, in such notice, elect to terminate this Lease upon notice to as of the other party given no later than 30 date that is 75 days after Landlord’s noticethe date of discovery of such damage or destruction. If neither party Unless Landlord so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17, in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant at for Tenant’s expense repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Materials Clearances, all repairs Alterations and other improvements installed by Tenant or restoration not by Landlord and paid for by Tenant (except to the extent covered by insurance required to be done maintained by Landlord pursuant to Section 17, in which case such improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Sigilon Therapeutics, Inc.), Lease Agreement (Sigilon Therapeutics, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord (or actually does exceed 6 months, subject to Force Majeure events and Tenant caused delays), Tenant may elect to terminate this Lease upon notice to the other party Landlord given no later than 30 days after Landlord’s 's notice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or lessas permitted hereunder, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Tenant's Tenant-Made Alterations, which Landlord and shall promptly re-enter requires to remain as Landlord's property upon surrender of the Premises and commence doing business in accordance pursuant to the terms of Paragraph 12 with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the PremisesPremises (“Damage Notice”). If the restoration time is reasonably estimated to exceed 6 monthsone hundred eighty (180) days, then either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 thirty (30) days after Landlord’s notice; provided that Landlord also terminates the leases of all other similarly-situated tenants in the Building. If neither party the Premises are damaged by a fire or other casualty and: (a) the damage to the Premises exceeds 50% of the replacement cost thereof (excluding foundations and footings), as estimated by Landlord; or (b) such damage occurs during the last two (2) years of the Lease Term, regardless of the extent of damage to the Premises; or (c) Landlord is required to pay any insurance proceeds arising out of such fire or casualty to Landlord’s mortgagee, then Landlord, in its discretion, may terminate this Lease upon written notice to Tenant no later than thirty (30) days after Landlord’s Damage Notice. If the damage occurs during the last two (2) years of the Lease Term and Landlord elects to terminate this Lease solely pursuant to clause (b) above, Tenant shall have the right to nullify Landlord’s termination notice by providing written notice to Landlord that it is electing to exercise its then next successive extension option. In addition, if the damage occurs during the last two (2) years of the Lease Term and Landlord does not elect to terminate this Lease pursuant to clause (b) above, then Tenant shall have the right to elect to terminate this Lease by written notice to Landlord but only if such damage materially and adversely affects Tenant’s ability to use the Premises for the purposes for which they are leased hereby, and such damage or destruction was not caused by Tenant, its sublessee(s), their agents, contractors or invitees, and Tenant and Landlord reasonably determines that, after the completion of repairs to and restoration of the Premises by Landlord, less than one (1) year will be remaining in the Lease Term. If Landlord does not elect to terminate this Lease or if Landlord reasonably estimates that restoration will ▇▇▇▇ ▇ months take one hundred eighty (180) days or lessless (except in the event of termination by Landlord), thenthen Landlord shall promptly restore the Premises to the condition existing immediately prior to such damage and destruction, excluding the Tenant-Made Alterations or Trade Fixtures and improvements paid for by Tenant whether or not installed by Landlord, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure (as hereinafter defined) events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year As part of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base its Additional Rent and for Site Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to TenantCosts, Tenant shall pay to Landlord with respect to any damage to the Project an Building the amount of the Tenant’s Proportionate Share of any commercially reasonable deductible maintained by Landlord under Landlord’s insurance policy, not to exceed $10,000.00, policy within 30 thirty (30) days after presentment of Landlord’s invoice. Base Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of the repair. Additional Rent shall not a▇▇▇▇ during the period of repair and restoration unless Tenant is unable to utilize any portion of the Premises as a result of the damage or destruction which gave rise to the abatement of Base Rent, in which event Additional Rent shall also a▇▇▇▇ on a pro rata basis based on the untenantable portion until such time as the repairs are completed and the restored Premises are delivered by Landlord to Tenant. If Landlord elects, or is required pursuant hereto, to repair and restore the Premises, and Landlord has failed to substantially complete such repair and restoration within one hundred eighty (180) days from the Damage Notice (subject to Force Majeure and Tenant-Caused Delay), then Tenant shall be entitled to provide notice of the failure thereof to Landlord. In the event Landlord thereafter fails to substantially complete such repair and restoration within sixty (60) days after Tenant’s delivery of notice to Landlord (subject to Force Majeure and Tenant-Caused Delay) (“Required Restoration Date”), then, in that event, Tenant shall have the right to elect to either of the following (which election must be made by a written notice delivered to Landlord no later than ten (10) business days after the Required Restoration Date): (a) immediately terminate this Lease upon written notice to Landlord, or (b) complete such repairs and restorations to the Premises as soon as reasonably possible after the Required Restoration Date (subject to Force Majeure), in which event Landlord shall make immediately available to Tenant (whether the funds are held by Landlord or an escrow agent) all insurance proceeds received by Landlord for the restoration of the Premises beyond the amount necessary to reimburse Landlord for the costs Landlord incurred in restoring the Premises, together with the deductible maintained by Landlord under Landlord’s insurance policy. Tenant shall be entitled to particular funds upon providing a written demand therefore that is accompanied by supporting documentation reasonably requested by Landlord or the escrow holder, which may include, but is not limited to, third party invoices and lien waivers. If such amounts are not paid over to Tenant within thirty (30) days of Tenant’s properly supported written request therefor, Tenant may offset the same, together with interest at a per-annum rate equal to Prime Rate plus ten percent (10%), from the next and subsequent installments of Base Rent payable under this Lease until the foregoing amount is fully offset. Notwithstanding the foregoing, Landlord’s obligation to pay over amounts under this Section 12 is subject to the rights of the then current lender of the Building. If Tenant has failed to substantially complete such repair and restoration within one hundred eighty (180) days from the Required Restoration Date, Landlord may provide written notice to Tenant that Landlord will complete the work. In that case, Tenant shall reasonably cooperate with Landlord to promptly transition or terminate (as determined by Landlord), all third party contracts related to the work, and Landlord shall be entitled to access all remaining funds and Tenant shall reimburse Landlord the amount of the deductible actually paid to Tenant and not spent on the repair or restoration.
Appears in 2 contracts
Sources: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.), Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 60 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 60 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all any repairs or restoration Tenant wishes to have performed that are not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable (as reasonably determined by Tenant) for the temporary conduct of Tenant’s business for the Permitted Use. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Mirati Therapeutics, Inc.), Lease Agreement (Mirati Therapeutics, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (including the initial Tenant Improvements paid for by Landlord but excluding the any improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord and Tenant shall be relieved of their respective obligations under this Section 18 and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. If this Lease has not been terminated pursuant to this Section 18, and, prior to the Maximum Restoration Period, Landlord determines that sufficient proceeds will not be available for the repair or restoration required to the Premises or the Project, Landlord shall deliver written notice to Tenant at of such insufficiency promptly after Landlord becomes aware of such insufficiency and this Lease shall terminate 30 days after Tenant’s expense receipt of Landlord’s notice. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration; provided that if Landlord does not so elect to terminate this Lease, the shortfall of insurance proceeds shall be payable by Landlord, at its own cost. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business, as reasonably determined by Tenant. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Metacrine, Inc.), Lease Agreement (Metacrine, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty (a “Casualty”), or if the Building is damaged by a Casualty such that Tenant is deprived of reasonable access to or use of the Premises for the Permitted Uses, the damage shall be repaired by Landlord, to substantially the condition of the Premises or the Building, as the case may be, immediately prior to the Casualty, but Landlord shall notify Tenant within 60 days after such damage as have no obligation to repair or restore (i) Tenant’s Property or Tenant’s telecommunications and data cabling or wiring, or (ii) any Above Building Standard Installations. With respect to the amount restoration of time Landlord reasonably estimates it will take to restore the Building or the Premises. If , as the case may be, required to be performed by Landlord under this Section 11.3, until the restoration time of the Building and Premises, as the case may be, is estimated to exceed 6 monthsSubstantially Completed or would have been Substantially Completed but for Tenant Delay, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will Fixed Rent, ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord ▇▇▇’s Tax Payment and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses Payment shall be reduced and abated for the period of repair and restoration commencing on the date of such casualty event in the proportion by which the rentable area of the Premises, if any, part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total rentable area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein.
(b) If this Lease does not terminate pursuant to Sections 11.4 or 11.5 below or for any other reason, Tenant waives shall, at its sole cost and expense (regardless of the availability or sufficiency of insurance proceeds), repair any right to terminate the Lease by reason of damage injury or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable Above Building Standard Installations and shall return such Above Building Standard Installations to their original condition. Such work shall be deemed Alterations subject to the terms of Article 5 above. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof; provided however, that if such Casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, until the restoration of the Above Building Standard Installations is Substantially Completed or would have been Substantially Completed assuming Tenant used reasonable due diligence in connection therewith, Fixed Rent, ▇▇▇▇▇▇’s Tax Payment and Tenant’s Operating Payment shall pay to Landlord with respect to any damage be reduced and abated in the proportion by which the rentable area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the Project an amount total rentable area of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicePremises.
Appears in 2 contracts
Sources: Lease Agreement (Andersen Group Inc.), Lease Agreement (Andersen Group Inc.)
Restoration. Upon surrender of the Premises or earlier termination of the Lease Tenant shall be obligated to remove the Sky Bridge Changes and to restore the Premises to its condition prior to making the Sky Bridge changes, reasonable wear and tear excepted, all of which removal and restoration shall be made at the sole cost of Tenant. If Tenant fails to complete the removal and restoration prior to expiration of the Term or earlier termination of this Lease, Landlord may complete such removal and restoration and charge the cost of such removal and restoration to Tenant. Notwithstanding the above provision of this Section 4 to the contrary. Tenant may at any time during time, no earlier than ninety (90) days prior to the expiration of the Term, give written notice to Landlord (“Removal Notice”) requesting that Landlord agree that Tenant need not remove the Sky Bridge Changes and restore the Premises upon expiration of the Term of the Lease Term and surrender of the Premises are damaged by Tenant. The agreement of Landlord to any request made by Tenant pursuant to Removal Notice may be withheld or given in Landlord’s sole and absolute discretion, but in any event Landlord will respond within thirty (30) days, and any delay beyond such thirty (30) day period on the part of Landlord in responding will delay the outside date for Tenant’s completion of such work on a fire or other casualtyday-for-day basis. In connection with Landlord’s response to any Removal Notice, Landlord may require that components of the Sky Bridge Changes be removed with related restoration and that other components of the Sky Bridge Changes remain. Unless Landlord in a written response to Tenant to any Removal Notice has agreed in writing that the Sky Bridge Changes (or any component thereof) need not be removed by Tenant, Tenant shall notify Tenant within 60 days after such damage as be obligated, at its sole cost, to remove the Sky Bridge Changes and restore the Premises prior to expiration of the Term. If and to the amount extent that Landlord responds to a Renewal Notice that all or any portion of time the Sky Bridge will not be required to be removed, Tenant will be forever released from any requirement to remove the Sky Bridge Changes which Landlord reasonably estimates it will take has specifically agreed in writing need not be removed and Tenant shall continue to be obligated to remove all other Sky Bridge Changes and to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease Agreement (Okta, Inc.), Lease Agreement (Okta, Inc.)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are damaged by a fire or other casualtypart is damaged, Landlord shall diligently repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance then in place (or if Landlord is self-insuring, would not be covered by a standard policy of "all risk" fire insurance), plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 thirty (30) days after such the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the amount remainder of time the Term and Landlord reasonably estimates it will take shall promptly notify Tenant in writing of Landlord's election to restore the Premises. If Premises and of the restoration time Landlord estimates to complete such restoration; provided that so long as Tenant is estimated not in default under this Lease following the expiration of the applicable cure period, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to exceed 6 monthsallow Tenant's substantial use and enjoyment of the Premises within two hundred seventy (270) days after the date of damage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events thirty (as defined 30) day period stated in Paragraph 33subsection (a), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing .
(c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, and if anyas a result of any partial damage, which is Tenant reasonably determines that it cannot usable by Tenant bears to conduct its business in the total area remaining portions of the Premises, the rent for the entire Premises shall be abated. Such Any such abatement shall be conditioned upon Tenant's then carrying the sole remedy required business interruption insurance as described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, but only to the extent such damage is not covered by a standard policy of "all risk" insurance (whether or not Landlord is self-insuring). In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any nonstructural debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require. If damage or destruction rendering the Premises unusable occurs during the final twelve (12) months of the Lease Term or the final twelve (12) months of any extension period which cannot be repaired within sixty (60) days following such damage or destruction, Tenant waives any right shall have the option to terminate the Lease by reason providing Landlord written notification of Tenant's election to terminate within thirty (30) days after the damage or casualty lossoccurs. Notwithstanding anything contained in the Lease For all purposes of this Section 11.1, damage to Tenant's parking areas and access to the contrary, to the extent the Premises shall be deemed damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceBuilding.
Appears in 2 contracts
Sources: Lease Agreement (Broadcom Corp), Industrial Lease (Broadcom Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months from the date of Landlord’s discovery of the damage (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Vir Biotechnology, Inc.), Lease Agreement (Vir Biotechnology, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible (which may be amortized as provided in Section 5) to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Net Multi-Tenant Laboratory 6225 N▇▇▇▇ ▇▇▇▇▇/Cue - Page 17 Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all any repairs or restoration Tenant wishes to have performed that are not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Cue Health Inc.), Lease Agreement (Cue Health Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 60 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 60 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all any repairs or restoration Tenant wishes to have performed that are not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable (as reasonably determined by Tenant) for the temporary conduct of Tenant’s business for the Permitted Use. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Tricida, Inc.), Lease Agreement (Tricida, Inc.)
Restoration. If at any time during In the Lease Term event of a taking in respect of which Tenant shall not have the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as right to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects or, having such right, shall elect not to terminate this Lease, this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenand the Term hereof shall continue in full force and effect and, subject to receipt of sufficient insurance proceedsthe Restoration Portion, Tenant shall forthwith promptly and diligently effect the “Restoration” (as hereinafter defined) through application of the “Restoration Portion”, as hereinafter defined and set forth. If this Lease is not terminated as a result of a taking, as set forth hereinabove in Section 10.2, Landlord shall be entitled to receive the entire award except for that portion (hereinafter referred to as the “Restoration Portion”) of the award necessary for the Restoration, which Landlord shall promptly restore deliver to Tenant upon receipt, or any portion of the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject award applicable to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense fixtures. If the entire award is insufficient for the Restoration, then the Tenant shall promptly perform, subject to delays arising from fund the collection balance of insurance proceeds, or from Force Majeure events (as defined the amount required for Restoration and continue in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding The term “Restoration” herein means the foregoing, either party may terminate this Lease if the Premises are damaged during the last year restoration of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area remaining portions of the Premises, if anyincluding any and all Improvements made theretofore, which is not usable by Tenant bears to together with the total area remaining portions of the parking areas and other common areas of the Premises, to an architectural whole in substantially the same condition that the same were in prior to such taking. Such abatement In the event that Tenant is obligated to restore the Premises under this Article IX and (i) said restoration affects more than ten percent (10%) of the warehouse building or (ii) requires Tenant to fund the balance of any amount required for Restoration, then Tenant shall have the right to elect by written notice to Landlord within thirty (30) days of the date of the condemnation, to extend the then current Term of the Lease through a date specified in such notice as necessary to ensure that sufficient years remain in the then existing Term of the Lease, as of the date of both (i) substantial completion of the restoration and (ii) Tenant’s ability to operate its business once again in the Premises, in order to fully depreciate the restored Improvements, subject to annual rent increases for such extension of the term at two percent (2%) per annum. This right to extend the Term shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect addition to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceremaining Option Terms.
Appears in 2 contracts
Sources: Triple Net Lease Agreement, Triple Net Lease Agreement (American Realty Capital Properties, Inc.)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyis not terminated, Landlord shall notify promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises and Common Areas, subject to the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant within 60 days after shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements; provided if the estimated cost to repair such damage as to Leasehold Improvements exceeds the amount of time insurance proceeds received by Landlord reasonably estimates it will take from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to restore Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the Premisesperformance of the repairs to such Leasehold Improvements. If In no event shall Landlord be required to spend more for the restoration time is estimated to exceed 6 monthsof the Premises and Common Areas than the proceeds received by Landlord, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after whether from Landlord’s noticeinsurance proceeds or proceeds from Tenant. If neither party elects Landlord shall not be liable for any inconvenience to terminate this Lease Tenant, or if Landlord estimates injury to ▇▇▇▇▇▇’s business resulting in any way from the Casualty or the repair thereof. Provided that restoration will Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ ▇ months or less, then, subject to receipt for the portion of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord that is untenantable and paid not used by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses Leasehold Improvements, in which event Tenant shall be abated responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of repair and time required to diligently perform the restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceexisting Leasehold Improvements.
Appears in 2 contracts
Sources: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Lease Agreement (Onsale Inc), Lease Agreement (Channell Commercial Corp)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease pursuant to this Section 11.1(a), Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by a fire or insurance proceeds, Landlord’s plans to repair and restore Common Areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other casualtyfactors (other than the rental rates payable under the leases in question) relevant to Landlord’s decision as long as they are applied to Tenant in the same manner as other tenants.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds 180 days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either Landlord or Tenant party may elect to terminate this Lease upon by written notice to the other party given no later than 30 within 10 days after Landlord’s notice. If following delivery of the Casualty Notice.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject pursuant to receipt of sufficient insurance proceedsSection 11.1(b), Landlord shall promptly restore repair all material damage to the Premises excluding or the improvements installed Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of Landlord) all property insurance proceeds or from Force Majeure events. payable to Tenant at under Tenant’s expense insurance with respect to any Alterations. Within 15 days of demand, Tenant shall promptly performalso pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. However, subject to delays arising from notwithstanding the collection of foregoing, if Tenant has maintained the insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done maintained by Tenant pursuant to the terms of Exhibit D of this Lease throughout the Term, and if the proceeds from the insurance required to be maintained by Tenant with respect to the Alterations have been paid to Landlord prior to Landlord commencing repair of the Alterations, then Landlord agrees Tenant shall not be required to pay any deficiency between the estimated or actual Alteration repair costs and the insurance proceeds received by Landlord from Tenant’s insurance until after substantial completion of the repairs to the Alterations, and such sums shall promptly re-enter be payable by Tenant within 15 days after demand of Landlord.
(d) From and after the Premises and commence doing business in accordance with this Lease. Notwithstanding casualty event, the foregoing, either party may terminate rental to be paid under this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the area Floor Area of the Premises, if any, which Premises that is not usable rendered unusable by Tenant the damage from time to time bears to the total area Floor Area of the Premises. Such abatement .
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, the cost of any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, Tenant waives any right to terminate if the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease is due to the contraryfault or neglect of Tenant or its employees, to the extent the damage to the Project is attributable to Tenantsubtenants, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policycontractors, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceinvitees or representatives.
Appears in 2 contracts
Sources: Lease Agreement (Robot Cache US Inc.), Lease Agreement (Robot Cache US Inc.)
Restoration. If at Subject to the terms of Section 7.1, if neither Landlord nor Tenant elects to terminate this Lease, then this Lease shall continue in force and, if such taking or damage is of or to the Premises, a just proportion of the Rent reserved, according to the nature and extent of the damages sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to do with reasonable diligence (subject to delays which result from any time during cause beyond the Lease Term reasonable control of Landlord) to the Premises are damaged extent permitted by a fire the net proceeds of insurance recovered or other casualtydamages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. Should the net proceeds of insurance recovered or damages awarded be insufficient to cover the cost of restoring the Premises, in the reasonable estimate of the Landlord, the Landlord may, but shall notify Tenant within 60 days after such damage as to have no obligation to, supply the amount of time Landlord reasonably estimates it will take to such insufficiency and restore the Premises with all reasonable diligence or the Landlord may terminate the Lease by giving notice to the Tenant not later than a reasonable time after the Landlord has determined the estimated net proceeds of insurance recovered or damages awarded and the estimated cost of such restoration. In case of damage or destruction, as a result of a risk which is not covered by the Landlord’s insurance, the Landlord shall likewise be obligated to rebuild the Premises, all as aforesaid, unless the Landlord, within a reasonable time after the occurrence of such event, gives written notice to the Tenant of the Landlord’s election to terminate this Lease. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually received by Landlord less the reasonable expenses of Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal and appraisal services. If Landlord’s restoration work has not been substantially completed within twelve (12) months after the restoration time is estimated to exceed 6 monthstaking or damage, either Landlord or then Tenant may elect shall have the right to terminate this Lease upon by giving Landlord written notice of its election to the other party given no later than 30 do so within thirty (30) days after Landlord’s the end of such twelve (12) month period, and if Tenant timely gives such notice. If neither party elects to terminate , this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date which is thirty (30) days after the date of the giving of such casualty notice, unless Landlord’s restoration work is substantially completed within such thirty (30) day period, in which event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement such termination notice shall be the sole remedy of Tenant, null and except as provided herein, Tenant waives any right to terminate the void and this Lease by reason of damage or casualty loss. Notwithstanding anything contained shall continue in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicefull force and effect.
Appears in 2 contracts
Sources: Lease (Tokai Pharmaceuticals Inc), Sublease (Tokai Pharmaceuticals Inc)
Restoration. (a) If the total Proceeds for any Destruction Event are $500,000.00 or less and there is no Event of Default in effect, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence and complete Restoration promptly.
(b) If the Proceeds for any Destruction Event exceed $500,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the “Restoration Funds”) upon Borrower’s request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs, provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date in each case subject to force majeure;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval, plans and specifications and a detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanics’ lien waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress to retain, at Borrower’s expense, an independent engineer or other casualtyconsultant to review the plans and specifications, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender’s satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect to restore the PremisesImprovements on Borrower’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender’s expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days after Landlord’s notice. If neither party elects Remedies, Lender may from time to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year time reimburse itself out of the Lease Term and Landlord reasonably estimates that it will take more than one month Restoration Funds.
(h) If any excess Proceeds remains after Restoration, Lender may elect, in its sole discretion either to repair such damage. Base Rent and Operating Expenses shall be abated for apply the period of repair and restoration commencing on the date of such casualty event in the proportion which the area excess as a credit against any portion of the Premises, if any, which is not usable Debt as selected by Tenant bears Lender in its sole discretion or to deliver the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right excess to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceBorrower.
Appears in 2 contracts
Sources: Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp)
Restoration. If If, at any time during the Lease Term Term, the Premises are is damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the PremisesPremises or the Premises (“Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months[***] (“Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within [***] calendar days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays (“Restoration Delays”) arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period due to Restoration Delays, then Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 14 calendar days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease if the Premises are is damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 4 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises is repaired and restored, in the proportion which that the area of the Premises, if any, which that is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not and any statute or regulation that is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Arbutus Biopharma Corp), Lease Agreement (Arbutus Biopharma Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable ("Restoration Period"). If the restoration time Restoration Period is estimated to exceed 6 months280 days ("Maximum Restoration Period"), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord's election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as "Hazardous Materials Clearances"); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may terminate this Lease by notice to Landlord given any time after the expiration of the Restoration Period (but before the substantial completion of the repair or restoration of the Premises), in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter re˗enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant's business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Opgen Inc), Lease Agreement (Opgen Inc)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 20 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements any Alterations installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform), subject to delays arising from the collection of insurance proceeds, or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Paragraph 33Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, all however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration not and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to be done any Rent payable by Tenant prior to such election by Landlord or Tenant. If this Lease has not been terminated pursuant to this Section 18, after the date that is 4.5 months after the discovery of the damage or destruction, Tenant may deliver to Landlord a written request of Landlord’s determination of the time remaining to restore the Project or the Premises, as applicable. Landlord shall deliver a response to Tenant within 10 days after Landlord’s receipt of Tenant’s written request indicating Landlord’s reasonable estimate of the time remaining to restore the Project or the Premises. If the time estimated by Landlord exceeds the Restoration Period or, if applicable, the Maximum Restoration Period, Tenant may by written notice to Landlord delivered within 10 business days after Tenant’s receipt of Landlord’s response, elect to terminate this Lease and this Lease shall promptly re-enter the Premises and commence doing business in accordance with this Leaseterminate as provided above. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term (which, if Tenant has elected to exercise its Extension Right pursuant to Section 39, shall be the last year of the Extension Term) and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Notwithstanding the foregoing, Landlord shall have no right to terminate this Lease pursuant to the immediately preceding sentence if insurance proceeds are not available as a result of Landlord’s failure to maintain insurance required to be maintained by Landlord pursuant to the terms of this Lease. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space reasonably acceptable to Tenant during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Vividion Therapeutics, Inc.), Lease Agreement (ONCOSEC MEDICAL Inc)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyis not terminated, Landlord shall notify promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises and Common Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Upon notice from Landlord, Tenant within 60 days after shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such damage as to Leasehold Improvements exceeds the amount of time insurance proceeds received by Landlord reasonably estimates it will take from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to restore Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the Premisesperformance of the repairs to such Leasehold Improvements, provided that Tenant shall have the reasonable opportunity to reduce the scope of the Leasehold Improvements to reduce or eliminate the payment of such excess costs. If In no event shall Landlord be required to spend more for the restoration time is estimated to exceed 6 monthsof the Premises and Common Areas than the proceeds received by Landlord, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after whether insurance proceeds under Landlord’s noticeinsurance or insurance proceeds or other amounts received from Tenant. If neither party elects Landlord shall not be liable for any inconvenience to terminate this Lease Tenant, or if Landlord estimates injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that restoration will Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ ▇ months or less, then, subject to receipt for the portion of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord that is untenantable and paid not used by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Jaguar Health, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is reasonably estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 45 after the date of discovery of such damage or destruction. Notwithstanding Landlord’s election restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within Business Days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party elects Unless either Landlord or Tenant so to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (including Landlord’s Work and Tenant’s Work, but excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, release, disposal, removal or remediation of Hazardous Materials in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Restoration Period or, if longer, the Restoration Period, Tenant may elect, by written notice to Landlord, to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 30.20) events or to obtain Hazardous Material Clearances, all repairs or restoration deemed necessary by Tenant in accordance with its then current operations and not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than two months to the contraryrepair such damage, to the extent the damage to the Project is attributable to Tenantor if insurance proceeds are not available for such restoration. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section sets forth their entire understanding and agreement with respect to such matters.
Appears in 2 contracts
Sources: Lease Agreement (Foundation Medicine, Inc.), Lease Agreement (Foundation Medicine, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises or the Building or a part thereof are materially damaged by a fire any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an Event of Default by Tenant has occurred; or (iv) the material damage occurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within 60 sixty (60) days after such the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the amount number of time days within which Landlord reasonably estimates it will take to restore that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord’s Notice).
(b) If Landlord has the restoration right to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, and provided that at the time is estimated of Landlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to exceed 6 monthsfulfill an obligation under this Lease which, either Landlord or unless cured by Tenant within the applicable grace period, would constitute an Event of Default, then within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease upon by written notice to Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the other party given no later than 30 Premises cannot be repaired, with reasonable diligence, within two hundred seventy (270) days after Landlord’s noticethe date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsPremises resulting from a casualty, Landlord shall promptly restore repair all material damage to the Premises excluding or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements installed made by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events any Alterations (as defined in Paragraph 33)Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, all repairs or restoration not in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be done maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding the foregoingprovisions of this Article XI, either party may terminate this Lease if the repair of damage to the Premises are damaged during to the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair extent such damage. Base Rent and Operating Expenses damage is not material shall be abated for the period of repair governed by Sections 7.1 and restoration commencing 7.2.
(d) Commencing on the date of such casualty event material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the area Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, if anyas determined by Landlord, which but only to the extent that Landlord is not usable entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant bears pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the total area contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Such abatement Upon request, Landlord shall be consult with Tenant to determine if there are safe methods of entry into the sole remedy of TenantBuilding or the Premises solely in order to allow Tenant to retrieve files, data in computers, and except as provided hereinnecessary inventory, subject however to all indemnities and waivers of liability from Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything Landlord contained in the this Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to and any additional indemnities and waivers of liability which Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicemay require.
Appears in 2 contracts
Restoration. i. If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease pursuant to this Section 11.1(a), Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by a fire or insurance proceeds, Landlord's plans to repair and restore Common Areas serving the Premises, Landlord's plans for repair and restoration of the Building, and other casualtyfactors (other than the rental rates payable under the leases in question) relevant to Landlord's decision as long as they are applied to Tenant in the same manner as other tenants.
ii. As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds 180 days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either Landlord or Tenant party may elect to terminate this Lease upon by written notice to the other party given no later than 30 within 10 days after Landlord’s noticefollowing delivery of the Casualty Notice.
iii. If In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject pursuant to receipt of sufficient insurance proceedsSection 11.1(b), Landlord shall promptly restore repair all material damage to the Premises excluding or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Alterations or any tenant improvements installed by or for the benefit of Tenant. Within 15 days of demand, Tenant or by shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations.
iv. From and paid by Tenantafter the casualty event, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required rental to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate paid under this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the area Floor Area of the Premises, if any, which Premises that is not usable rendered unusable by Tenant the damage from time to time bears to the total area Floor Area of the Premises. Such abatement .
v. Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, the cost of any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, Tenant waives any right to terminate if the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease is due to the contraryfault or neglect of Tenant or its employees, to the extent the damage to the Project is attributable to Tenantsubtenants, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policycontractors, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceinvitees or representatives.
Appears in 1 contract
Sources: Lease (Redwood Trust Inc)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are damaged by a fire or other casualtypart is damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is greater than Fifty Thousand Dollars ($50,000.00) and is not covered by Landlord's All-Risk Policy (whether or not Landlord chooses to self-insure such coverage) or by Landlord's other insurance coverages, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) a Default by Tenant has occurred at the time of such damage; or (iv) the damage costs more than Fifty Thousand Dollars ($50,000.00) to repair and occurs during the final nine (9) months of the Term (unless Tenant has validly exercised its option to extend the Term contained in Section 3.3 of this Lease). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage occurs and this Lease shall terminate as of the date of that notice. Tenant's responsibility for the reimbursement of deductibles contained in this Lease shall be subject to the following limitations: (A) Tenant shall have no responsibility for so-called "co-insurance" requirements for any deficiencies in Landlord's All-Risk Policy coverage; and (B) in no event shall Tenant's obligation for payment or reimbursement of any deductible exceed the amount of time One Hundred Thousand Dollars ($100,000.00) for any single casualty. Further, in the event that Landlord terminates this Lease pursuant to this Section 11.1(a), Tenant shall have no responsibility for reimbursement of any deductible.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in Default under this Lease, if the damage is so extensive that Landlord reasonably estimates it will take determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to restore allow Tenant's substantial use and enjoyment of the Premises. If , or are not in fact repaired by Landlord, within two hundred seventy (270) days after the restoration time is estimated to exceed 6 monthsdate of damage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord either within the other party given no later than 30 sixty (60) day period stated in subsection (a), or within sixty (60) days following Landlord's failure to so repair the Premises within two hundred seventy (270) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt the date of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events damage.
(as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, if any, which provided that Tenant is then carrying the business interruption insurance required in Exhibit D. ---------
(d) The provisions of this Section 11.1 shall not usable by be deemed to require Landlord to repair any improvements or fixtures that Tenant bears is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the total area contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Such abatement Upon request, Landlord shall be consult with Tenant to determine if there are safe methods of entry into the sole remedy of TenantBuilding or the Premises solely in order to allow Tenant to retrieve files, data in computers, and except as provided hereinnecessary inventory, subject however to all indemnities and waivers of liability from Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything Landlord contained in the this Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to and any additional indemnities and waivers of liability which Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicemay reasonably require.
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Restoration. If at any time during the Lease Term the Premises are arc damaged by a fire Fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are materially damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsthree hundred sixty (360) days from the date the parties receive notice of such damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months take three hundred sixty (360) days or less, thenor if the casualty damage in question is not material, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly and diligently restore the Premises excluding the Tenant-Made Alterations, the Tenant Improvements and/or any other improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or proceeds, any Tenant Delay(s) and/or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be Notwithstanding the sole remedy foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are substantially damaged during the last year of Tenantthe Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. Notwithstanding the foregoing, and except as provided herein, if Tenant waives any was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within sixty (60) days after the expiration of the estimated period of time set forth in the Landlord's estimate (except to the extent that substantial completion is delayed as a result of events of Force Majeure or any acts or omission of Tenant or any Tenant Party), then Tenant may terminate this Lease by reason written notice to Landlord within ten (10) days after the expiration of such period (but prior to substantial completion of the restoration), as the same may be extended.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained (or required to be maintained) by Landlord under this Lease (and the total out-of-pocket cost to Landlord shall exceed five percent (5%) of the replacement cost of the Building), or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage following Landlord's reasonable and good faith efforts to cause the proceeds to be applied towards restoration of the Premises (to the extent permitted under the applicable loan agreements, and to the extent Landlord reasonably determines that restoration is economically viable), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or casualty losssuch requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination; provided, however, such termination shall be null and void if Tenant agrees in writing to pay all uninsured amounts and all amounts required by Landlord's mortgagee (in each case in excess of five percent (5%) of the replacement cost of the Building), and delivers written notice of such election, together with all required funds, within ten (10) business days following Landlord's notice of termination. If Landlord elects to repair or restore such damage or destruction (or a termination election by Landlord is rendered void because Tenant has elected to pay the additional amounts described above and delivered such amounts to Landlord), this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease (and such termination is not rendered void as described above), such termination shall be effective as of the date of the occurrence of such damage or destruction.
(c) Notwithstanding anything contained in the Lease foregoing (but subject to the contraryParagraph 9(c)), to the extent the Building and/or the Premises are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct of Tenant and such risk is not covered by Landlord's insurance coverage or the coverage required to be maintained by Landlord herein, then Tenant shall have no right to terminate this Lease as a result of the casualty damage and Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant's sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant's sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the Project is attributable extent that insurance proceeds are collected by Landlord to Tenantrepair such damage (or, in the event that Landlord has failed to maintain the property insurance required to be maintained by Landlord hereunder, to the extent that insurance proceeds would have been collected had Landlord maintained such required insurance), although Tenant shall in such events pay to Landlord with respect to any damage to the Project an full amount of the commercially reasonable deductible under Landlord’s 's insurance policypolicy and any amounts not insured. This Lease shall continue in full force and effect without any right of Tenant to terminate the Lease, not nor any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant; provided, however, that Base Rent shall be abated to exceed $10,000.00the extent of any rental loss insurance proceeds received by Landlord.
(d) The provisions of this Paragraph 15 shall constitute Tenant's sole and exclusive remedy in the event of damage or destruction to the Premises or Project, within 30 days after presentment and Tenant waives and releases all statutory rights and remedies in favor of Landlord’s invoiceTenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, or if the Building is damaged such that Tenant is deprived of reasonable access to the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises prior to the damage, but Landlord shall notify Tenant within 60 days after such damage have no obligation to repair or restore (i) Tenant's Property or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the amount Premises, to the extent such Alterations or improvements exceed Building Standard Installations ("ABOVE BUILDING STANDARD INSTALLATIONS"). So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of time its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord reasonably estimates it will take either Tenant's Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore the Premises. If any of Tenant's Above Building Standard Installations, then until the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by is Substantially Completed or would have been Substantially Completed but for Tenant or by Landlord Delay, Fixed Rent, Tenant's Tax Payment and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and 's Operating Expenses Payment shall be abated for the period of repair and restoration commencing on the date of such casualty event reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives .
(b) As a condition precedent to Landlord's obligation to repair or restore any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to TenantAbove Building Standard Installations, Tenant shall (i) pay to Landlord with respect to any damage upon demand a sum ("TENANT'S RESTORATION PAYMENT") equal to the Project an amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Improvements in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the "RESTORATION SECURITY") in form and amount reasonably acceptable to Landlord to secure Tenant's obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord either (1) Tenant's Restoration Payment or the Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord's obligations to repair or restore any of the commercially reasonable deductible under Landlord’s insurance policyAbove Building Standard Installations, not to exceed $10,000.00, in either case within 30 15 days after presentment Landlord's demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and Tenant's abatement of Landlord’s invoiceFixed Rent, Tenant's Tax Payment and Tenant's Operating Payment shall cease when the restoration of the Premises (other than any Above Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (Philadelphia Consolidated Holding Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage (the “Restoration Notice”) as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided however, notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice delivered to the other party given no later than 30 Landlord within 10 business days after following receipt of Landlord’s noticeestimate of the Restoration Notice if it specifies a Restoration Period for the Premises longer than the Maximum Restoration Period. If neither party Unless Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by TenantTenant unless covered by the insurance Landlord maintains as an Operating Expense under this Lease, in which case such improvements shall be included, to the extent such insurance proceeds are actually received, in Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or (provided that any such delay is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under this Lease), from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 22 as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, (i) either party Party may terminate this Lease if the Premises are damaged during the last year 12 months of the Lease Term and Landlord reasonably estimates that it will take more than one month 4 months to repair such damage, or (ii) Landlord may terminate this Lease if the Premises are damaged and insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of the casualty, provided that if Hazardous Materials Clearances are required as a condition for the repair or restoration, then Rent shall be abated from the date all required Hazardous Material Clearances are obtained, and in either case, such casualty event abatement shall be until the Premises are repaired and restored, and shall be in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of ▇▇▇▇▇▇’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe Parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged by as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; or (ii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s Property Policy and/or from its other property insurance policies (if any), insurance, including without limitation earthquake insurance, plus any additional amounts Tenant elects, at its option, to contribute, excluding, however, the deductible (for which Tenant shall be responsible to reimburse Landlord as a fire or other casualty“Project Cost”, subject to the terms and limitations of Section (g) of Exhibit B attached to this Lease). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. DocuSign Envelope ID: 7CCC5BBD-E005-4A99-BDC3-12BBFCE51E1A
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time is estimated to exceed 6 monthsanticipated repair period exceeds 270 days, then either Landlord or Tenant party may elect to terminate this Lease upon by written notice to the other party given no later than 30 within 10 business days after Landlord’s noticefollowing delivery of the Casualty Notice. If neither party elects to In addition, Tenant may terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to within 10 business days following receipt of sufficient insurance proceedssuch Casualty Notice if the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall promptly restore shall, at Landlord’s sole cost and expense, repair all material damage to the Premises excluding or the improvements installed Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant or under Tenant's insurance with respect to any Tenant Installations and Landlord shall restore any such Tenant Installations. In the absence of any such notice from Landlord, restoration of the Tenant Installations shall be Tenant’s responsibility at its sole cost and expense.
(d) From and after the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by Landlord and paid the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding anything to the contrary contained in this Section 11.1, if for any reasons other than delays caused by Tenant, subject or other matters beyond Landlord’s reasonable control (not to delays arising from exceed thirty (30) days in the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33aggregate), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business and/or the Building have not been substantially repaired within the time period specified in accordance with the Casualty Notice, then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in the Casualty Notice (for reasons other than Tenant-caused delays and/or force majeure delays not exceeding 30 days in the aggregate), then Landlord may notify Tenant in writing of such determination and of a new outside date for completion of such repairs, and Tenant must elect within ten (10) days of receipt of such notice to either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any or waive its right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease provided such repairs are substantially completed prior to the contrary, new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such ten (10) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the extent the damage previous outside date, but not as to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicenew outside date established by said notice.
Appears in 1 contract
Sources: Lease Agreement (eHealth, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtyBuilding is damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's proportionate share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the amount Premises within two hundred seventy (270) days after the date of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsdamage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events sixty (as defined 60) day period stated in Paragraph 33subsection (a), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing .
(c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises, if any, which Building that is not usable rendered unusable by Tenant the damage from time to time bears to the total floor area of the Premises. Such abatement Building, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D. ---------
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above and to the extent not covered by applicable insurance coverage, the cost of any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any right improvements or fixtures that Tenant is obligated to terminate repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Lease by reason Premises to facilitate all inspections of damage or casualty lossthe Premises and the making of any repairs. Notwithstanding anything to the contrary contained in the Lease this Lease, if Landlord in good faith believes there is a risk of injury to the contrary, to the extent the persons or damage to property from entry into the Project is attributable to Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall pay consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord with respect to contained in this Lease and any damage to the Project an amount additional indemnities and waivers of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceliability which Landlord may require.
Appears in 1 contract
Sources: Sublease Agreement (Artest Corp)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will shall, subject to DocuSign Envelope ID: 3D9421BF-E23B-4F57-8C3D-FC854D1C296D 2▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ months or less, then, subject to – Suite 100/Greenlight - Page 19 receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by TenantTenant unless covered by the insurance Landlord maintains as an Operating Expense hereunder, in which case such improvements shall be included, to the extent of such insurance proceeds, in Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Sources: Lease Agreement (GreenLight Biosciences Holdings, PBC)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged by a fire as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or other casualty(iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice, and Tenant shall have no further obligations to Landlord, financial or otherwise. In such circumstance, Landlord shall promptly return the remaining balance of the Security Deposit and any prepayment of rent to the Tenant.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds 270 days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either Landlord or Tenant party may elect to terminate this Lease upon by written notice to the other party given within 10 days following delivery of the Casualty Notice, and Tenant shall have no later than 30 days after further obligations to Landlord’s notice, financial or otherwise. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsIn such circumstance, Landlord shall promptly restore return the remaining balance of the Security Deposit and any prepayment of rent to the Tenant.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises excluding or the improvements installed Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of Landlord) all property insurance proceeds or from Force Majeure eventspayable to Tenant under Tenant's insurance with respect to any Alterations. Within 15 days of demand, Tenant at Tenant’s expense shall promptly performalso pay Landlord for any additional excess costs that are reasonably determined during the performance of the repairs to such Alterations.
(d) From and after the casualty event, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required rental to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate paid under this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the area Floor Area of the Premises, if any, which Premises that is not usable rendered unusable by Tenant the damage from time to time bears to the total area Floor Area of the Premises. Such abatement .
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, the cost of any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, Tenant waives any right to terminate if the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease is due to the contraryfault or neglect of Tenant or its employees, to the extent the damage to the Project is attributable to Tenantsubtenants, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policycontractors, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceinvitees or representatives.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises or the Building or a part thereof are materially damaged by a fire any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its sole and absolute option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an uncured Event of Default by Tenant has occurred and is continuing; or (iv) the material damage occurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within 60 sixty (60) days after such the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the amount number of time days within which Landlord reasonably estimates it will take to restore has estimated that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord’s Notice).
(b) If Landlord has the restoration right to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, and provided that at the time of Landlord’s Notice neither an Event of Default exists and is estimated continuing nor has Landlord delivered Tenant a notice of any failure by Tenant to exceed 6 monthsfulfill an obligation under this Lease which, either Landlord or unless cured by Tenant within the applicable grace period, would constitute an Event of Default, then within thirty (30) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease upon by written notice to Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the other party given no later than 30 Premises cannot be repaired, with reasonable diligence, within two hundred seventy (270) days after Landlordthe date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s noticecontinued use of the Premises. If Tenant fails to provide such termination notice within such thirty (30) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsPremises resulting from a casualty, Landlord shall promptly restore repair all material damage to the Premises excluding or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements installed made by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events any Alterations (as defined in Paragraph 33Section 7.3), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease (AutoTrader Group, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord or Tenant may may, in such notice, elect to terminate this Lease upon as of the date that is 75 days after the date of discovery of such damage or destruction. In the event the Premises are damages or destroyed and Landlord fails to timely provide such notice of Landlord’s estimate of the Restoration Period, then Tenant may, in its sole and absolute discretion, terminate this Lease by at least sixty (60) days’ prior written notice to the other party Landlord given no later than 30 within 10 days after the expiration 321 Arsenal (AOTC) / Forma Therapeutics - Page 18 of the period for Landlord to give notice of the estimated Restoration Period (but such notice shall be null and void if Landlord delivers its estimate notice within such 60-day period). Additionally, in the event Landlord’s estimate notice indicates that the Restoration Period for damage or destruction to the Premises is expected to exceed the Maximum Restoration Period, then Tenant shall also have the right to terminate this Lease by written notice to Landlord within thirty (30) days following the date Tenant receives Landlord’s restoration estimate notice. If neither party Unless Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises and/or the Building (with such changes as Landlord may desire), as applicable (excluding the improvements installed by Tenant or by Landlord and paid for solely by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”). If the repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, as extended by Force Majeure, Tenant may, in its sole and absolute discretion, terminate this Lease by at least thirty (30) days’ prior written notice to Landlord given within 15 days following expiration of the Restoration Period (and which notice shall be null and void if Landlord substantially completes the restoration within 30 days following Landlord’s receipt of Tenant’s expense termination notice). Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party (i) Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year 18 months of the Lease Term and Landlord reasonably estimates that it will take more than the lesser of one month half of the remaining Term or 3 months to repair such damagedamage or (ii) Landlord may terminate this Lease if the Premises are damaged and insurance proceeds (plus any applicable deductible) are not available for such restoration. Base In the event any fire or other casualty renders any material portion of the Premises inaccessible or not reasonably usable for the Permitted Use, Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such fire or other casualty event until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant at no additional cost or expense beyond the Rent set forth in this Lease with other space during the period of repair that is suitable for the temporary conduct of ▇▇▇▇▇▇’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty lossloss except as expressly provided herein. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Sources: Lease Agreement (Forma Therapeutics Holdings, Inc.)
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less, no Event of Default is continuing, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs and provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default continuing under the Loan Documents to which Borrower or an Affiliate of Borrower is a party at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at anytime prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect by notice to Borrower to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days after Landlord’s notice. If neither party elects Remedies, Lender may from time to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year time reimburse itself out of the Lease Term and Landlord reasonably estimates that it will take more than one month Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion either to repair such damage. Base Rent and Operating Expenses apply the excess as a credit against any portion of the Debt, at par without penalty or premium, as selected by Lender in its sole discretion or to deliver the excess to Borrower.
(i) Notwithstanding anything to the contrary in this Mortgage, Borrower shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, released from its Restoration obligations to the extent that Lender causes the damage Proceeds to the Project is attributable be applied to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount reduction of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceDebt.
Appears in 1 contract
Sources: Open End Leasehold Mortgage (Life Time Fitness Inc)
Restoration. If at any time during Landlord does not elect to so terminate, this Lease shall continue in force and (so long as the Lease Term damage is not caused by the negligence or other wrongful act of Tenant or its employees, agents, contractors or invitees) a just proportion of the Annual Fixed Rent reserved, according to the nature and extent of the damages sustained by the Premises, shall be suspended or abated until the Premises (excluding any improvements to the Premises made at Tenant’s expense), or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to do with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such destruction, taking, or condemnation and subject to zoning and building laws or ordinances then in existence. After any such casualty, Tenant shall remove from the Premises as promptly as reasonably possible, all of Tenant’s salvageable equipment, furniture and other property. Tenant acknowledges that Landlord will not carry insurance on Tenant’s furniture and/or furnishing or any fixtures or equipment, improvements, alterations or appurtenances and agrees that Landlord will not be obligated to repair any damage thereto or replace the same. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually made available to Landlord (and not retained by any Superior Lessor or Superior Mortgagee) less the reasonable expenses of Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal and appraisal services. In the event that the Premises or the Building are damaged by a fire or other casualtycasualty to such an extent so as to render the Premises untenantable, and if Landlord shall notify Tenant within 60 days after such damage as fail to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all substantially complete said repairs or restoration not required to be done by Landlord and shall promptly re-enter within two hundred ten (210) days after the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoingdate of such fire or other casualty for any reason other than Tenant's fault, either party Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and by giving Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses written notice as follows:
(a) Said notice shall be abated for the period of repair and restoration commencing on the given after said 210-day period.
(b) Said notice shall set forth an effective date of such casualty event in the proportion which the area of the Premises, if any, (“Effective Date”) which is not usable earlier than thirty (30) days after Tenant delivers said notice.
(c) If said repairs or restoration are substantially complete on or before the Effective Date (which Effective Date shall be extended by the length of any delays caused by Tenant bears to or Tenant’s contractors), said notice shall have no further force and effect.
(d) If said repairs or restoration are not substantially complete on or before the total area of the Premises. Such abatement Effective Date (which Effective Date shall be extended by the sole remedy length of any delays caused by Tenant or Tenant’s contractors), and except as provided herein, Tenant waives any right to terminate the Lease by reason shall terminate as of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicesaid Effective Date.
Appears in 1 contract
Sources: Lease (Liquid Holdings Group, Inc.)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are damaged by a fire or other casualtypart is damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate occurs and this Lease upon notice to shall terminate as of the other party given no later than 30 days after Landlord’s date of that notice. If neither party .
(b) Unless Landlord elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the damage is so extensive that Landlord reasonably determines that the Premises are damaged during the last year cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the Lease Term presence of hazardous factors, earthquake faults, and Landlord reasonably estimates that it will take more than one month other similar dangers) so as to repair such damage. Base Rent allow Tenant's substantial use and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area enjoyment of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Industrial Lease (Immersion Corp)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant's Property or (ii) except as provided in Section 11.3(b), any Above Building Standard Installations. So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord either Tenant's Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant's Above Building Standard Installations, then until the restoration of the Premises excluding the improvements installed by is Substantially Completed or would have been Substantially Completed but for Tenant or by Landlord Delay, Fixed Rent, Tenant's Tax Payment and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and 's Operating Expenses Payment shall be abated for the period of repair and restoration commencing on the date of such casualty event reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives .
(b) As a condition precedent to Landlord's obligation to repair or restore any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to TenantAbove Building Standard Installations, Tenant shall (i) pay to Landlord with respect to any damage upon demand a sum ("Tenant's Restoration Payment") equal to the Project an amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the "Restoration Security") in form and amount reasonably acceptable to Landlord to secure Tenant's obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord either (1) Tenant's Restoration Payment or the Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord's obligations to repair or restore any of the commercially reasonable deductible under Landlord’s insurance policyAbove Building Standard Installations, not to exceed $10,000.00, in either case within 30 15 days after presentment Landlord's demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and Tenant's abatement of Landlord’s invoiceFixed Rent, Tenant's Tax Payment and Tenant's Operating Payment shall cease when the restoration of the Premises (other than any Above Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Restoration. If Notwithstanding any contrary provision of the Sublease, Subtenant hereby agrees that, in addition to any restoration or repair obligation of Subtenant set forth in the Sublease, Subtenant shall, at any time during its sole cost and expense, be solely responsible for performing the Lease Term the Premises are damaged by a fire restoration or other casualty, Landlord shall notify Tenant within 60 days after such damage as repair obligations with respect to the amount of time Landlord reasonably estimates it will take to restore the Suite 5000 Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice which shall be limited to the work specified in the document entitled Lyft Channel 5 Demo Permit Drawings (Permit #2022-0927-3187) attached hereto as Exhibit A (the “Subtenant Suite 5000 Restoration Work”); provided, however, that Sublandlord agrees that Subtenant shall not be required to remove any communications, computer tele/data cabling, AV lines or racks located in the Suite 5000 Premises (collectively, the “Cabling Removal Work”). Master Landlord, by signing this First Amendment below or pursuant to a separate written consent, hereby agrees that Sublandlord’s restoration or repair obligations with respect to the Suite 5000 Premises shall be limited to the Subtenant Suite 5000 Restoration Work (with the exception of the Cabling Removal Work which shall remain Sublandlord’s responsibility) and agrees that Sublandlord will have no obligation to perform (or pay for) the restoration, repair or removal of any improvements located in the Suite 5000 Premises as of the expiration of the Master Lease other party given no later than 30 days after Landlord’s noticethe Cabling Removal Work. If neither party elects Further, as a consequence of Master Landlord and Subtenant having entered into a direct lease with respect to terminate this Lease the Suite 3400 Premises, Master Landlord agrees that Sublandlord is relieved of any restoration or if Landlord estimates that repair obligation with respect to the Suite 3400 Premises, and Subtenant shall be responsible for any restoration will or repair obligation with respect to the Suite 3400 Premises as may be set forth in such direct lease. Moreover, ▇▇▇▇▇▇▇▇▇▇▇ ▇ months agrees that Subtenant is relieved of any restoration or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord obligation with respect to any damage the Suite 3400 Premises pursuant to the Project an amount terms of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.Sublease. 807676.01/WLA888888-00912/11.10.22/ejs/ejs SUBLEASE EXTENSION AMENDMENTChina Basin Landing[Dropbox/Lyft] 08274\001\9305170.v4
Appears in 1 contract
Sources: Sublease (Lyft, Inc.)
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Sources: Lease Agreement (OvaScience, Inc.)
Restoration. If Tenant shall return the Leased Premises to Landlord at the expiration or earlier termination of this Lease in good and sanitary order, condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted. Tenant shall not be required to remove any time during of the Lease Term Tenant Improvements or any Alterations except for Non-Standard Office Improvements and Tenant’s Wires. “Non-Standard Office Improvements” mean any Tenant Improvement or alteration that is not, in Landlord’s reasonable opinion, a “typical” office improvement or which would not be conducive for use by subsequent office occupants, and will also include any alteration or improvements that (i) perforate, penetrate or require reinforcement of a floor slab (including, without limitation, high-density filing or racking systems), (ii) consist of the Premises are damaged by installation of a fire raised flooring system, (iii) consist of the installation of a vault or other casualtysimilar device or system intended to secure the Leased Premises or a portion thereof in a manner that exceeds the level of security necessary for ordinary office space, Landlord or (iv) involve material plumbing connections (such as, for example but not by way of limitation, kitchens, saunas, showers, and executive bathrooms outside of the Building core and/or special fire safety systems). If remove is required Tenant, at its expense, shall notify Tenant within 60 days after cause such damage as work to be completed and restore the affected area to its original condition prior to the amount expiration or sooner termination of time Landlord reasonably estimates it will take this Lease. All damage to restore the Premises. If Leased Premises caused by the restoration time removal of such trade fixtures and other Personal Property that Tenant is estimated permitted to exceed 6 months, either Landlord or Tenant may elect to terminate remove under the terms of this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that and/or such restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed be repaired by Tenant or by Landlord at its sole cost and paid by Tenant, subject expense prior to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Leasetermination. Notwithstanding the foregoing, either party may terminate this Lease if Tenant shall be required to remove all telephone, data and network communication wires, cables and lines installed by Tenant (collectively, “Wires”) in the Leased Premises are damaged during or anywhere in the last year Building, including the conduits and risers of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for Building, by the period of repair and restoration commencing on the date of such casualty event in the proportion which the area expiration or sooner termination of the PremisesTerm of this Lease, if any, which unless such work is not usable by required under applicable Law and provided that Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord complies with all applicable Laws with respect to leaving the Wires in place, including, without limitation, identifying and labeling all Wires for future use, and in any damage to the Project an amount event providing Landlord with a written description of the commercially reasonable deductible under Landlord’s insurance policyWires accompanied by a plan showing the current type, not quantity, points of commencement and termination, and routes of the Wires to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceallow Landlord to determine if Landlord desires to retain same or to discard the same.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the Premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtyBuilding is damaged, Landlord shall diligently repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance (or, if Landlord is self-insuring, would not be covered by a standard all-risk policy, subject to standard exclusions), plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's proportionate share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing beyond any applicable cure period at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease beyond any applicable cure period, if, the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the amount Premises within two hundred seventy (270) days after the date of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsdamage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 days after Landlord’s notice. If neither party elects sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to terminate the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any rental abatement Insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any non-structural debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord estimates that restoration will ▇▇▇▇ ▇ months in good faith believes there is a risk of injury to persons or lessdamage to property from entry into the Building or Premises following any damage or destruction thereto, thenLandlord may restrict entry into the Building or the Premises by Tenant, subject its employees, agents and contractors in a non-discriminatory manner, without being deemed to receipt have violated Tenant's rights of sufficient insurance proceedsquiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall promptly restore consult with Tenant to determine if there are safe methods of entry into the Building or the Premises excluding the improvements installed by solely in order to allow Tenant or by Landlord to retrieve files, data in computers, and paid by Tenantnecessary inventory, subject however to delays arising all indemnities and waivers of liability from the collection Tenant to Landlord contained in this Lease and any additional indemnities and waivers of insurance proceeds liability which Landlord may require. If damage or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter destruction rendering the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged unusable occurs during the last year final twelve (12) months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair or the final twelve (12) months of any extension period which cannot be repaired within sixty (60) days following such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereindamage or destruction, Tenant waives any right shall have the option to terminate the Lease by reason providing Landlord written notification of Tenant's election to terminate within thirty (30) days after the damage or casualty lossoccurs. Notwithstanding anything contained in the Lease For all purposes of this Section 11.1, damage to Tenant's parking areas and access to the contrary, to the extent the Premises shall be deemed damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceBuilding.
Appears in 1 contract
Sources: Industrial Lease (Omm Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-re- enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Tenant shall not be required to pay any portion of the deductible if such restoration arises solely due to Landlord's negligence or willful misconduct. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (Techdyne Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as Subject to the amount rights of time Landlord reasonably estimates it will take any mortgagee to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord receive and paid by Tenant, subject to delays arising from the collection of ----------- apply available insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenantdischarge Owner's indebtedness, and except as provided hereinall or a sufficient number (in Operator's reasonable opinion) of Units will be rebuilt and adequate parking will be available, Tenant waives any right Master Manager shall cause the owners of damaged property to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryrepair, to the extent the damage to the Project is attributable to Tenantrestore, Tenant shall pay to Landlord with respect to rebuild and replace any damage to the Project an amount Resort or the Resort Services Commercial Lots caused by fire or insured casualty provided available insurance proceeds and funds otherwise available to cover the costs of rebuilding (i.e. as a loan(s) on reasonable terms) are sufficient to cover the entire costs thereof. The parties shall cooperate in good faith to maximize the insurance adjustment. All business interruption insurance proceeds received by Master Manager, Owner and Operator shall be considered Gross Revenues and applied to pay the ongoing expenses of the commercially reasonable Resort. The Base Management Fee shall continue to be paid to Operator each month during the period from the occurrence of the casualty until restoration is completed (the "Restoration Period"), less what Operator has received from the proceeds of business interruption insurance, and shall be based on the revenues realized for the most recent comparable period(s) of a calendar year in which there occurred no extraordinary event (such as a casualty). No Incentive Fee shall be paid to Operator during the Restoration Period until the Resort has received the proceeds of the business interruption insurance (which shall be treated as Gross Revenues). Any deductible under Landlord’s paid shall not be treated as an Expense hereunder. In the event there are insufficient insurance policyproceeds to cover the entire costs of rebuilding, Master Manager shall be responsible for the excess costs, which shall not be treated as Expenses hereunder. If the Resort has not reopened, or can not reasonably be expected to exceed $10,000.00reopen, within 30 two years from the date of the casualty, as a Resort of the same type and class and in substantially the same condition as the Resort prior to the casualty, then either Master Manager or Operator may terminate this Agreement by delivering thirty (30) days after presentment written notice of Landlord’s invoicetermination to the other party.
Appears in 1 contract
Sources: Operating Agreement (American Leisure Holdings Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 forty-five (45) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises and whether Landlord has sufficient insurance proceeds or other sources of funds with which to restore the Premises. If the restoration time is estimated to exceed 6 months150 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months take 150 days or lessless and Landlord has determined there are sufficient insurance proceeds (with regard to which Landlord shall have previously notified Tenant pursuant to the first sentence of this Paragraph 15), then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the actual commercially reasonable deductible under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice, subject to the Deductible Cap (described below). During the first five (5) years of this Lease the Deductible Cap shall be $50,000 and during any time thereafter, the Deductible Cap shall be $75,000. As of the Effective Date, the deductible under Landlord’s insurance policy is $25,000.
(d) Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises; provided, however Tenant shall not be entitled to any abatement of rent in the event such damage or destruction resulted from the negligence or willful misconduct of Tenant or a Tenant Related Party. Such abatement abatement, if any, shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. If at the Building or the Premises, or any time part thereof, is damaged by fire or other casualty before the Commencement Date or during the term of this Lease, and this Lease Term is not terminated pursuant to SECTION 11.2 hereof, Landlord shall repair such damage and restore the Building and the Premises (but not the Tenant Improvements or any Alterations or any of Tenant's personal property, equipment or trade fixtures) to substantially the same condition in which the Building and the Premises existed before the occurrence of such fire or other casualty and this Lease shall, subject to this SECTION 11.1 remain in full force and effect. If Landlord is obligated or elects to make such repairs pursuant to SECTION 11.2 below, Tenant shall pay to Landlord prior to Landlord's commencement of such repair work all insurance proceeds received by Tenant applicable to the work which Landlord is required or elects to perform and if such insurance proceeds, plus the proceeds from applicable insurance which Landlord is required to carry pursuant to SECTION 8.5, are not sufficient to allow Landlord to complete such work, Tenant shall pay such shortfall to Landlord. All such payments from Tenant to Landlord shall be made within ten (10) business days of demand from Landlord. If such fire or other casualty damages the Premises or common areas of the Building necessary for Tenant's use and occupancy of the Premises and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises are damaged rendered unusable by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. , Tenant shall be entitled to a reduction in Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which that the area of the Premises, if any, which is not usable Premises rendered unusable by Tenant such damage bears to the total area of the Premises. Such abatement shall be Premises (i) during the sole remedy period of Tenant, Landlord's Work and except as provided herein, Tenant waives any right to terminate until the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, same is substantially completed and (ii) to the extent of any rent insurance proceeds paid to Landlord, during the period when Tenant is repairing the damage which it is responsible to the Project is attributable repair. Landlord shall not be obligated to Tenantrepair any damage to, or to make any replacement of, any Alterations, movable furniture, equipment, trade fixtures, Tenant shall pay to Landlord Improvements or personal property in the Premises. Tenant shall, at Tenant's sole cost and expense, repair and replace all such Alterations, movable furniture, equipment, trade fixtures, Tenant Improvements and personal property in compliance with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceSECTION 7 hereof.
Appears in 1 contract
Sources: Lease (Wj Communications Inc)
Restoration. If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; provided, however, that notwithstanding the foregoing, Landlord may not terminate this Lease pursuant to this clause if, at the lime of such casualty, Tenant has validly exercised an express option to extend the Term of this Lease beyond the then scheduled Expiration Date, or (ii) the damage is of a type not covered by a fire the insurance Landlord is required to carry, or other casualtyactually carries under this Lease, and the cost to repair the damage will exceed $250,000.00 (and Tenant does not agree to provide the shortfall in proceeds to Landlord in excess of $250,000.00 within 10 days after its receipt of written demand by Landlord). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the "Casualty Notice" (as defined below), and this Lease shall terminate as of the date of delivery of that notice. As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing ("Casualty Notice") of Landlord's election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casually damage, which estimate shall be provided by a licensed and experienced independent construction contractor. If the restoration time anticipated repair period exceeds 270 days and if the dam age is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant's substantial use and enjoyment of the Premises, then either Landlord or Tenant party may elect to terminate this Lease upon by written notice to the other party given no later than 30 within 10 days after Landlord’s noticefollowing delivery of the Casualty Notice. If In the event that neither party Landlord nor Tenant is entitled to terminate this Lease or elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or lesspursuant to Sections 11.1(a) and 11.1(b), then, subject to receipt of sufficient insurance proceedsas applicable, Landlord shall promptly restore repair all material damage to the Premises excluding or the improvements installed Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse 011er to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant or by Landlord and paid by under Tenant, subject 's insurance with respect to delays arising from any Tenant Installations; provided if the collection estimated cost to repair such Tenant Installations exceeds the amount of insurance proceeds or received by Landlord from Force Majeure eventsTenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Tenant at Tenant’s expense shall promptly performFurther, subject if Landlord does not complete its required restoration within 60 days after the time period estimated by Landlord to repair the damage as specified in the Casualty Notice, as the same may be extended by force majeure delays arising from of the collection type set forth in Section 20.9 (but not in excess of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33120 additional days caused by any such force majeure delays), all repairs or restoration not required Tenant may terminate this Lease by delivering written notice to be done by Landlord and Landlord's Mortgagee within 30 days following the expiration of such 60 day period, and prior to the date upon which Landlord substantially completes such restoration. Such termination shall promptly re-enter be effective as of the Premises and commence doing business date specified in accordance with this LeaseTenant's termination notice (but not earlier than 30 days or later than 120 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. Notwithstanding the foregoing, either party may if upon the receipt of Tenant's written election to terminate this Lease if the Premises are damaged during the last year of the Lease Term and as provided in this Section 11.1 (c), Landlord reasonably estimates that believes it will take more than one month can complete its required restoration within 30 days following the receipt of such notice, Landlord may, it its sole discretion, elect to repair proceed with such damagerestoration and, provided Landlord substantially completes such required restoration within such 30-day period. Base Tenant's election to terminate shall be null and void. From and after the casualty event, the rental (including Basic Rent and Operating Expenses Expenses) to be paid under this Lease shall be abated for the period of repair and restoration commencing on the date of such casualty event in the same proportion which that the area Floor Area of the Premises, if any, which Premises that is not usable rendered unusable by Tenant the damage from time to time bears to the total area Floor Area of the Premises. Such abatement Notwithstanding the provisions of subsection (d) of this Section 11.1, if the damage is due to the negligence of Tenant or its employees, subtenants, contractors, invitees or representatives, then the rental to be paid by Tenant under this Lease shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, abated only to the extent the damage to the Project Landlord is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount compensated for such rental by loss of the commercially reasonable deductible under rent insurance proceed then carried by Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Sublease (Upwork Inc.)
Restoration. A. If this Lease is not terminated under Section 7.1 ----------- above, this Lease shall continue in force and a just proportion of the rent reserved, according to the nature and extent of the damages sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be restored by Landlord to its prior condition (provided, however, Landlord's restoration obligations shall be collectively referred to herein as "Landlord Restoration Work" and shall be limited to the base building structural and core elements, any common area and other base building improvements, and any parking garage constructed on the Land by Tenant, but shall exclude the Tenant's Work and other improvements made in or on the Premises by or on behalf of Tenant), which Landlord covenants to do with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such taking, destruction or damage and any contribution required to be made by Landlord and Tenant hereunder, and subject to zoning and building laws or ordinances then in existence. All other repair and restoration work, including the Tenant's Work and all other leasehold improvements (collectively, the "Tenant's Restoration Work"), shall be performed by and at any time the expense of Tenant, promptly and with due diligence. The Fixed Rent and Additional Rent shall be equitably abated during the Lease Term period in which Tenant is performing the Premises are damaged by a fire Tenant's Restoration Work, but in no event longer than ninety (90) days after the date when Landlord's Restoration Work has been substantially completed. Tenant shall use reasonable efforts not to interfere with Landlord's Restoration Work during the performance of Tenant's Restoration Work. "Net proceeds of insurance recovered or other casualtydamages awarded" refers to the gross amount of such insurance or damages less the reasonable expenses of Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal and appraisal services (provided, however, Landlord shall notify Tenant within 60 days after such damage as be required to fund the amount of time any deductible under its insurance policy and any deficiency in proceeds because of Landlord's failure to carry the insurance required by this Lease). Tenant shall make available to Landlord reasonably estimates it will take to restore for restoration of any parking garage on the Premises. If Land that portion of the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice proceeds of Tenant's insurance recovered and attributable to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord parking garage and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable insured by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenanthereunder, and except as provided hereinprovided, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenanthowever, Tenant shall pay be required to Landlord with respect to any damage to fund the Project an amount of the commercially reasonable any deductible under Landlord’s its insurance policy, not policy and any deficiency in proceeds because of its failure to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicecarry the insurance required by this Lease.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months180 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord Tenant's personal property and paid by Tenanttrade fixtures, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents provided, however if, despite Landlord's reasonable efforts, such repairs are not actually completed within one hundred eighty (180) days from commencement of the repairs, then Landlord shall use commercially reasonable efforts to relocate or find replacement space for the tenant in the Project until such repairs are completed, but if Landlord is unable to do so within such one hundred eighty (180) day period, then Tenant shall have the right to terminate this Lease within 30 days after the expiration of such one hundred eighty (180) day period. Tenant at Tenant’s 's expense shall promptly performperform after completion of Landlord's restoration and delivery of the Premises to Tenant, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance required to be maintained by Landlord or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's insurance policy within ten (10) days after presentment of Landlord's invoice. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. If said election to terminate is not exercised by either party within said sixty (60) day period or if there is no right to terminate, Landlord shall fully restore the Premises (exclusive of Tenant’s personal property and trade fixtures) to a proper condition for use, with reasonable promptness and diligence, but only to the extent insurance proceeds are available therefor (or would have been available therefor if Landlord had carried the insurance required under Section 3.2(d)(iii)) and subject to zoning and building laws then in existence; and from and after the occurrence of such Casualty and continuing during such restoration period, an equitable abatement of rent shall be made for the portion of the Premises not fit for use and occupation. If Landlord fails to complete restoration of the Premises (exclusive of Tenant’s personal property and trade fixtures) within a period equal to 150% of the time estimated for restoration by Landlord at any the time during of commencement of the Lease Term restoration work, and as a result the Premises are damaged not fit for use and occupancy for Tenant’s Permitted Uses, Tenant may terminate the Lease by a fire or other casualtywritten notice given to Landlord while such failure to complete restoration persists, Landlord in which event this Lease shall notify Tenant within 60 terminate as of the date that is thirty (30) days after the date of delivery of such damage as to the amount of time termination notice; provided, however, that if Landlord reasonably estimates it will take to restore the Premises. If the completes restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 within thirty (30) days after Landlord’s delivery of such termination notice. If neither party elects to terminate this Lease , the termination notice shall be deemed void and of no force or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Leaseeffect. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged a Casualty shall occur during the last year of either the Initial Term or the first Extension Term, Landlord shall not be obligated to restore the Premises unless the Tenant agrees in writing to exercise its options to extend the Term of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and first Extension Term or the Second Extension Term, as applicable. If Landlord failed to carry the insurance or coverage required under Section 3.2(d)(iii), Landlord shall contribute funds toward restoration commencing on so that the date of such casualty event in proceeds available equal those that would have been available had the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage required insurance or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicecoverage been carried.
Appears in 1 contract
Sources: Lease (Gsi Group Inc)
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs, provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, which approval shall not be unreasonably withheld, plans and specifications and a detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may reasonably request including mechanics' lien waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender reasonably determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default under the Loan Documents at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review the plans and specifications, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. Lender will not hold any Restoration Funds in trust. At Lender's election or, so long as no Event of Default has occurred, at Borrower's request, Lender will deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender, and such agreement shall include provisions for the payment of interest on Restoration Funds held by the depositary.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If the restoration time is estimated Borrower fails to exceed 6 monthsdo so, either Landlord or Tenant may elect to terminate this Lease upon notice then in addition to the other party given no later than 30 days after Landlord’s notice. If neither party elects Remedies, Lender may from time to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year time reimburse itself out of the Lease Term and Landlord reasonably estimates that it will take more than one month Restoration Funds.
(h) If any excess Proceeds remains after Restoration, Lender may elect, in its sole discretion either to repair such damage. Base Rent and Operating Expenses shall be abated for apply the period of repair and restoration commencing on the date of such casualty event in the proportion which the area excess as a credit against any portion of the Premises, if any, which is not usable Debt as selected by Tenant bears Lender in its sole discretion or to deliver the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right excess to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceBorrower.
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Restoration. If at any time during the Lease Term Building and/or the Demised Premises are is damaged or destroyed by a fire or other casualty, and if this Lease is not terminated as provided in this Article 14, Landlord shall notify Tenant within 60 days after such repair the damage as and restore or rebuild the Building or the Demised Premises (except for Tenant's Property but including Fixtures which are Tenant's Property to the amount of time extent Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, receives insurance proceeds from either Landlord or Tenant's insurance or funds from Tenant may elect sufficient to terminate this Lease upon complete repair, restoration or rebuilding of the Fixtures), after notice to Landlord of the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease damage or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord destruction and paid by Tenant, subject to delays arising from the collection of substantially all of the insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense receivable on account of the casualty; provided that in no event shall promptly performLandlord be required to expend on such repair, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs rebuilding or restoration not required to be done by Landlord and shall promptly re-enter amounts in excess of the Premises and commence doing business in accordance with this Leasetotal insurance proceeds collected on account of the casualty. Notwithstanding the foregoing, either party may terminate this Lease if Landlord shall have no obligation to so repair, restore or rebuild Tenant's Property, for damages which shall have been the Premises are damaged during the last year sole responsibility of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damageTenant. Base Rent and Operating Expenses Proceeds of insurance policies providing coverage of Fixtures shall be abated for paid directly to Landlord. Concurrently with the period of repair and restoration commencing on the date payment to Landlord of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is insurance proceeds attributable to TenantFixtures, Tenant shall pay to Landlord with respect to any damage Landlord, as Additional Rent, the amount, if any, by which the cost of repairing, restoring and/or rebuilding the Fixtures (as reasonably estimated by a reputable contractor designated by Landlord) exceeds the insurance proceeds attributable to the Project an amount Fixtures plus any additional reasonable sums paid or incurred by Landlord in repairing, restoring and/or rebuilding the Fixtures if Tenant desires to continue the use of such fixtures, then, upon completion of the commercially reasonable deductible under Landlord’s insurance policyrepair or restoration, not Landlord shall return the excess to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceTenant.
Appears in 1 contract
Sources: Lease Agreement (Bion Environmental Technologies Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months270 days from the date Landlord is notified of the casualty, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after LandlordL▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months take 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations, and any other improvements installed by Tenant or by Landlord and paid by TenantT▇▇▇▇▇, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required with respect to be done by Landlord any Tenant-Made Alterations and Trade Fixtures shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be Notwithstanding the sole remedy foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossTerm and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to Landlord, within thirty (30) days following Landlord’s written demand therefor, the Project an amount of the commercially reasonable deductible under Landlord’s insurance policypolicy applicable to the restoration work (which deductible shall be commercially reasonable based on the deductibles of other institutional owners of commercial properties similar to the Project in the market in which the Project is located). If the damage involves portions of the Building other than the Premises, Tenant shall pay only a portion of the deductible based on the ratio of the costs of repairing the damage to the Premises to the total cost of repairing all of the damage to the Building.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to exceed $10,000.00the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within 30 thirty (30) days after presentment of such destruction or damage or such requirement is made known by any such Landlord’s invoicemortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Project are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the event of damage or destruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage (the “Restoration Notice”) as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided however, notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice delivered to the other party given no later than 30 Landlord within 10 business days after following receipt of Landlord’s noticeestimate of the Restoration Notice if it specifies a Restoration Period for the Premises longer than the Maximum Restoration Period. If neither party Unless Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by TenantTenant unless covered by the insurance Landlord maintains as an Operating Expense under this Lease, in which case such improvements shall be included, to the extent such insurance proceeds are actually received, in Landlord’s restoration), subject to delays arising from the collection of insurance proceeds or (provided that any such delay is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under this Lease), from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 22 Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, (i) either party Party may terminate this Lease if the Premises are damaged during the last year 12 months of the Lease Term and Landlord reasonably estimates that it will take more than one month 4 months to repair such damage, or (ii) Landlord may terminate this Lease if the Premises are damaged and insurance proceeds are not available for such restoration. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of the casualty, provided that if Hazardous Materials Clearances are required as a condition for the repair or restoration, then Rent shall be abated from the date all required Hazardous Material Clearances are obtained, and in either case, such casualty event abatement shall be until the Premises are repaired and restored, and shall be in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of ▇▇▇▇▇▇’s business. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe Parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Restoration. If at any time during the Lease Term Demised Premises or the Premises are internal Common Areas of Building A or Common Areas used by Subtenant shall be damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as casualty prior to the amount last two (2) years of time Landlord reasonably estimates it will take to restore the Premises. If term of this Sublease, or if Subtenant has the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon notice Sublease pursuant to the other party given no later than 30 days after prior paragraph but does not do so, Sublessor shall enforce its rights under the Parent Lease (including without limitation Parent Landlord’s noticerestoration obligations set forth in Section 17.02 of the Parent Lease), but Sublessor shall not be obligated to enforce its self-help rights set forth in Section 22.06 of the Parent Lease. If neither party elects reconstruction is not substantially complete within eighteen (18) months after the date of the fire or casualty (such eighteen (18) month period to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ be extended by not more than two (2) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33for force majeure), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Subtenant may terminate this Lease Sublease by giving notice to Sublessor prior to substantial completion of such reconstruction. In addition, if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period fifty percent (50%) of repair and restoration commencing on the date of such casualty event in the proportion which the area of the PremisesBuilding A is destroyed, if anySublessor may, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrarywithout notice from Subtenant, to the extent permitted under the Parent Lease, terminate the Parent Lease, and this Sublease shall terminate simultaneously therewith. Any termination of this Sublease hereunder shall have the effect as if the termination date were the expiration date of this Sublease. If this Sublease is not terminated, Sublessor shall enforce its rights under the Parent Lease to cause Parent Landlord to restore such damage or destruction to substantially the same condition that existed prior to such damage or destruction if it is required to do so pursuant to the Project is attributable Parent Lease. In the event of any such damage or destruction, if Subtenant does not terminate this Sublease, Subtenant shall be entitled to Tenant, Tenant shall pay to Landlord with respect to any damage a proportionate abatement of Rent during the time and to the Project an amount of extent Subtenant is unable to conduct business in the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceDemised Premises.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is reasonably estimated to exceed 6 monthsmonths from the date of the casualty event, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that the restoration will ▇▇▇▇ ▇ take less than 6 months or lessfrom the date of such damage, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, provided, however, Tenant may nullify Landlord’s termination notice by exercising its right to the First Extension Term (as defined in Exhibit E) within ten (10) days of its receipt of Landlord’s notice of termination. With respect to any damage to the Premises attributable to Tenant, Tenant shall pay Landlord’s deductible with respect to its insurance policy not to exceed USD$[***] no later than thirty (30) days following receipt of an invoice for such amount. Base Rent Rent, Taxes, and the Monthly Fixed Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the terms and conditions of this Paragraph, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the contraryrestoration in said thirty (30) day notice period, to the extent the damage to the Project is attributable to Tenant, Tenant 's notice of termination shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicebe null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Sources: Lease Agreement (TheRealReal, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtyBuilding is damaged, Landlord shall repair that damage as soon as reasonably possible, at its expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's proportionate share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within 60 sixty (60) days after such the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the amount Premises within two hundred seventy (270) days after the date of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsdamage, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events sixty (as defined 60) day period stated in Paragraph 33subsection (a), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing .
(c) Commencing on the date of such casualty event any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which that the floor area of the Premises, if any, which Building that is not usable rendered unusable by Tenant the damage from time to time bears to the total floor area of the Premises. Such abatement Building, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any right improvements or fixtures that Tenant is obligated to terminate repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Lease by reason Premises to facilitate all inspections of damage or casualty lossthe Premises and the making of any repairs. Notwithstanding anything to the contrary contained in the Lease this Lease, if Landlord in good faith believes there is a risk of injury to the contrary, to the extent the persons or damage to property from entry into the Project is attributable to Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall pay consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord with respect to contained in this Lease and any damage to the Project an amount additional indemnities and waivers of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceliability which Landlord may require.
Appears in 1 contract
Restoration. If If, at any time during the Lease Term Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant in writing within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months9 months (the “Maximum Restoration Period”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by 732202571.1 written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord’s noticethe Maximum Restoration Period. If neither party Unless either Landlord or Tenant so elects to terminate this Lease or if Lease, Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with any deductible to be treated as a current Operating Expense), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds or proceeds, from Force Majeure eventsevents or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord and Tenant shall be relieved of their respective obligations hereunder obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant Tenant, at Tenant’s expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Base Notwithstanding anything to the contrary contained herein, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration (for any reason other than Landlord’s failure to maintain the insurance required to be maintained by Landlord pursuant to Section 17) . Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on from the date of such casualty event all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable, in Tenant’s reasonable discretion, for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contraryThe provisions of this Lease, to the extent the damage to the Project is attributable to Tenantincluding this Section 18, constitute an express agreement between Landlord and Tenant shall pay to Landlord with respect to any and all damage to the Project an amount to, or destruction of, all or any part of the commercially reasonable deductible under Landlord’s insurance policyPremises, not or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to exceed $10,000.00this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, within 30 days after presentment of Landlord’s invoicethe parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Sources: Assignment and Assumption of Lease (Turning Point Therapeutics, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises or the Building or a part thereof are materially damaged by a fire any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an uncured Event of Default by Tenant has occurred; or (iv) the material damage occurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing ("LANDLORD'S NOTICE") within 60 sixty (60) days after such the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the amount number of time days within which Landlord reasonably estimates it will take to restore has estimated that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord's Notice).
(b) If Landlord has the restoration right to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, and provided that at the time is estimated of Landlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to exceed 6 monthsfulfill an obligation under this Lease which, either Landlord or unless cured by Tenant within the applicable grace period, would constitute an Event of Default, then within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1 (a), Tenant may elect to terminate this Lease upon by written notice to Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the other party given no later than 30 Premises cannot be repaired, with reasonable diligence, within two hundred seventy (270) days after Landlord’s noticethe date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither party elects to terminate Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsPremises resulting from a casualty, Landlord shall promptly restore repair all material damage to the Premises excluding or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements installed made by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events any Alterations (as defined in Paragraph 33)Section 7.3) constructed by Tenant If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all repairs insurance proceeds available for such repair or restoration replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not required to be done been fully repaired within the time period specified by Landlord and shall promptly rein Landlord's Notice to Tenant-enter the Premises and commence doing business as described in accordance with this LeaseSection 11.1(a). Notwithstanding the foregoing, either party may terminate this Lease if the repair of damage to the Premises are damaged during to the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair extent such damage. Base Rent and Operating Expenses damage is not material shall be abated for the period of repair governed by Sections 7.1 and restoration commencing 7.2.
(d) Commencing on the date of such casualty event material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion which mat the area Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, if anyas determined by Landlord, which but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is not usable obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, in the event the damage or destruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, notwithstanding the provisions of Section 10.5, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant bears to the total area extent that insurance proceeds sufficient to complete such repair or replacement are not made available to Landlord and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord to good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Such abatement Upon request, Landlord shall be consult with Tenant to determine if there are safe methods of entry into the sole remedy of TenantBuilding or the Premises solely in order to allow Tenant to retrieve files, data in computers, and except as provided hereinnecessary inventory, subject however to all indemnities and waivers of liability from Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything Landlord contained in the this Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to and any additional indemnities and waivers of liability which Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoicemay require.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by on Tenant’s behalf, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy within ten (10) days after the presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained Tenant further waives all claims (i) for any damage or injury resulting from any damage or destruction, (ii) for any loss of profits or interruption of business resulting from Tenant’s inability to use and occupy the Premises or any part thereof as a result of any damage or destruction, or (iii) by reason of any required surrender of possession of the Premises pursuant to this Section. Tenant also waives the benefit of New Jersey Revised Statutes, Title 46, Chapter 8, Sections 6 and 7, and agrees that Tenant will not be relieved of the obligation to pay Rent in the Lease case of damage or destruction to the contraryPremises or the Building, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoiceexcept as expressly provided in this Section.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Restoration. If Lessee shall, at any time during Lessee's sole cost and expense, return the Leased Premises to Lessor at the expiration or earlier termination of this Lease Term the Premises are damaged by a fire or other casualtyin good and sanitary order, Landlord condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted. In addition, within thirty (30) days after request of Lessee, Lessor shall notify Tenant within 60 days after such damage Lessee as to whether Lessor considers any such Alterations to be specialized and non-reusable areas, such as classrooms, manufacturing areas and storage racks, and whether Lessor desires such specialized and non-reusable areas of the Leased Premises restored to its condition prior to the making of such permitted Alterations. In the event Lessor requires restoration, Lessor shall, at least three (3) months prior to Lease expiration, provide Lessee with an estimate of the costs to so restore the Leased Premises ("Restoration Costs") and Lessee shall pay to Lessor, as additional Rent, the entire amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given Restoration Costs no later than 30 ten (10) days after Landlord’s noticeprior to Lease expiration. If neither party elects to terminate this Lease or if Landlord estimates that The foregoing restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses Leased Premises shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate performed after the Lease by reason of damage or casualty lossexpiration. Notwithstanding anything contained in the Lease to the contrary, to the extent the All damage to the Project Leased Premises caused by the removal of such trade fixtures and other personal property that Lessee is attributable permitted to Tenant, Tenant remove under the terms of this Lease and/or such restoration shall pay be repaired by Lessee at its sole cost and expense prior to Landlord with respect to any damage termination. Lessee's obligations under this Section 15.4 shall apply to the Project an amount parking garage, roof and other areas of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment Complex impacted by Lessee's use and/or occupancy of Landlord’s invoicethe Complex or any part thereof.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates (by a contractor licensed by the State of California) it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsproceeds (Landlord shall be deemed to have received sufficient insurance proceeds if Landlord receives net proceeds in an amount equal to ninety percent (90%) of the replacement value for the Project), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33)events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates (by a contractor licensed by the State of California) that it will take more than one month two months to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within thirty (30) days after presentment of Landlord's invoice; provided however that any earthquake deductible shall be amortized over fifteen (15) years and paid by Tenant to Landlord monthly as a part of Operating Expenses. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the PremisesPremises or if the entire Premises is not usable by Tenant as a result of a partial casualty, Tenant shall receive rental abatement for the entire Premises for the period during which the entire Premises is unusable plus a reasonable period of time, not to exceed thirty (30) days, for Tenant to reinstall its improvements and trade fixtures; provided that such abatement for the period of time not to exceed thirty (30) days and for any abatement for any areas of the Premises greater than the amount actually damaged shall occur only if Landlord actually recovers all amounts abated through the rent loss insurance Landlord is required to carry pursuant to this Lease. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything to the contrary contained in this Lease, following any event of damage or destruction and in the Lease event Landlord is obligated or elects to repair the damage or destruction to the contraryrepairs which Landlord is required to perform hereunder , then such repairs shall be Substantially Completed (for occupancy) as defined in Addendum Two within 180 days from the date on which Landlord begins such repairs subject to delays from Force Majeure (provided that the extent delay due to Force Majeure allowed hereunder shall not exceed an additional ninety (90) days). If Landlord has failed to complete the damage repairs within the time frames in the previous sentence, Tenant shall have the right to terminate this Lease by thirty (30) days prior written notice to Landlord (the Project is attributable "Damage Termination Notice",) effective as of a date set forth in the Damage Termination Notice (but not sooner than thirty (30) days after the date of the Damage Termination Notice) (the "Damage Termination Date"). Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount within five (5) business days of Landlord's receipt of the commercially reasonable deductible under Damage Termination Notice, a certificate of Landlord certifying that it is Landlord’s insurance policy, not to exceed $10,000.00, 's good faith judgement that the repairs shall be Substantially Completed within 30 thirty (30) days after presentment the Damage Termination Date. If the repairs are not Substantially Completed within the thirty-day period after the Damage Termination Date, then this Lease shall terminate upon the expiration of Landlord’s invoicesuch thirty-day period.
Appears in 1 contract
Sources: Lease Agreement (Etoys Inc)