Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair of the Premises are 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.
Appears in 3 contracts
Sources: Sublease (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.)
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations (except for Tenant’s Trade Fixtures) shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations, Tenant shall so remove such Tenant’s Alterations and restore the affected area prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting Lease Tenn. Notwithstanding the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the leasehold improvement in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such leasehold improvement at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 2 contracts
Sources: Lease Agreement (Miramar Labs, Inc.), Lease Agreement (Miramar Labs, Inc.)
Restoration. Landlord and In the event of a taking in respect of which Tenant acknowledge that Tenant’s obligations with respect shall not have the right to any removal of Tenant Improvements and related restoration and repair of the Premises are 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)elect to terminate this Lease or, Landlord shallhaving such right, 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 “Removal Determination Request”), but subject shall elect not to the provisions below, expressly designate in writing which Alterations or components 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 terminate this Lease, provided that this Lease and the second Removal Determination Request expressly notes Term hereof shall continue in capitalizedfull force and effect and, boldfaced language that Landlord’s failure subject to respond will mean Landlord has waived its right to request removal receipt of all such Alterationsthe 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. Without limiting Landlord’s right to require removal If this Lease is not terminated as a result of any Alterations (including Permitted Alterations)a taking, as set forth hereinabove in Landlord’s sole discretionSection 10.2, Landlord shall be entitled to require removal receive the entire award except for that portion (hereinafter referred to as the “Restoration Portion”) of Alterations thatthe award necessary for the Restoration, which Landlord shall promptly deliver to Tenant upon receipt, or any portion of the award applicable to Tenant’s fixtures. If the entire award is insufficient for the Restoration, then the Tenant shall fund the balance of the amount required for Restoration and continue in Landlord’s judgmentthe Lease. The term “Restoration” herein means the restoration of the remaining portions of the Premises, including any and all Improvements made theretofore, together with the 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. In the event that Tenant is obligated to restore the Premises under this Article IX and (i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in said restoration affects more than ten percent (10%) of the Stanford Research Park and University Circle, warehouse building or (ii) affect requires Tenant to fund the structure 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 Building or date of the Building Systems; or (iii) would have no value, or would have negative valuecondemnation, to a future tenant. Without limiting extend the foregoing, Landlord may 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 then current Term of the Lease Term. Any obligation of Tenant through a date specified in such notice as necessary to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 ensure that Landlord has specifically designated in writing may sufficient years remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) then existing Term of the Work LetterLease, or that are 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 a second Removal Determination Request the term at two percent (2%) per annum. This right to which Landlord does not respond within 5 business daysextend the Term shall be in addition to any remaining Option Terms.
Appears in 2 contracts
Sources: Triple Net Lease Agreement, Triple Net Lease Agreement (American Realty Capital Properties, Inc.)
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions belowof any Mortgage or Superior Lease, expressly designate but Landlord shall have no obligation to repair or restore (i) Tenant’s Property, or (ii) except as provided in writing which Section 11.3(b), any Alterations or components improvements to the 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 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. This Article 11 constitutes an express agreement governing any case of damage or 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 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 Landlord’s obligation to repair or restore any of Tenant’s Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations may remain and Initial Installations in the Premises upon to their condition prior to the expiration damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or sooner termination (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 this Leaserestoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord does not expressly indicate that 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 portion or component of the Alterations described Above Building Standard Installations, 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 either case 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 days after 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 discretiondemand therefor, Landlord shall be entitled have no obligation to require removal restore any Above Building Standard Installations and Tenant’s abatement of Alterations thatFixed Rent, in LandlordTenant’s 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 Tax Payment and Tenant’s Operating Payment shall cease when the Stanford Research Park and University Circle, (ii) affect the structure restoration of the Premises (other than any Above Building or the Building Systems; or (iiiStandard Installations) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 2 contracts
Sources: Lease Agreement (Xstelos Holdings, Inc.), Lease Agreement (Omrix Biopharmaceuticals, Inc.)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal (a) If the Building of Tenant Improvements and related restoration and repair of which the Premises are governed by that certain work letter attached hereto a part is damaged as Exhibit B (the “Work Letter”). In connection with its approval result of any Alterations (other than the Tenant Improvements)an event of casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Premises have been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no valueproceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, or would have negative valueincluding 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 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 factors (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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to a future tenantterminate this Lease. Without limiting If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice.
(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 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. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. However, notwithstanding the foregoing, if Tenant has maintained the insurance required to be 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 may 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 prior to Landlord commencing repair of the Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, then Landlord agrees Tenant shall not be obligated required to remove 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 be payable by Tenant within 15 days after demand of Landlord-approved Tenant Improvements or Alterations from .
(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 at that is rendered unusable by the expiration damage from time to time bears to the total Floor Area of the Lease Term that Landlord has specifically designated in writing may remain in Premises.
(e) Notwithstanding the Premises pursuant to this Paragraph 7(dprovisions of subsections (a), (b) or Paragraph 2(dand (c) of this Section 11.1, but subject to Section 10.4, the Work Lettercost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or that are termination rights, if the subject damage is due to the fault or neglect of a second Removal Determination Request to which Landlord does not respond within 5 business daysTenant or its employees, subtenants, contractors, invitees or representatives.
Appears in 2 contracts
Sources: Lease Agreement (Robot Cache US Inc.), Lease Agreement (Robot Cache US Inc.)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair Upon surrender of the Premises are 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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; providedTenant shall be obligated to remove the Sky Bridge Changes and to restore the Premises to its condition prior to making the Sky Bridge changes, howeverreasonable wear and tear excepted, that if Landlord all of which removal and restoration shall be made at the sole cost of Tenant. If Tenant fails to respond complete the removal and restoration prior to a Removal Determination Request within such 15 business day period) then Tenant may send a subsequent written notice to Landlord renewing expiration of 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 Term or sooner earlier termination of this Lease, provided 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, 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 second Sky Bridge Changes and restore the Premises upon expiration of the Term of the Lease and surrender of the Premises by Tenant. The agreement of Landlord to any request made by Tenant pursuant to 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), Notice may be withheld or given in Landlord’s sole and absolute discretion, but in any event Landlord shall be entitled to require removal will respond within thirty (30) days, and any delay beyond such thirty (30) day period on the part of Alterations that, Landlord in responding will delay the outside date for Tenant’s completion of such work on a day-for-day basis. In connection with Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, response to a future tenant. Without limiting the foregoingany Removal Notice, Landlord may 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 that components of the Lease TermSky Bridge Changes be removed with related restoration and that other components of the Sky Bridge Changes remain. Any obligation of Unless Landlord in a written response to Tenant to remove Alterations pursuant to this Paragraph 7(dany Removal Notice has agreed in writing that the Sky Bridge Changes (or any component thereof) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubtneed not be removed by Tenant, Tenant shall 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 extent that Landlord responds to a Renewal Notice that all or any portion of 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 has specifically agreed in writing need not be removed and Tenant shall continue to be obligated to remove any Landlord-approved Tenant Improvements or Alterations from all other Sky Bridge Changes and to restore the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysPremises.
Appears in 2 contracts
Sources: Lease Agreement (Okta, Inc.), Lease Agreement (Okta, Inc.)
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $1,000,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect provided there is no default or Event of Default under the Loan Documents, 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 removal of Tenant Improvements Destruction Event exceed $1,000,000.00, Lender will disburse the Proceeds and related restoration and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 following conditions are met: TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950 University Park Village Deed 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 be entitled to require removal of Alterations that, in Landlord’s judgment, Trust 15398858v.6 / 73828-000098
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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, based on the budget for the Restoration, that the undisbursed balance of the Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within thirty (30) days after receiving notice of the deficiency from Lender, provided that in lieu of such additional deposit and to ensure sufficient funds to complete Restoration, upon notice to Lender Borrower may elect to deliver either (a) a letter of credit in form and content and from an issuing bank satisfactory to Lender or (b) a completion guaranty from Key Principal in form and content satisfactory to Lender; and
(v) there is no default or 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 valuefurther 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 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 consultant to review the plans and specifications, 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 Remedies, Lender may elect to restore the Improvements on Borrower’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or would have negative valueLender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion. TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950 University Park Village Deed of Trust 15398858v.6 / 73828-000098
(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. Lender may elect to 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 reasonable out-of-pocket expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion either to apply the excess as a future tenantcredit against any portion of the Debt as selected by Lender in its sole discretion or to deliver the excess to Borrower. Without limiting Notwithstanding the foregoing, Landlord may require removal provided that there is then no default or Event of Tenant’s signageDefault under the Loan Documents, electrical if the excess Proceeds represent remaining additional funds or telecommunications risers and conduits, cables and lines installed by additional letter of credit proceeds from any cash or on behalf letter 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 credit posted pursuant to this Paragraph 7(dsection (c) shall also require Tenant (iv) above, Lender will return such excess funds to repair Borrower. Lender agrees that if, for any damage resulting to reason, Proceeds are applied as a credit against the Premises in connection with the removal of such Alterations. For avoidance of doubtDebt, Tenant shall not no Prepayment Premium will be obligated to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayspayable.
Appears in 1 contract
Restoration. If the Premises are damaged by an Insurable Casualty, but the Estimated Restoration Period is less than the applicable period set forth in Article 16.1 above, or if Landlord and Tenant acknowledge that Tenant’s obligations with respect have a right to any removal of terminate this Lease pursuant to Article 16.1 but neither Landlord nor Tenant Improvements exercises its right to terminate this Lease as provided in Article 16.1, then this Lease shall not terminate, and related Landlord shall, at its sole cost, make such repair or restoration and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B (the “Work Letter”). In connection with its approval of excluding any Alterations and any of Tenant’s property) to the approximate condition existing prior to such damage, promptly and in such manner as not to unreasonably interfere with ▇▇▇▇▇▇’s use and occupancy of the Premises (other than if Tenant is still occupying the Tenant ImprovementsPremises), provided however, Landlord shall, within fifteen (15) business days after Tenant’s specific written request made at the time shall not be liable for any inconvenience or annoyance to Tenant requests Landlord’s approval of such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject or injury to the provisions below, expressly designate business of Tenant resulting in writing which Alterations any way from such damage or components 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 Alterationsrepair thereof. Without limiting Landlord’s right obligations under the preceding sentence, all repair, restoration and rebuilding shall be substantially completed within the relevant Estimated Restoration Period (subject to require removal of any Alterations (including Permitted Alterationsextension for force majeure), in Landlord’s sole discretionand if such repair, Landlord shall be entitled restoration and rebuilding is not substantially completed within the relevant Estimated Restoration Period (subject to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 extension for 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubtforce majeure), Tenant shall not be obligated have the right, as its sole and exclusive remedy, to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at terminate this Lease by delivering written notice of such termination to Landlord no earlier than sixty (60) days after the expiration of the Lease Term relevant Estimated Restoration Period (subject to extension for any such force majeure) unless said repair is substantially completed prior to Tenant’s delivery of said termination notice. Rent shall proportionately ▇▇▇▇▇ during the time that Landlord has specifically designated in writing may remain the Premises or any part thereof cannot be reasonably used by Tenant in the Premises pursuant to this Paragraph 7(d) ordinary conduct of its business by reason of any such damage thereto (or Paragraph 2(d) of the Work Letter, resulting restoration or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysrepair work).
Appears in 1 contract
Restoration. Landlord A. If this Lease is not terminated under Section 7.1 ----------- above, this Lease shall continue in force and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair a just proportion of the Premises are 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)rent reserved, 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 “Removal Determination Request”), but subject according to the provisions belownature and extent of the damages sustained by the Premises, expressly designate in writing which Alterations shall be suspended or components of Alterations abated until the Premises, or what may remain in the Premises upon the expiration or sooner termination of this Lease. If thereof, shall be restored by 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; to its prior condition (provided, however, that if Landlord's restoration obligations shall be collectively referred to herein as "Landlord fails Restoration Work" and shall be limited 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 Requestbase building structural and core elements, any common area and other base building improvements, and if Landlord fails to respond to any parking garage constructed on the subsequent Removal Determination Request within an additional 5 business day period (Land by Tenant, but has otherwise approved shall exclude the Alterations pursuant to Paragraph 7(a)), then such Alterations may remain Tenant's Work and other improvements made in or on 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may require removal of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed by or on behalf of Tenant), raised flooringwhich Landlord covenants to do with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such taking, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files destruction or storage units damage and any accompanying structural steel reinforcements 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 the expiration expense of Tenant, promptly and with due diligence. The Fixed Rent and Additional Rent shall be equitably abated during the period in which Tenant is performing the 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 earlier termination of the Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting damages awarded" refers to the Premises gross amount of such insurance or damages less the reasonable expenses of Landlord incurred in connection with the removal collection of such Alterationsthe same, including without limitation, fees and expenses for legal and appraisal services (provided, however, Landlord shall be required to fund the amount of any deductible under its insurance policy and any deficiency in proceeds because of Landlord's failure to carry the insurance required by this Lease). For avoidance Tenant shall make available to Landlord for restoration of doubtany parking garage on the Land that portion of the proceeds of Tenant's insurance recovered and attributable to the parking garage and required to be insured by Tenant hereunder, provided, however, Tenant shall not be obligated required to remove fund the amount of any Landlord-approved Tenant Improvements or Alterations from deductible under its insurance policy and any deficiency in proceeds because of its failure to carry the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to insurance required by this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease.
Appears in 1 contract
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations of any Mortgage or components 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 Superior 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, but Landlord shall be entitled have no obligation to require removal of Alterations that, in Landlord’s judgment, repair or restore (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 CircleTenant's Property, or (ii) affect except as provided in SECTION 11.3(b), any Alterations or improvements to the structure 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 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 Building or the Building Systems; or (iii) would have no value, Premises is Substantially Completed or would have negative valuebeen Substantially Completed but for Tenant Delay, to a future tenant. Without limiting Fixed Rent, Tenant's Tax Payment and Tenant's Operating Payment shall be reduced in the foregoing, Landlord may require removal of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed proportion 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 which the expiration or earlier termination area of the Lease Termpart of the Premises which is not usable (or accessible) and is not used by Tenant for the conduct of business bears to the total area of the Premises. Any obligation of Landlord shall provide Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting access to the Premises in connection to complete restoration of Tenant's Property and Above Building Standard Installations prior to completion of substantial restoration by Landlord provided that (i) the performance of Tenant's restoration work is coordinated with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.'s restorative work in
Appears in 1 contract
Sources: Lease (Franklin Resources Inc)
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations and the Tenant Improvements shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations or the Tenant Improvements, Tenant shall so remove such Tenant’s Alterations or Tenant Improvements prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Landlord-approved Tenant Improvements installed by Landlord in accordance with Exhibit B; or any Tenant’s Alterations from with respect to which the Premises following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Tenant Alteration in question; (ii) at the time Tenant requested ▇▇▇▇▇▇▇▇’s approval, ▇▇▇▇▇▇ requested of Landlord in writing that Landlord inform Tenant of whether or not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such Tenant Alteration at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $250,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 ▇▇▇▇▇▇ 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 removal of Tenant Improvements Destruction Event exceed $250,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, ▇▇▇▇▇▇▇▇ delivers to Lender prior to commencing Restoration, for ▇▇▇▇▇▇’s approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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 undisbursed balance of the 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 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 valuefurther 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 ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇’s expense, an independent engineer or other consultant to review the plans and specifications, 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 Remedies, Lender may elect to restore the Improvements on ▇▇▇▇▇▇▇▇’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or would have negative value, to Lender may apply the Restoration Funds as a future tenant. Without limiting the foregoing, Landlord may 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 credit against any accompanying structural steel reinforcements at the expiration or earlier termination portion of the Lease TermDebt selected by Lender in its sole discretion (without payment of any prepayment premium or penalty) so long as no Event of Default shall then exist.
(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. Any obligation Lender will not hold any Restoration Funds in trust. So long as no Event of Tenant Default shall have occurred and be continuing and so long as Borrower pays all costs and expenses of preparing and negotiating a pledge and security agreement acceptable to remove Alterations pursuant Lender, and the fees and expenses of the depositary, Lender will deposit the Restoration Funds with a depositary satisfactory to this Paragraph 7(dLender under a disbursement and security agreement satisfactory to Lender to be held by the depositary in an interest-bearing account.
(g) shall also require Tenant to repair any damage resulting to the Premises Borrower will pay all of ▇▇▇▇▇▇’s expenses incurred in connection with a Destruction Event or Restoration. If ▇▇▇▇▇▇▇▇ fails to do so, then in addition to the removal of such Alterations. For avoidance of doubtRemedies, Tenant shall not be obligated ▇▇▇▇▇▇ may from time to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration time reimburse itself out of the Lease Term that Landlord has specifically designated Restoration Funds.
(h) If any excess Proceeds remains after Restoration, Lender may elect, in writing may remain its sole discretion either to apply the excess as a credit against any portion of the Debt as selected by Lender in the Premises pursuant to this Paragraph 7(dits sole discretion (without payment of any prepayment premium or penalty, so long as no Event of Default shall then exist) or Paragraph 2(d) of to deliver the Work Letter, or that are the subject of a second Removal Determination Request excess to which Landlord does not respond within 5 business daysBorrower.
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements during the Lease Term and related restoration and repair of may be altered or removed from the Premises are governed by that certain work letter attached hereto as Exhibit B (the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, those Tenant’s Alterations previously designated by Landlord in accordance with the Lease to be surrendered to Landlord as part of the realty shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond to a Removal Determination Request within remove any Tenant’s Alterations, Tenant shall so remove 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 Tenant’s Alterations pursuant to Paragraph 7(a)), then such Alterations may remain in the Premises upon on 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Tenant Alteration in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that it would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term. Notwithstanding the foregoing, Tenant shall not be obligated to remove the Tenant Improvements (as defined in Exhibit B attached hereto) being installed by Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) any cosmetic Tenant Alteration that may be installed without the prior written consent of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLandlord.
Appears in 1 contract
Sources: Lease Agreement (Nassda Corp)
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $750,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 removal of Tenant Improvements Destruction Event exceed $750,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work Letter”). In connection "Restoration Funds") upon Borrower's request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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 undisbursed balance of the 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 default under the Loan Documents at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default under the Loan Documents occurs at any time after the Destruction Event, then Lender will have no valuefurther 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 Lender in its sole discretion.
(d) Lender may elect at any time prior to or during the course of Restoration to retain, at Borrower's expense, an independent engineer or would have negative valueother environmental consultant to review the plans and specifications, to inspect Restoration as it progresses and to provide reports. If any matter included in a future tenant. Without limiting report by the foregoingengineer or consultant is unsatisfactory to Lender, Landlord Lender may 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 suspend disbursement of the Lease Term. Any obligation Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's reasonable satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting Article, then in addition to the Premises Remedies, Lender may elect to restore the Improvements 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. Lender will deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender provided Borrower executed such an agreement.
(g) Borrower will pay all of Lender's out-of-pocket expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the removal of such Alterations. For avoidance of doubtRemedies, Tenant shall not be obligated Lender may from time to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration time reimburse itself out of the Lease Term that Landlord has specifically designated in writing may Restoration Funds.
(h) If any excess Proceeds remain in after Restoration, Lender shall deliver the Premises pursuant excess to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysBorrower.
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (the “Work Letter”)Lease Term. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations in accordance with the provisions of this Section, Tenant shall so remove such Tenant’s Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Leasehold Improvement in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term that Term; and (iii) at the time Landlord has specifically designated granted its approval, it did not inform Tenant in writing may remain in that it would require Tenant to remove such Leasehold Improvement at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Sources: Lease Agreement (Omnicell Inc /Ca/)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations (a) Notwithstanding Section 6.4, if the total Proceeds for any Destruction Event with respect to the applicable Individual Property are less than the Proceeds Threshold or Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will promptly 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 removal of Tenant Improvements Destruction Event with respect to the applicable Individual Property exceed the Proceeds Threshold and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasecommercially reasonable construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval (not to be unreasonably withheld, delayed or conditioned), plans and specifications and a reasonably detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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 undisbursed balance of the 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, or provides a letter of credit or a guaranty for such amount; 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 valuefurther obligation to make any remaining Proceeds available for Restoration during the continuance of such Event of Default and may apply any remaining Proceeds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration, if such Restoration is in excess of $2,500,000.00, to retain at Borrower’s expense an independent engineer or other environmental consultant to review the plans and specifications, 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 in its reasonable discretion, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender’s reasonable satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the Remedies, Lender may elect to restore the Improvements on Borrower’s behalf and reimburse itself out of the Restoration Funds for out-of-pocket third party costs and expenses incurred by Lender in restoring the Improvements, or would have negative value, to Lender may apply the Restoration Funds as a future tenant. Without limiting the foregoing, Landlord may 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 credit against any accompanying structural steel reinforcements at the expiration or earlier termination portion of the Lease TermDebt 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. Any obligation Lender will not hold any Restoration Funds in trust. Lender may elect to 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 Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises Lender’s reasonable out-of-pocket third expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the removal of such Alterations. For avoidance of doubtRemedies, Tenant shall not be obligated Lender may from time to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration time reimburse itself out of the Lease Term that Landlord has specifically designated in writing may Restoration Funds.
(h) If any excess Proceeds remain in after Restoration, Lender shall deliver the Premises pursuant excess to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysBorrower.
Appears in 1 contract
Sources: Loan Agreement (Phillips Edison Grocery Center Reit I, Inc.)
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations (but not the initial Tenant Improvements) shall remain the property of Tenant Improvements during the Lease Term and related restoration may be removed at any time so long as Tenant repairs all damage caused by the removal and repair of restores the Premises are governed by that certain work letter attached hereto as Exhibit B to their original condition (the “Work Letter”reasonable wear and tear excepted). 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, any of Tenant’s Alterations not removed by Tenant shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails to respond to a Removal Determination Request within notifies Tenant in writing at the time Landlord approves of any such 15 business day period) Tenant’s Alterations that such Tenant’s Alterations must be removed upon the termination of this Lease, then Tenant may send a subsequent written notice shall so remove such Tenant’s Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Tenant’s Alterations in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such Tenant’s Alterations at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions belowof any Mortgage or Superior Lease, expressly designate but Landlord shall have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in writing which Section 11.3(b), any Alterations or components improvements to the 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 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations may remain and Initial Installations in the Premises upon to their condition prior to the expiration damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or sooner termination (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 this Leaserestoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord does not expressly indicate that 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 portion or component of the Alterations described Above Building Standard Installations, 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 either case 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 days after 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 discretiondemand therefor, Landlord shall be entitled have no obligation to require removal restore any Above Building Standard Installations and Tenant’s abatement of Alterations thatFixed Rent, in LandlordTenant’s 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 Tax Payment and Tenant’s Operating Payment shall cease when the Stanford Research Park and University Circle, (ii) affect the structure restoration of the Premises (other than any Above Building or the Building Systems; or (iiiStandard Installations) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (BTHC VII Inc)
Restoration. Landlord and Tenant acknowledge In the event that Tenant’s obligations with respect to any removal during the term of Tenant Improvements and related restoration and repair this Lease the Shopping Center of which the Demised Premises constitute a part or the Demised Premises are governed taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease and the Term hereby granted shall terminate and expire on the date when possession shall be taken by the condemnor and the rent herein reserved shall be apportioned and paid in full to that certain work letter attached hereto as Exhibit B (the “Work Letter”)date and all prepaid rent shall forthwith be repaid by Landlord to Tenant. In connection with its approval of any Alterations the event that less than all the Demised Premises or less than all the Shopping Center shall be so taken or condemned, then Landlord shall have the option, to be exercised by written notice given to Tenant not later than ninety (other than the Tenant Improvements), Landlord shall, within fifteen (1590) business days after Tenant’s specific written request made at the time Tenant requests Landlord’s approval date of such Alterations (any such specific request by Tenanttaking, a “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon the expiration or sooner termination of terminate this Lease. If a portion of the Demised Premises is taken which materially impairs the ability of Tenant to carry on its business, then Tenant shall have the right to cancel this Lease with a thirty (30) day written notice to Landlord given within thirty (30) days following such taking. Tenant shall have the right to terminate this Lease upon written notice to Landlord, within thirty (30) days following such taking, if Tenant’s access to and from the Demised Premises shall be substantially diminished or should the parking area used by Tenant be materially diminished. The parties agree that a reduction of parking spaces by thirty percent (30%) or more shall be material but any reduction of less than thirty (30%) shall not be deemed material. In the event Landlord does not expressly indicate that any portion elect to cancel or component of the Alterations described in the Removal Determination Request may remainterminate this Lease as provided above, then Landlord may require shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned in the proportion that such portion of component the square footage of the Alterations be removed from the Premises at the expiration or earlier termination part of the Lease TermDemised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, that if in no event shall there be any abatement of the payment of additional rent as provided in Article IV (with respect to real estate taxes), Article V (with respect to insurance), or Article VI (with respect to Common Area Maintenance expenses); provided, further, however, Landlord’s obligation to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). In the event the net condemnation award received by Landlord fails is insufficient to respond restore or rebuild the structural portions of the Shopping Center and the Demised Premises to a Removal Determination Request their condition as they existed immediately prior to such taking, Landlord shall have the option, within such 15 business day periodninety (90) then Tenant may send a subsequent days after Landlord’s receipt of the net condemnation award, to cancel and terminate this Lease upon 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.
Appears in 1 contract
Sources: Shopping Center Lease Agreement
Restoration. If neither party elects to terminate this Lease or if Landlord’s general contractor estimates that restoration will take two hundred ten (210) days or less, then Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related shall promptly restore the Premises, including without limitation the Landlord Improvements, as provided in Section 11.1 above. Any insurance proceeds remaining unused after Landlord substantially completes its restoration and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B (the “Work Letter”)shall belong to Landlord. In connection with its approval addition, Tenant may terminate this Lease upon thirty (30) days’ prior written notice to Landlord, which notice shall have a heading in at least 12-point type, bold and all caps as follows: “FAILURE TO COMPLETE REPAIR WITHIN THIRTY (30) DAYS SHALL RESULT IN TENANT EXERCISING TERMINATION RIGHTS.” if the actual restoration is not completed within one (1) month after the end 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 Tenantgeneral contractor’s estimated restoration period, a “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain extension for Force Majeure and for Tenant Delays (as defined 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 TermDevelopment Agreement); provided, however, that if Landlord fails to respond to a Removal Determination Request within such 15 business completes the restoration in said thirty (30) day notice period) then , Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect. Tenant may send a subsequent elect, in its sole discretion, by written notice to Landlord renewing within ten (10) days following Tenant’s receipt of the Removal Determination RequestInitial Reconstruction Notice, and if Landlord fails whether to respond restore at its expense, any Tenant-Made Alterations required to be removed at the subsequent Removal Determination Request within an additional 5 business day period (but has otherwise approved end of the Alterations pursuant to Paragraph 7(a)), then such Alterations may remain in the Premises upon the expiration or sooner termination of this LeaseTerm, provided that the second Removal Determination Request expressly notes in capitalized, boldfaced language that Landlord’s failure if Tenant so elects not to respond will mean Landlord has waived its right to request removal of all such restore any Tenant-Made Alterations. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall be entitled to require removal of Alterations that, in notify Tenant within five (5) days following Landlord’s 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 receipt of the Building or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may require removal notice of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed by or on behalf of election not to restore any 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 -Made Alterations of the Lease Term. Any obligation amount of any additional expense to be incurred by Landlord as a result of such election, and Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair promptly reimburse Landlord for any damage resulting to additional expense incurred by Landlord in the restoration of the Premises in connection with the removal of resulting from such Alterations. For avoidance of doubt, Tenant shall not be obligated failure to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysrestore.
Appears in 1 contract
Sources: Lease Agreement (Zulily, Inc.)
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails to respond informs Tenant at the time Landlord consents to a Removal Determination Request within Tenant Alteration, that 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 Alteration must be removed prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 Lease Term or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 promptly following termination of the Lease Term. Any obligation of Lease, Tenant to shall so remove such Tenant’s Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting prior to the Premises in connection with expiration of the removal Lease Term or promptly following termination of such Alterationsthe Lease. For avoidance of doubtNotwithstanding the foregoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Leasehold Improvement in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated it would require Tenant to remove such Leasehold Improvement at the expiration of the Lease Term. Notwithstanding anything to the contrary in writing may remain in this Lease, Tenant shall not be required to remove the Premises pursuant Tenant Improvements to the extent consistent with the Preliminary Plans attached as Exhibit B-1 to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease.
Appears in 1 contract
Sources: Lease (Barracuda Networks Inc)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal (a) If a Building is damaged as the result of Tenant Improvements and related restoration and repair an event of the Premises are 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)casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Building has been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no value, or would have negative value, proceeds necessary to a future tenant. Without limiting pay the foregoing, Landlord may 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 full cost of the Lease Termrepair are not available from Landlord’s insurance, including without limitation earthquake insurance(unless such proceeds are unavailable due to Landlord’s failure to carry the
1. Any obligation of Tenant If Landlord is obligated to remove Alterations repair the damage pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with terms of the removal of such Alterations. For avoidance of doubtimmediately preceding sentence, Tenant shall not contribute to Landlord in cash the remaining fifty percent (50%) of the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence the repairs. Such notice by Landlord to Tenant shall be obligated given to remove any Landlord-approved Tenant Improvements or Alterations from at least thirty (30) days prior to the date that Landlord intends to commence the repairs. Tenant shall have the right to terminate this Lease if a casualty damaging a material portion of the Premises at occurs during the last twelve (12) months of the Term by delivering written notice of such termination to Landlord within 30 days after Tenant’s receipt of the Casualty Notice.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 365 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice. If Tenant 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 (excluding Tenant Installations) within 2 months after expiration of the estimated period of time set forth in the Casualty Notice, which period shall be extended to the extent of any Reconstruction Delays (defined below), then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the Lease Term that Landlord has specifically designated in writing same may remain be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and (iii) any delays caused by events of force majeure, which force majeure delays shall not exceed 270 days in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysaggregate.
Appears in 1 contract
Sources: Lease (Proofpoint Inc)
Restoration. Tenant shall return the Leased Premises to Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair of the Premises are 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 this Lease Term; providedin as good and sanitary order, howevercondition and repair as received, that if free of rubble and debris, broom clean, reasonable wear and tear, casualty and condemnation excepted. However, Tenant shall ascertain from Landlord fails to respond to a Removal Determination Request within such 15 business day periodat least thirty (30) then Tenant may send a subsequent written notice to Landlord renewing the Removal Determination Request, and if Landlord fails to respond days prior 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 whether Landlord desires the second Removal Determination Request expressly notes in capitalizedLeased Premises, boldfaced language that Landlord’s failure or any part thereof, restored to respond will mean Landlord has waived its right condition prior to request removal of all such Alterations. Without limiting Landlord’s right to require removal the making of any Alterations alterations, installations and improvements (including Permitted Alterationswhether or not permitted hereunder), in Landlord’s sole discretion, and if Landlord shall be entitled to require removal of Alterations thatso desire, in Landlord’s 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 then Tenant shall forthwith restore said Leased Premises or the Building Systems; or (iii) would have no value, or would have negative valuedesignated portions thereof as the case may be, to a future tenant. Without limiting the foregoingits original condition, Landlord may require removal of Tenant’s signageentirely at its own expense, electrical or telecommunications risers excepting normal wear and conduitstear; provided, 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubthowever, Tenant shall not be obligated to remove any alterations, installations or improvements if, at the time Tenant requested Landlord-approved ’s approval (or notified Landlord of the same), Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from not Landlord would require Tenant to remove the Premises same, and at the time Landlord granted its approval, it did not inform Tenant that Landlord would require Tenant to remove such alteration, installation or improvement at the expiration of this Lease. All damage to the Leased Premises caused by the removal of such trade fixtures and other personal property that Tenant is permitted to remove under the terms of this Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant and/or such restoration shall be repaired by Tenant at its sole cost and expense prior to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.termination. Divco\Gateway/Tobira Lease
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal i. If the Building of Tenant Improvements and related restoration and repair of which the Premises are governed by that certain work letter attached hereto a part is damaged as Exhibit B (the “Work Letter”). In connection with its approval result of any Alterations (other than the Tenant Improvements)an event of casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Premises have been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no valueproceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, or would have negative valueincluding 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 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 factors (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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to a future tenantterminate this Lease. Without limiting If this Lease is not so terminated, the foregoingCasualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice.
iii. In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord may require removal shall repair all material damage to the Premises 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 signage, electrical 's insurance with respect to any Alterations or telecommunications risers and conduits, cables and lines any tenant improvements installed by or on behalf for the benefit of Tenant. Within 15 days of demand, raised flooring, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units and Tenant shall also pay Landlord for any accompanying structural steel reinforcements at additional excess costs that are determined during the expiration or earlier termination performance of the repairs to such Alterations.
iv. From and after the casualty event, the rental to be paid under this Lease Term. Any obligation shall be abated in the same proportion that the Floor Area of Tenant the Premises that is rendered unusable by the damage from time to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting time bears to the Premises in connection with total Floor Area of the removal Premises.
v. Notwithstanding the provisions of such Alterations. For avoidance subsections (a), (b) and (c) of doubtthis Section 11.1, but subject to Section 10.4, the cost of any repairs shall be borne by Tenant, and Tenant shall not be obligated entitled to remove any Landlord-approved rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) its employees, subtenants, contractors, invitees or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysrepresentatives.
Appears in 1 contract
Sources: Lease (Redwood Trust Inc)
Restoration. Landlord and All Tenant acknowledge that Alterations shall remain the property of Tenant during the Lease Term but shall not be altered or removed from the Premises (except for Tenant Alterations which are altered or removed during the Lease Term in the ordinary course of Tenant’s obligations with respect business operations, provided that Tenant shall repair any damage to any removal of Tenant Improvements and related restoration and repair of the Premises are governed and Building caused by that certain work letter attached hereto as Exhibit B (the “Work Letter”such removal and/or alteration). 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant Alterations in the Premises shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant Alterations, Tenant shall so remove such Tenant Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to Term and repair any damage resulting to the Premises and Building caused by such removal. Notwithstanding the foregoing or anything to the contrary set forth in connection with the removal of such Alterations. For avoidance of doubtthis Lease, Tenant shall not be obligated to remove (i) the Tenant Improvements; (ii) any Landlord-approved Tenant Improvements existing alterations or Alterations from improvements that were installed in the Premises pursuant to the Existing Lease; or (iii) any Tenant Alterations with respect to which the following is true: (A) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Tenant Alteration in question; (B) at the time Tenant requested Landlord’s approval, Tenant requested of Landlord in writing that Landlord inform Tenant of whether or not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (C) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such Tenant Alteration at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Sources: Lease (Intevac Inc)
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions belowof any Mortgage or Superior Lease, expressly designate but Landlord shall have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in writing which Section 11.3(b), any Alterations or components improvements to the 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 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 is Substantially Completed or would have been Substantially Completed but for Tenant delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations may remain and Tenant Improvements in the Premises upon to their condition prior to the expiration or sooner termination damage, exceeds (B) the cost of this Leaserestoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord does not expressly indicate that either (1) Tenant’s Restoration Payment, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any portion or component of the Alterations described Above Building Standard Installations, 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 either case 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 days after 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 discretiondemand therefor, Landlord shall be entitled have no obligation to require removal restore any Above Building Standard Installations and Tenant’s abatement of Alterations thatFixed Rent, in LandlordTenant’s 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 Tax Payment and Tenant’s Operating Payment shall cease when the Stanford Research Park and University Circle, (ii) affect the structure restoration of the Premises (other than any Above Building or the Building Systems; or (iiiStandard Installations) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 1 contract
Sources: Sublease Agreement (K12 Inc)
Restoration. If this Lease shall not be terminated pursuant to Section 12.2, Landlord and shall thereafter use reasonable efforts to restore the Premises (excluding any alterations, additions or improvements made by Tenant acknowledge pursuant to Section 5.2 that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair have not become part of the Premises are governed by that certain work letter attached hereto and the property of Landlord as Exhibit B (the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements), Landlord shall, within fifteen (15provided therein) business days after to proper condition for Tenant’s specific written request made at use and occupation, provided that so long as Landlord carries the time Tenant requests insurance described in Section 5.5 Landlord’s approval of such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject obligation shall be limited to the provisions belowamount of insurance proceeds available therefor. If, expressly designate in writing which Alterations for any reason, either (x) the architect’s or components of Alterations may remain in engineer’s certification delivered by Landlord indicates that the Premises upon repairs to be performed by Landlord cannot reasonably be expected to be substantially completed before the expiration of four (4) months from the date such repair work commences or sooner termination (y) despite the use of this Lease. If Landlord does Landlord’s reasonable efforts, such restoration shall not expressly indicate that any portion or component in fact be substantially completed within four (4) months after the expiration of the Alterations described sixty day period referred to in the Removal Determination Request may remainSection 12.2, then Landlord may require that such portion of component of Tenant shall have the Alterations be removed from the Premises at the expiration or earlier termination of the right to terminate this 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 by giving written notice to Landlord renewing thereof within thirty (30) days after the Removal Determination Requestreceipt of such estimate or the expiration of such four (4) month period, and if (which four-month period may be extended for such periods of time as Landlord fails to respond to the subsequent Removal Determination Request within is prevented from proceeding with or completing such restoration for any cause beyond Landlord’s reasonable control, but in no event for more than an additional 5 business day period (but has otherwise approved the Alterations pursuant to Paragraph 7(athree months)), then such Alterations may remain in the Premises upon the expiration or sooner termination of this Lease, provided that such restoration is not completed within such four (4) month period (as so extended) in either case. This Lease shall cease and come to an end without further liability or obligation on the second Removal Determination Request expressly notes part of either party thirty (30) days after such giving of notice by Tenant unless, within such 30-day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in capitalized, boldfaced language that equity for Landlord’s failure so to respond will mean Landlord has waived its right to request removal of all complete such Alterations. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations)restoration, in Landlord’s sole discretion, Landlord and time shall be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection essence with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysrespect thereto.
Appears in 1 contract
Restoration. Landlord If the Demised Premises or any portion thereof shall be damaged by fire or other casualty at any time prior to the last two Lease Years within the Term (taking into account whether Tenant delivers a Renewal Notice within thirty (30) days following the occurrence of such damage or other casualty), at Landlord's sole cost and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair expense (except as hereafter provided in the instance of the Premises are governed by that certain work letter attached hereto as Exhibit B (deductible for the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant ImprovementsProperty Insurance provided in Section 11.2 below), Landlord shallshall repair and restore the same ("RESTORATION"), subject to Permitted Delays, with diligence and as soon as reasonably practicable under the circumstances, but nonetheless within fifteen two hundred and seventy (15270) business days after Tenant’s specific written request made at following the date Landlord receives all building permits and other approvals necessary to commence and thereafter prosecute to completion such Restoration. If (i) such damage or other casualty occurs in the last two (2) Lease Years, (ii) Tenant has not then delivered to Landlord a Renewal Notice Tenant has the right to deliver hereunder, and (iii) the reasonably estimated time Tenant requests Landlord’s approval it will take to complete the Restoration therefor is in excess of one hundred eighty (180) days, Landlord may elect to either (1) terminate this Lease, effective as of the date of such Alterations occurrence, or (any 2) undertake the Restoration. If Landlord fails to deliver such specific request by notice to Tenant, a “Removal Determination Request”it shall act as notice to Tenant that Landlord has elected to terminate this Lease. Notwithstanding the foregoing, if the Demised Premises are partially or wholly untenantable by fire or other casualty and Landlord elects to restore the damaged portion of the Demised Premises as aforesaid, but Landlord fails to complete the Restoration within the said two hundred and seventy (270) days (subject to Permitted Delays), but subject then, upon thirty (30) days prior written notice to the provisions belowLandlord, expressly designate in writing which Alterations or components of Alterations Tenant may remain in the Premises upon the expiration or sooner termination of terminate this Lease. If Tenant fails to deliver such notice when aforesaid, Tenant shall be deemed to waived such right of termination, but Tenant may pursue against Landlord does not expressly indicate that any portion or component an action for specific performance of the Alterations described in the Removal Determination Request may remain, then Landlord may require that such portion of component Restoration. Base Rent and Additional Charges shall ▇▇▇▇▇ on those portions of the Alterations Demised Premises 42 that are, from time to time, untenantable or inaccessible as a result of such damage (or shall be removed from fully abated pending repair if the Demised Premises at are rendered unsuitable for the expiration or earlier termination conduct of the Lease Term; provided, however, that if Landlord fails to respond to a Removal Determination Request within such 15 business day periodTenant's business) 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, until Landlord shall be entitled to require removal have completed the Restoration required of Alterations that, in Landlord’s 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 Landlord hereunder. If the Stanford Research Park and University Circle, (ii) affect the structure entirety of the Building is untenantable or the Building Systems; or (iii) would have no value, or would have negative value, to Demised Premises are inaccessible as a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal result of such Alterations. For avoidance of doubtdamage, then on and after the date Tenant vacates the Demised Premises as a result thereof until the Restoration is complete so Tenant is permitted to re-occupy the Demised Premises, Tenant shall not be obligated required to remove any Landlord-approved Tenant Improvements or Alterations from maintain the Premises at the expiration of the Lease Term that Landlord has specifically designated commercial general liability insurance provided in writing may remain in the Premises pursuant to this Paragraph 7(dSection 5.2(b) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayshereof.
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations (other than the initial Tenant Improvements) shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations, Tenant shall so remove such Tenant’s Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 shall not be obligated to remove Alterations pursuant to this Paragraph 7(d) shall also require the initial Tenant to repair any damage resulting to Improvements. Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Tenant Alterations in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such Tenant Alterations at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Sources: Lease Agreement (Electroglas Inc)
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations of any Mortgage or components 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 Superior 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, but Landlord shall be entitled have no obligation to require removal of Alterations that, in Landlord’s judgment, repair or restore (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, Tenant’s Property or (ii) affect except as provided in Section 11.3(b), any Alterations or improvements to the structure Premises installed by Tenant, 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 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 Building or the Building Systems; or (iii) would have no value, Premises is Substantially Completed or would have negative valuebeen Substantially Completed but for Tenant Delay, to a future tenant. Without limiting the foregoingFixed Rent, Landlord may require removal of Tenant’s signage, electrical Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or telecommunications risers accessible ) and conduits, cables and lines is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations installed by or on behalf of Tenant, raised flooringTenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, heat pumpsif any, supplemental air conditioning equipmentby which (A) the cost, UPS systemsas estimated by a reputable independent contractor designated by Landlord, rolling files of repairing and restoring all Above Building Standard Installations installed by Tenant in the Premises, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or storage units (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 of restoring the Above Building Standard Installations installed by Tenant. 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 accompanying structural steel reinforcements at the expiration or earlier termination of the Lease Term. Any Above Building Standard Installations installed by Tenant, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations installed by or on behalf of Tenant to remove Alterations pursuant to this Paragraph 7(d) and Tenant’s abatement of Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall also require Tenant to repair any damage resulting to cease when the restoration of the Premises in connection with the removal (other than any Above Building Standard Installations installed by or on behalf 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(dTenant) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 1 contract
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions belowof any Mortgage or Superior Lease, expressly designate but Landlord shall have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in writing which Section 11.3(b), any Alterations or components improvements to the 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 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations may remain and Initial Alterations in the Premises upon to their condition prior to the expiration damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or sooner termination (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 this Leaserestoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord does not expressly indicate that 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 portion or component of the Alterations described Above Building Standard Installations, 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 either case 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 days after 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 discretiondemand therefor, Landlord shall be entitled have no obligation to require removal restore any Above Building Standard Installations and Tenant’s abatement of Alterations thatFixed Rent, in LandlordTenant’s 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 Tax Payment and Tenant’s Operating Payment shall cease when the Stanford Research Park and University Circle, (ii) affect the structure restoration of the Premises (other than any Above Building or the Building Systems; or (iiiStandard Installations) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (Inphi Corp)
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $500,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 ▇▇▇▇▇▇ 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 removal of Tenant Improvements Destruction Event exceed $500,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, ▇▇▇▇▇▇▇▇ delivers to Lender prior to commencing Restoration, for ▇▇▇▇▇▇’s approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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 undisbursed balance of the 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 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 valuefurther 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 ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇’s expense, an independent engineer or other consultant to review the plans and specifications, 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 Remedies, Lender may elect to restore the Improvements on ▇▇▇▇▇▇▇▇’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or would have negative value, to Lender may apply the Restoration Funds as a future tenant. Without limiting the foregoing, Landlord may 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 credit against any accompanying structural steel reinforcements at the expiration or earlier termination portion of the Lease TermDebt 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. Any obligation Lender will not hold any Restoration Funds in trust. Lender may elect to 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 Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises ▇▇▇▇▇▇’s expenses incurred in connection with a Destruction Event or Restoration. If ▇▇▇▇▇▇▇▇ fails to do so, then in addition to the removal of such Alterations. For avoidance of doubtRemedies, Tenant shall not be obligated ▇▇▇▇▇▇ may from time to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration time reimburse itself out of the Lease Term that Landlord has specifically designated Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in writing may remain in its sole discretion either to apply the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) excess as a credit against any portion of the Work Letter, Debt as selected by ▇▇▇▇▇▇ in its sole discretion or that are to deliver the subject of a second Removal Determination Request excess to which Landlord does not respond within 5 business daysBorrower.
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Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal (a) If the Building of Tenant Improvements and related restoration and repair of which the Premises are governed by that certain work letter attached hereto a part is damaged as Exhibit B (the “Work Letter”). In connection with its approval result of any Alterations (other than the Tenant Improvements)an event of casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Premises have been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no valueproceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, or would have negative value, including without limitation earthquake insurance. Should Landlord elect not to a future tenant. Without limiting repair the foregoingdamage for one of the preceding reasons, Landlord may require removal of Tenant’s signageshall so notify Tenant in the “Casualty Notice” (as defined below), 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 this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) 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 also require Tenant not be deemed discriminatory: length of term remaining on the Lease, time needed to repair any and restore, costs of repair and restoration not covered by 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 factors (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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days and if the damage resulting is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice.
(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 or the Building as soon as reasonably possible and this Lease shall continue in connection 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. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the removal performance of the repairs to such Alterations. For avoidance .
(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 doubtthe Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be obligated entitled to remove any Landlord-approved rental abatement or termination rights, if the damage is due to the gross negligence or willful misconduct of Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) its employees, subtenants, contractors, invitees or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysrepresentatives.
Appears in 1 contract
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $750,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 ▇▇▇▇▇▇ 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 removal of Tenant Improvements Destruction Event exceed $750,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, ▇▇▇▇▇▇▇▇ delivers to Lender prior to commencing Restoration, for ▇▇▇▇▇▇’s approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would 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 undisbursed balance of the 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 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 valuefurther obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds without any prepayment premium as a credit against any portion of the Debt selected by 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 ▇▇▇▇▇▇▇▇’s expense, an independent engineer or other consultant to review the plans and specifications, 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 Remedies, Lender may elect to restore the Improvements on ▇▇▇▇▇▇▇▇’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or would have negative value, to Lender may apply the Restoration Funds as a future tenant. Without limiting the foregoing, Landlord may 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 credit against any accompanying structural steel reinforcements at the expiration or earlier termination portion of the Lease TermDebt 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. Any obligation Lender will not hold any Restoration Funds in trust. If the Restoration Funds are equal to or greater than Five Million Dollars ($5,000,000), Lender will deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender which shall provide that interest will accrue on such deposit.
(g) Borrower will pay all of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises ▇▇▇▇▇▇’s expenses incurred in connection with a Destruction Event or Restoration. If ▇▇▇▇▇▇▇▇ fails to do so, then in addition to the removal of such Alterations. For avoidance of doubtRemedies, Tenant shall not be obligated ▇▇▇▇▇▇ may from time to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration time reimburse itself out of the Lease Term that Landlord has specifically designated Restoration Funds.
(h) If any excess Proceeds remains after Restoration, Lender may elect, in writing may remain in its sole discretion either to apply the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) excess as a credit against any portion of the Work Letter, Debt as selected by ▇▇▇▇▇▇ in its sole discretion or that are to deliver the subject of a second Removal Determination Request excess to which Landlord does not respond within 5 business daysBorrower.
Appears in 1 contract
Restoration. Landlord If less than the whole or less than all or substantially all of the Original Building shall be taken in such proceedings, and Tenant acknowledge that Tenant’s obligations with respect shall not have elected to any removal of Tenant Improvements and related restoration and repair of terminate this Sublease if permitted by the Premises are 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)terms hereof, Landlord shall, within fifteen (15) business days after Tenant’s specific written request made at with reasonable dispatch, repair the time Tenant requests Landlord’s approval remaining portion of such Alterations (any such specific request by Tenant, a “Removal Determination Request”)structure or structures so as to restore it or them complete, but subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, Tenant shall not be obligated to remove extend any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration part of such structure beyond any boundary of the Lease Term real property described on Exhibit "A" to this Sublease or to restore any structure in violation of any applicable zoning ordinances or regulations or other laws; Landlord shall not be obligated to expend on any structure more than the sum allowed to Landlord in such proceeding for damage to the structure, less all expenses incurred by Landlord in such proceeding; nor shall there be any abatement of any rent due hereunder during such restoration; provided, that Landlord has specifically designated in writing may remain if the expense of such restoration would be greater than the sum allowed to Landlord, less such expenses in the Premises pursuant condemnation proceeding, then Landlord shall have an option, for a period of thirty (30) days after such partial taking, within which to decide whether to make the restoration or terminate this Paragraph 7(d) or Paragraph 2(d) Sublease. If, within such thirty-day period, Landlord shall give written notice to Tenant of termination, this Sublease and the term hereof shall terminate and expire on the last day of the Work Lettercalendar month following the month in which such notice shall be given and the Basic Rent, Additional Rent, Supplemental Rent, and other sums or charges in this Sublease provided to be paid by Tenant shall be paid to the date of such termination; provided, that are if Tenant shall agree in writing, within twenty (20) days after receiving any such notice of termination from Landlord, to pay the subject difference by which the cost of a second Removal Determination Request such restoration exceeds the sum allowed to which Landlord does not respond within 5 business daysin such condemnation proceeding, less such expenses, then Landlord's notice of termination and right to terminate hereunder shall cease and Landlord shall make such such restoration as herein before required."
Appears in 1 contract
Sources: Sublease Agreement (Foster L B Co)
Restoration. 15.1 Following damage or destruction to the Premises, within the sixty (60) day period (“Restoration Estimate Period”) following the occurrence of the damage or destruction, Landlord’s architect shall give to Landlord and Tenant acknowledge that a reasonable estimate (“Landlord Architect’s Estimate”) of the time required to restore the Building or Buildings and other improvements comprising the Premises excluding Tenant’s obligations specialty improvements (“Landlord’s Work”), and excluding from such time estimate the time required to replace any specialty improvements installed in connection with Tenant’s research and development activities in the Premises, including without limitation, laboratory equipment and ancillary building service equipment required because of such research and development activities. If Landlord gives the Landlord Architect’s Estimate to Tenant within the Restoration Estimate Period, then the Landlord Architect’s Estimate shall be the “Architect’s Certificate”, and Paragraph 15.2 shall be of no force or effect.
15.2 During the Restoration Estimate Period, Tenant may select an architect to prepare a reasonable estimate of the time required to complete the Landlord’s Work (“Tenant Architect’s Estimate”), and, if (i) the Landlord fails to give Tenant the Landlord Architect’s Estimate within the Restoration Estimate Period and (ii) Tenant gives Landlord the Tenant’s Architect’s Estimate within the Restoration Estimate Period, then the Tenant Architect’s Estimate shall be the “Architect’s Certificate”.
15.3 If within the Restoration Estimate Period (i) Landlord’s Architect fails to give the Landlord Architect’s Estimate and (ii) the Tenant’s Architect fails to give the Tenant Architect’s Estimate, then it shall be deemed that the Landlord Architect’s Estimate was given on such 60th day and shall be deemed to be the “Architect’s Estimate”, and it shall be deemed that the Landlord’s Work can be restored in nine (9) months or less following the occurrence of the loss.
15.4 If the Architect’s Estimate is that the Landlord’s Work cannot be completed in nine (9) months or less, then either Landlord or Tenant may elect to terminate this Lease in its entirety upon notice to the other party given no later than thirty (30) days after Tenant’s receipt of the Architect’s Estimate. If neither party elects to terminate this Lease or if the Architect’s Certificate states that Landlord’s Work will take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the specialty 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. Within ninety (90) days following the occurrence of the loss, Landlord shall notify Tenant in writing whether or not Landlord has sufficient insurance proceeds to complete Landlord’s Work, and if Landlord does not in such notice confirm the sufficiency of insurance proceeds, Tenant shall have the right to terminate this Lease. Except in the event the Lease is terminated or as otherwise provided herein, Tenant at Tenant’s expense, except if same is necessitated by Landlord’s acts or omissions, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure 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 materially 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 removal damage to the Premises the pro-rata amount of the commercially reasonable deductible (up to $25,000) under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice. If the damage involves the premises of other tenants, Tenant Improvements and related shall pay the portion of the deductible that the cost of the restoration and repair of the Premises are 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 “Removal Determination Request”), but subject bears to the provisions belowtotal cost of restoration, expressly designate in writing which Alterations or components as determined by Landlord. Base Rent, Operating Expenses and Taxes shall be abated for the period of Alterations may remain repair and restoration in the Premises upon proportion which the expiration or sooner termination of this Lease. If Landlord does not expressly indicate that any portion or component area of the Alterations described in Premises, if any, which is not usable by Tenant bears to the Removal Determination Request may remain, then Landlord may require that such portion of component total area 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 AlterationsPremises. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord Such abatement shall be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may require removal of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed by or on behalf sole remedy of Tenant, raised flooringand except as provided herein, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units and Tenant waives any accompanying structural steel reinforcements at the expiration or earlier termination of right to terminate the Lease Term. Any obligation by reason of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayscasualty loss.
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge Provided that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair (1) the Indenture does not require a repurchase of the Premises are governed by that certain work letter attached hereto as Exhibit B (First Mortgage Bonds and the “Work Letter”). In connection with its approval maturity of any Alterations (other than the Tenant Improvements), Landlord shall, within fifteen (15) business days after Tenant’s specific written request made First Mortgage Bonds has not been accelerated under the Indenture at the time Tenant requests Landlord’s approval of a Loss, or at the time Mortgagor seeks the benefit of this paragraph, (2) the Loan Agreement does not require an acceleration of the Promissory Note and Loan evidenced thereby, and (3) Mortgagee reasonably determines that Mortgagor has the ability (including financial ability) to restore the Improvements or any portion thereof to a condition substantially the same as prior to the Loss, and pay for the complete costs of such Alterations restoration (taking into account available insurance proceeds), Mortgagee agrees that Mortgagor shall have the right to require Mortgagee to apply the insurance proceeds received by Mortgagee under the provisions of Section 1.5(a)(2) on account of such Loss for the purpose of the restoration of the Mortgaged Property in the following manner and upon satisfaction of the following conditions:
(A) If the insurance proceeds resulting from the Loss of the Improvements or any portion thereof are made available to Mortgagor under the provisions of this section 1.5(a)(3), then upon the occurrence of a Loss, Mortgagor shall, following its election to restore the Improvements under Section 1.5(a)(2)(A) hereof, commence the restoration of the Improvements to as good and substantially the same condition as such property was prior to such Loss and upon commencement thereof shall diligently prosecute the same to completion.
(B) Subject to the Intercreditor Agreement, such insurance proceeds shall be paid over to Mortgagee or its designee, as depository for the disbursement thereof as provided herein. In the event such proceeds are to be used to restore the Improvements, such proceeds shall be invested in Investment Grade Securities (the interest from which shall inure to the benefit of Mortgagor). Pending disbursement of such proceeds, Mortgagor hereby grants to Mortgagee a security interest in such 19 Investment Grade Securities and pledges such Investment Grade Securities to Mortgagee as further security for the indebtedness secured hereby. Mortgagor shall file all documents and take all other steps necessary to perfect the pledge of the Investment Grade Securities. If an Event of Default occurs (and any applicable cure or grace period has expired) prior to the completion of the restoration, Mortgagee at its option shall, during the continuance of such Event of Default, have the right to either apply all or any portion of such Investment Grade Securities toward restoration of the Mortgaged Property or toward any amounts secured hereby.
(C) The depository of such insurance proceeds shall disburse such proceeds following Mortgagor's delivery of a Disbursement Request, not more than once per week and only if (1) said depository has not received any notice from Mortgagee that an Event of Default has occurred hereunder or under the Indenture or (2) the depository shall have received a commitment from Title Insurer, attached to the Disbursement Request, evidencing the Title Insurer's unconditional commitment to issue an endorsement in the form of a 122 CLTA Endorsement insuring the continuing priority of the lien of the Mortgage as security for each advance of funds from the insurance proceeds. Mortgagor covenants and agrees (a) to comply with all material covenants and conditions set forth in the Indenture and the Loan Agreement and which are incorporated herein by reference to the extent such provisions are applicable to the restoration of the Improvements or any portion thereof and (b) to cause each Disbursement Request to be true, correct and complete.
(D) If Mortgagee reasonably determines that the amount of the insurance proceeds available for the restoration work to be completed under Section 1.5(a)(2)(A) hereunder shall be insufficient for the performance and completion of such work, Mortgagor covenants and agrees, as a condition precedent to any disbursement of insurance proceeds, to deliver to Mortgagee an amount, which, together with the insurance proceeds, shall be sufficient to pay the total amount necessary or reasonably required to restore the Mortgaged Property as herein provided, and which amounts shall be disbursed in accordance with subsection (iii) of this section.
(E) Without limiting the generality of the foregoing provisions, the restoration work and the performance thereof shall be subject to and performed in accordance with each of the following provisions: (1) such work and the performance thereof shall be conducted in a first-class, workmanlike manner, shall not permanently weaken nor impair the structural strength of any existing Improvements, nor change the character thereof or the purpose for which the same may be used, nor lessen the value of the Mortgaged Property; (2) before the commencement of any such specific request work, the plans and specifications (the "Plans") therefor shall be filed with and approved by Tenantall Governmental Authorities having jurisdiction and all necessary licenses, a “Removal Determination Request”)permits and/or authorizations from all Governmental Authorities shall have been obtained, but and all such work shall be done subject to and in accordance with all applicable Legal Requirements; (3) before commencing any such work, Mortgagor shall have delivered to Mortgagee the provisions belowPlans and a line item budget setting forth with reasonable particularity the cost of completing such work together with a certificate in a form, expressly designate in writing which Alterations or components of Alterations may remain in and from a licensed architect, reasonably satisfactory to Mortgagee certifying (a) that the Premises upon the expiration or sooner termination of this Lease. If Landlord does not expressly indicate that any portion or component execution of the Alterations work described in the Removal Determination Request may remainPlans will substantially restore the Mortgaged Property and (b) that the budget constitutes a reasonable estimate of the cost of restoring the Mortgaged Property in accordance with the Plans; and (4) before commencing any such work, then Landlord may require should Mortgagee so request, Mortgagor shall, at Mortgagor's expense, give to Mortgagee surety company labor and material, payment and performance bonds in a company or companies and in form reasonably satisfactory to Mortgagee (or other security guaranteeing performance satisfactory to Mortgagee) in an aggregate amount equal to one hundred twenty percent (120%) of the estimated cost of such work, guaranteeing the completion of such work, free and clear of all liens, encumbrances, claims, chattel mortgages, conditional bills of sale and security agreements; PROVIDED, HOWEVER, that such portion of component of the Alterations bonds or other security shall not be removed required from the Premises at the expiration or earlier termination of the Lease Term; providedcontractors which, 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 reasonable judgment of Mortgagee 20 do not need to post such bonds 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 provide such Alterationssecurity. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting Notwithstanding the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with extent that the removal of restoration work is contracted for under fixed-price contracts, such Alterations. For avoidance of doubt, Tenant shall not surety company labor and material payment and performance bonds (or other security guaranteeing performance satisfactory to Mortgagee) may be obligated equal to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(done hundred ten percent (110%) of the Work Letter, or that are the subject amount of a second Removal Determination Request to which Landlord does not respond within 5 business dayssuch fixed price contracts.
Appears in 1 contract
Restoration. Landlord Sections 6.4, 10.15, and Tenant acknowledge that Tenant’s obligations with 10.32 of the Lease are hereby amended as follows:
(i) The third sentence of Section 6.4(d) is amended and restated as follows: “With respect to any removal Alterations (as such term is defined herein) constructed by Tenant after the 26 day of Tenant Improvements and related restoration and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B October, 2023 (herein, the “Work LetterReference Date”). In connection with its approval of any Alterations (other than the Tenant Improvements), Landlord shallreserves the option to require Tenant, within fifteen (15) business days after at Tenant’s specific written request made at the time Tenant requests Landlord’s approval of such Alterations (any such specific request sole cost and expense, to remove all fixtures, alterations, additions, decorations, or installations installed by Tenant, a collectively in this Section called “Removal Determination Request”), but subject Alterations,” and to restore the Property to the provisions belowsame condition as existed at time said Alterations were constructed or installed, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon reasonable wear and tear excepted, if Landlord gives Tenant written notice electing to require said removal and restoration prior to 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 other termination of the Lease Term; provided, however, that if Tenant may, at such time as it requests Landlord's approval for Tenant to make Alterations, request that Landlord fails either allow such Alterations to respond remain upon expiration of the Lease, or that Landlord requires such Alterations to a Removal Determination Request within such 15 business day period) then be removed by Tenant may send a subsequent written notice to Landlord renewing upon expiration of the Removal Determination RequestTerm, and if Landlord fails agrees to respond provide ▇▇▇▇▇▇▇▇'s decision with respect to such change at the subsequent Removal Determination Request within an additional 5 business day period (but has otherwise approved the Alterations pursuant to Paragraph 7(a)), then time of a request by ▇▇▇▇▇▇ for that decision. Any 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 be entitled to require from Tenant regarding removal of Alterations thatshall conspicuously state in bold, uppercase typeface that Tenant will not be required to remove the Alterations in Landlord’s judgmentquestion at the end of the Term unless, (i) are non‑standard office improvements contemporaneously with ▇▇▇▇▇▇▇▇'s notice of approval to Tenant with respect to the Alterations in question, Landlord notifies Tenant in writing that are not consistent with other upscale professional services office space within comparable Class A office buildings in Landlord will require Tenant to remove such alterations prior to the Stanford Research Park and University Circle, expiration of the Term.”
(ii) affect the structure of the Building or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting The following sentence is added to the Premises in connection with end of Section 6.4(d): “For the removal of such Alterations. For avoidance of doubt, Tenant shall not be obligated have no obligation to remove or restore any Landlord-approved Tenant Improvements alterations or Alterations from improvements made in the Premises or the Property by Tenant prior to the Reference Date.”
(iii) The first two sentences of Section 10.32(f) are amended and restated as follows: “Within five (5) days after the date that Tenant no longer leases any of the rentable square footage in a particular Building, Tenant shall, at its risk and expense, remove the Rooftop Equipment from such Building that was installed on or after the Reference Date. In addition, within five (5) days after (A) the termination of this Lease, (B) the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(dTerm, or (C) or Paragraph 2(d) Tenant’s vacating all of the Work LetterPremises, Tenant shall, at its risk and expense, remove all Rooftop Equipment from the Property that was installed on or that are after the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysReference Date.”
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations, Tenant shall so remove such Tenant’s Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to Notwithstanding the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) at the time Tenant requested Landlord-approved ’s approval, or, in the case of Alterations not requiring Landlord’s approval, in the Construction Notice Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (ii) at the time Landlord granted its approval, or, in the case of Alterations not requiring Landlord’s approval, within five (5) days after receipt of the Construction Notice, Landlord did not inform Tenant that Landlord has specifically designated in writing may remain would require Tenant to remove such Alteration at the expiration of the Lease Term. Tenant shall not be obligated to remove the initial Tenant Improvements constructed in the Premises pursuant to Exhibit B to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease.
Appears in 1 contract
Sources: Lease Agreement (American Science & Engineering Inc)
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions belowof any Mortgage or Superior Lease, expressly designate but Landlord shall have no obligation to repair or restore (i) Tenant’s Property, or (ii) except as provided in writing which Section 11.3(b), any Alterations or components improvements to the 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 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not tenantable for the conduct of business (or accessible ) and is not used by Tenant bears to the total area of the Premises. This Article 11 constitutes an express agreement governing any case of damage or 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 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 Landlord’s obligation to repair or restore any of Tenant’s Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations may remain and Initial Installations in the Premises upon to their condition prior to the expiration or sooner termination damage, exceeds (B) the cost 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 restoring the Premises at the expiration or earlier termination of the Lease Term; providedwith Building Standard Installations, 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.or
Appears in 1 contract
Sources: Lease Agreement (Redwood Trust Inc)
Restoration. If this Lease is not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises and the Common Areas 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 (collectively, “Landlord’s Restoration Work”). Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. If Landlord’s Restoration Work has not been substantially completed on or before the later to occur of (i) the date that is nine (9) months after the date of the Casualty and (ii) the last day of the restoration period set forth in the Completion Estimate, as each such date may be extended (but not by more than sixty (60) days in the aggregate) by force majeure, and Tenant acknowledge that Tenant’s obligations with respect is unable to any removal of Tenant Improvements and related restoration and repair occupy all or substantially all of the Premises are governed by that certain work letter attached hereto as Exhibit B (for the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)Permitted Use, 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 elect to terminate this Lease, either in whole or in part as expressly provided above, by giving Landlord notice of such election at any time after the applicable deadline and before Landlord has completed the Landlord Restoration Work, in which event this Lease shall terminate, in whole or in part, as aforesaid, on the date that his thirty (30) days after Tenant delivers such termination notice to Landlord renewing the Removal Determination Requestunless, 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 on 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 before the expiration of the Lease Term that such thirty-day period, Landlord has specifically designated completes Landlord’s Restoration Work, in writing may remain in the Premises pursuant which event Tenant’s election to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysterminate shall automatically become void.
Appears in 1 contract
Sources: Lease Agreement (Cynosure Inc)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal (a) If the Building of Tenant Improvements and related restoration and repair of which the Premises are governed by that certain work letter attached hereto a part is damaged as Exhibit B (the “Work Letter”). In connection with its approval result of any Alterations (other than the Tenant Improvements)an event of casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Premises have been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no valueproceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, or would have negative valueincluding 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 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 factors (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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to a future tenantterminate this Lease. Without limiting If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice.
(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 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 installed by Tenant. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. However, notwithstanding the foregoing, if Tenant has maintained the insurance required to be 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 may 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 prior to Landlord commencing repair of the Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, then Landlord agrees Tenant shall not be obligated required to remove 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 be payable by Tenant within 15 days after demand of Landlord-approved Tenant Improvements or Alterations from .
(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 at that is rendered unusable by the expiration damage from time to time bears to the total Floor Area of the Lease Term that Landlord has specifically designated in writing may remain in Premises.
(e) Notwithstanding the Premises pursuant to this Paragraph 7(dprovisions of subsections (a), (b) or Paragraph 2(dand (c) of this Section 11.1, but subject to Section 10.4, the Work Lettercost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or that are termination rights, if the subject damage is due to the gross negligence or willful misconduct of a second Removal Determination Request to which Landlord does not respond within 5 business daysTenant or its employees, subtenants, contractors, invitees or representatives.
Appears in 1 contract
Sources: Lease (BioCardia, Inc.)
Restoration. Except for Cosmetic Alterations and the initial Tenant Improvements, Tenant shall pay to Landlord a fee in the amount of five percent (5%) of the cost of the Alterations for its review of plans and oversight of the progress of the work and Tenant acknowledge that shall reimburse Landlord for all out of pocket costs and expenses incurred in connection therewith. All sums due to Tenant's contractors, if paid by Landlord due to Tenant's failure to pay such sums when due, shall bear interest payable to Landlord at the maximum interest rate permitted by law until fully paid. At the expiration or earlier termination of this Lease and otherwise in accordance with Paragraph 17 hereof, Tenant shall be required to remove at Tenant’s obligations with respect sole cost and expense or pay Landlord the reasonably estimated cost of removing, all Alterations made to any removal of Tenant Improvements and related restoration and repair of the Premises are governed except for any such Alterations which Landlord expressly indicates shall not be required to be removed from the Premises by that certain work letter attached hereto Tenant as Exhibit B (provided herein and to restore the “Work Letter”)Premises to their configuration and condition before the Alterations were made, and to repair any damage to the Premises caused by such removal. Tenant shall use a general contractor reasonably approved by Landlord for such removal and repair. In connection with its approval of any Alterations (other than the event Landlord designates Tenant Improvements)to complete such removal and restoration work Rent shall continue to be paid by Tenant following the Expiration Date until such work is completed at the rental rate set forth in the Basic Lease Information. Notwithstanding anything to the contrary contained herein, Landlord shall, within fifteen (15) business days after so long as Tenant’s specific written request made for consent for a proposed Alteration substantially contains the following language “PURSUANT TO PARAGRAPH 7 OF THE LEASE, IF LANDLORD CONSENTS TO THE SUBJECT ALTERATION, LANDLORD SHALL NOTIFY TENANT IN WRITING WHETHER OR NOT LANDLORD WILL REQUIRE SUCH ALTERATION TO BE REMOVED AT THE EXPIRATION OR EARLIER TERMINATION OF THE LEASE.”, at the time Landlord gives its consent for such Alteration, if it so does, Tenant requests Landlord’s approval of shall also be notified whether or not Landlord will require that such Alterations (Alteration, or any such specific request by Tenantportion thereof, a “Removal Determination Request”), but subject is to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises be removed upon the expiration or sooner earlier termination of this Lease. If Tenant’s written notice strictly complies with the foregoing and if Landlord does not expressly indicate that any portion or component fails to notify Tenant within twenty (20) days of Landlord’s receipt of such notice whether Tenant shall be required to remove the subject 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 it shall be assumed that Landlord shall require 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 the subject Alterations. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting Notwithstanding the foregoing, Landlord may require removal of Tenant’s signage, electrical or telecommunications risers it is agreed that other than voice and conduits, cables data wiring and lines installed by or on behalf of Tenant, raised flooring, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units cabling and any accompanying structural steel reinforcements supplemental HVAC and associated duct work at or serving the expiration or earlier termination of the Lease Term. Any obligation of Premises (which Tenant shall be required to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubtand restore), Tenant shall not be obligated have no obligation to remove any Landlord-approved Tenant Improvements or Alterations from the Premises at the expiration that portion of the Lease Term Alterations that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Lettercomprise any standard office improvements such as, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayswithout limitation, gypsum board, partitions, ceiling grids and tiles, floor tiles, fluorescent lighting panels, Building standard doors and non-glued down carpeting.
Appears in 1 contract
Sources: Office Lease (Sentinel Labs, Inc.)
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $500,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 removal of Tenant Improvements Destruction Event exceed $500,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, provided that the second Removal Determination Request expressly notes 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 a detailed budget for the Restoration;
(iii) Borrower delivers to Lender reasonably 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 determines that the undisbursed balance of the 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 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 Lender in capitalizedits sole discretion.
(d) Lender may elect at any time prior to or during the course of Restoration involving aggregate expenditures of more than $1,000,000 to retain, boldfaced language that Landlordat Borrower’s failure expense, an independent engineer or other consultant to respond will mean Landlord has waived review the plans and specifications, to inspect Restoration as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender in its right reasonable discretion, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to request removal Lender’s reasonable satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of all such Alterations. Without limiting Landlord’s right this Article (subject to require removal of any Alterations (including Permitted Alterationsthe same cure rights applicable to defaults), then in Landlordaddition to the Remedies, Lender may elect to restore the Improvements 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. Lender may elect to 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 reasonable third party expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion, Landlord either to apply the excess as a credit against any portion of the Debt (in which event no Prepayment Premium shall be entitled due under the Note) as selected by Lender in its sole discretion or to require removal of Alterations that, in Landlord’s 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 deliver the Stanford Research Park and University Circle, (ii) affect the structure of the Building or the Building Systems; or (iii) would have no value, or would have negative value, excess to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysBorrower.
Appears in 1 contract
Restoration. (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant is deprived of reasonable access to the Premises, Landlord shall promptly commence and Tenant acknowledge that Tenant’s obligations with respect diligently pursue to any removal of Tenant Improvements and related restoration and repair completion the repairs to substantially the condition of the Premises are governed prior to the damage, subject to the provisions of any Mortgage or Superior Lease and only to the extent that such repairs can be reasonably made from the net proceeds of any insurance actually received by that certain work letter attached hereto Landlord, but Landlord shall have no obligation to repair or restore (i) Tenant's Property or (ii) except as Exhibit B provided in Section 11.3(b), any Tenant-Insured Improvements. 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 “Work Letter”)Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant's Tenant-Insured Improvements, then until the restoration of the Premises is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant's Tax Payment and Tenant's Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. If this Lease is terminated in connection with any fire or casualty and Tenant has obtained and maintained the insurance policies required under Section 11.1 of this Lease, then Tenant shall assign to Landlord all insurance proceeds payable to Tenant in connection with the Tenant-Insured Improvements. In addition, if this Lease is terminated in connection with its approval any fire or casualty and Tenant has not obtained or maintained the insurance policies required under Section 11.1 of this Lease, then Tenant shall pay to Landlord an amount equal to the amount of the insurance proceeds that otherwise would have been payable to Tenant had Tenant complied with the insurance requirements set forth herein. 789956.06/WLA 377061-00006/sb/sb Arboretum Courtyard [Catasys, Inc.]
(b) As a condition precedent to Landlord's obligation to repair or restore any Tenant-Insured Improvements, Tenant shall (i) pay to Landlord upon demand a sum ("Tenant's Restoration Payment") equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor reasonably approved by Landlord (provided that Tenant shall retain the contractors designated by Landlord to perform any structural, mechanical, electrical, plumbing, HVAC, life safety and sprinkler work, provided that their rates are competitive in the marketplace), of repairing and restoring all Alterations and improvements in the Premises (other than including the Tenant Improvements)) to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord shallsecurity (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 Tenant-Insured Improvements, in either case 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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's demand therefor, Landlord shall be entitled have no obligation to require removal restore any Tenant-Insured Improvements and Tenant's abatement of Alterations thatFixed Rent, in Landlord’s 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 Tenant's Tax Payment and Tenant's Operating Payment shall cease when the Stanford Research Park and University Circle, (ii) affect the structure restoration of the Building or the Building Systems; or Premises (iiiother than any Tenant-Insured Improvements) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysis Substantially Complete.
Appears in 1 contract
Sources: Lease (Catasys, Inc.)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair of the Premises are 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon Upon the expiration or sooner other termination of this Lease. If Landlord does not expressly indicate that any portion or component the Term, the Tenant shall immediately quit and surrender possession of the Alterations described Leased Premises and all Leasehold Improvements in substantially the condition in which the Tenant is required to maintain the Leased Premises, excepting only reasonable wear and tear and damage covered by Landlord’s insurance, and the Tenant shall deliver to the Landlord the keys, mechanical or otherwise and combinations, if any, to the locks in the Removal Determination Request may remainLeased Premises and entries thereto. In addition, then the Landlord may require that such portion of component shall have the right, at its sole option to be exercised by written notice at least thirty (30) days prior to the expiration of the Alterations be removed from the Premises at the expiration term or earlier termination of this Lease to require that the Lease Term; providedTenant remove or cause to be removed at the Tenant’s cost all or any part of any wiring, howevercables, that if Landlord fails risers or similar installations appurtenant thereto installed by the Tenant or on the Tenant’s behalf in the risers of the Building, in the Leased Premises or anywhere else in the Project (the “Wiring”) and to respond to a Removal Determination Request within such 15 business day period) then Tenant may send a subsequent written notice to Landlord renewing restore the Removal Determination Requestrisers, the Leased Premises and if Landlord fails to respond other parts of the Project to the subsequent Removal Determination Request within an additional 5 business day period (but has otherwise approved extent affected by the Alterations pursuant to Paragraph 7(a)), then such Alterations may remain in the Premises upon the expiration installation 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 the Wiring to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall be entitled their condition existing prior to require removal of Alterations that, in Landlord’s 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 installation of the Building or Wiring (the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant“Wire Restoration Work”). Without limiting Notwithstanding the foregoing, the Landlord may, at its sole option, perform the Wire Restoration Work at the Tenant’s sole cost and expense. Upon surrender, all right, title and interest of the Tenant in the Leased Premises and all Leasehold Improvements located therein and in all Wiring shall cease. If the Landlord elects to perform the Wire Restoration Work, 90 days (or as soon after such date as is reasonably possible) prior to the expiration of the Term, the Landlord may require removal inspect the Leased Premises to determine the extent of Tenantthe Wire Restoration Work and within thirty (30) days of receipt of the Landlord’s signagebona fide estimate, electrical or telecommunications risers which shall be reasonable and conduitscomparable to market cost (the “restoration cost”), cables and lines installed by or on behalf of Tenantthe Tenant shall pay the Landlord the restoration cost. In addition, raised flooringthe Landlord shall have the right, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units and any accompanying structural steel reinforcements at the its sole option upon expiration or earlier other termination of the Term, to require that the Tenant restore any structural alterations to the Building made by the Tenant. For certainty, the Tenant shall at the Landlord’s option and at the Tenant’s cost and expense remove and make good any interior staircases, penetrations and/or other openings installed by the Tenant and restore the floor slab and repair any damage resulting from the installation and removal of such interior staircases, penetrations and/or other openings in a good and workmanlike manner, at the Tenant’s sole cost and expense. In addition, provided the Tenant is not then in default of its obligations under this Lease Term. Any obligation of beyond any applicable cure period, the Tenant shall have the right to remove Alterations pursuant to this Paragraph 7(d) its trade fixtures, trade equipment, furniture, work stations, telephone switches and security systems from the Leased Premises, and in respect of any such removal, the Tenant shall also require Tenant be responsible to repair any damage resulting which may be caused to the Leased Premises in connection with or the Building by the installation or removal of such Alterationsthereof. For avoidance of doubtSubject to the foregoing, the Tenant shall not be obligated have no other obligation to remove or demolish any Landlord-approved Tenant Leasehold Improvements or Alterations from otherwise restore the Premises at the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLeased Premises.
Appears in 1 contract
Sources: Lease Agreement (Shopify Inc.)
Restoration. Landlord and Tenant acknowledge that All Tenant’s obligations with respect to any removal Alterations shall remain the property of Tenant Improvements and related restoration and repair of during the Premises are governed by that certain work letter attached hereto as Exhibit B (Lease Term but shall not be altered or removed from the “Work Letter”)Premises. 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon At 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, all Tenant’s Alterations shall be surrendered to Landlord as part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord fails requires Tenant to respond remove any Tenant’s Alterations, Tenant shall so remove such Tenant’s Alterations prior 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 shall not be obligated to remove Alterations pursuant to this Paragraph 7(d) shall also require the initial Tenant to repair any damage resulting to Improvements. Nowithstanding; the Premises in connection with the removal of such Alterations. For avoidance of doubtforegoing, Tenant shall not be obligated to remove any Tenant’s Alterations with respect to which the following is true: (i) Tenant was required, or elected, to obtain the approval of Landlord to the installation of the Leasehold Improvement in question; (ii) at the time Tenant requested Landlord-approved ’s approval, Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from the Premises not Landlord would require Tenant to remove such Tenant Alteration at the expiration of the Lease Term Term; and (iii) at the time Landlord granted its approval, it did not inform Tenant that Landlord has specifically designated in writing may remain in it would require Tenant to remove such Leasehold Improvement at the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) expiration of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease Term.
Appears in 1 contract
Sources: Lease (COUPONS.com Inc)
Restoration. Tenant shall return the Leased Premises to Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair of the Premises are 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 this Lease Term; providedin as good and sanitary order, howevercondition and repair as received, that if free of rubble and debris, broom clean, reasonable wear and tear, casualty and condemnation excepted. However, Tenant shall ascertain from Landlord fails to respond to a Removal Determination Request within such 15 business day periodat least thirty (30) then Tenant may send a subsequent written notice to Landlord renewing the Removal Determination Request, and if Landlord fails to respond days prior 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 whether Landlord desires the second Removal Determination Request expressly notes in capitalizedLeased Premises, boldfaced language that Landlord’s failure or any part thereof, restored to respond will mean Landlord has waived its right condition prior to request removal of all such Alterations. Without limiting Landlord’s right to require removal the making of any Alterations alterations, installations and improvements (including Permitted Alterationswhether or not permitted hereunder), in Landlord’s sole discretion, and if Landlord shall be entitled to require removal of Alterations thatso desire, in Landlord’s 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 then Tenant shall forthwith restore said Leased Premises or the Building Systems; or (iii) would have no value, or would have negative valuedesignated portions thereof as the case may be, to a future tenant. Without limiting the foregoingits original condition, Landlord may require removal of Tenant’s signageentirely at its own expense, electrical or telecommunications risers excepting normal wear and conduitstear; provided, 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubthowever, Tenant shall not be obligated to remove any alterations, installations or improvements if, at the time Tenant requested Landlord-approved ’s approval (or notified Landlord of the same), Tenant Improvements requested of Landlord in writing that Landlord inform Tenant of whether or Alterations from not Landlord would require Tenant to remove the Premises same, and at the time Landlord granted its approval, it did not inform Tenant that Landlord would require Tenant to remove such alteration, installation or improvement at the expiration of this Lease. All damage to the Leased Premises caused by the removal of such trade fixtures and other personal property that Tenant is permitted to remove under the terms of this Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant and/or such restoration shall be repaired by Tenant at its sole cost and expense prior to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daystermination.
Appears in 1 contract
Restoration. Landlord and If the Premises are damaged by fire or other ----------- casualty, or if the Building or Parking Garage is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access thereto, the damage shall be repaired by Landlord, at its expense, to any removal of Tenant Improvements and related restoration and repair substantially the condition of the Premises are governed prior to the damage, subject to customary requirements of any Mortgage or Superior Lease regarding placement of proceeds into trust, submitting requisitions, etc., but Landlord shall have no obligation to repair or restore (i) Tenant's Property or (ii) except as provided in this Article 13, any Alterations to the Premises, to ---------- the extent such Alterations exceed the Minimum Build-Out Standards set forth on Schedule C-4 of the Design and Construction Agreement ("Above Building Standard ------------ Installations"). Provided no uncured Material Default shall then exist, 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant's Tax Payment and Tenant's Operating Expense Payment shall be reduced in the proportion by that certain work letter attached hereto which the Agreed Area of the part of the Building which is not usable (or accessible) and is not used by Tenant in the ordinary course bears to the total area of the Building. As a condition precedent to Landlord's obligation to repair or restore any of Tenant's Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum ("Tenant's Restoration Payment") equal to the amount, if any, by which (A) the cost, as Exhibit B estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Minimum Build-Out Installations, or (ii) furnish to Landlord security (the “Work Letter”)"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 Minimum Build-Out Installations. In connection with its approval If Tenant shall fail to deliver to Landlord either (1) Tenant's Restoration Payment or the Restoration Security, as applicable, or (2) a written waiver by Tenant of all of Landlord's obligations to repair or restore any Alterations (other than of the Tenant Improvements)Above Building Standard Installations, Landlord shall, in either case within fifteen (15) business days after Landlord's demand therefor, Tenant’s specific 's abatement of Fixed Rent, Tenant's Tax Payment and Tenant's Operating Expense Payment shall cease commencing as of the sixteenth (16th) day after Landlord's demand, and shall resume upon delivery to Landlord of Tenant's Restoration Payment or the Restoration Security, or such written request made at waiver, as the time Tenant requests case may be. Nothing set forth in this Section 13.1 shall be interpreted to limit Landlord’s approval of such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject 's right to the provisions below, expressly designate in writing which Alterations repair or components of Alterations may remain in the Premises upon the expiration restore all 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 such time and in such manner as 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 Requestdeems appropriate, and if no such repair or restoration shall constitute a waiver by 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 of any of Landlord's rights set forth in the Premises upon the expiration this Section 13.1 or sooner termination of elsewhere in 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.
Appears in 1 contract
Sources: Deed of Lease (Verisign Inc/Ca)
Restoration. Landlord and (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant acknowledge that Tenant’s obligations with respect is deprived of reasonable access to any removal of Tenant Improvements and related restoration and repair the Premises, the damage shall be repaired by Landlord, to substantially the condition of the Premises are governed by that certain work letter attached hereto as Exhibit B (prior to the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)damage, 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations of any Mortgage or components 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 Superior 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, but Landlord shall be entitled have no obligation to require removal of Alterations that, in Landlord’s judgment, repair or restore (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 CircleTenant’s Property, or (ii) affect except as provided in Section 11.3(b), any Alterations or improvements to the structure 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 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 Building Premises is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises. This Article 11 constitutes an express agreement governing any case of damage or destruction of the Premises or the Building Systems; by fire or (iii) would other casualty, and Section 227 of the Real Property Law of the State of New York, which provides for such contingency in the absence of an express agreement, and any other law of like nature and purpose now or hereafter in force, shall have no value, application in any such case.
(b) As a condition precedent to Landlord’s obligation to repair or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may require removal restore any 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubtAbove Building Standard Installations, Tenant shall not be obligated (i) pay to remove any Landlord-approved Tenant Improvements or Alterations from Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the Premises at amount, if any, by which (A) the expiration of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Lettercost, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.as 25
Appears in 1 contract
Sources: Lease Agreement
Restoration. (a) If the Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant is deprived of access to the Premises, Tenant shall give prompt notice to Landlord, and, provided this Lease is not terminated in accordance with Sections 19.02, 19.03 or 19.04 hereunder, Landlord and Tenant acknowledge that Tenantshall use available insurance proceeds, including the amount of any deductible applicable to Landlord’s obligations with respect insurance policies, to any removal of Tenant Improvements and related restoration and repair the damage to substantially the condition of the Premises are governed by that certain work letter attached hereto prior to the damage, subject to the provisions of any Superior Mortgage or Superior Lease and Legal Requirements, but Landlord shall have no obligation to repair or restore (i) Tenant’s Property, or (ii) except as Exhibit B provided in Section 19.01(b), the Initial Improvements, any Alterations or improvements to the Premises, to the extent such Initial Improvements, Alterations or improvements exceed Building Standard Installations (the as herein defined) (“Work LetterAbove Building Standard Installations”). In connection 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 19.01, and provided Tenant timely delivers to Landlord Tenant’s Restoration Payment (hereinafter defined) Landlord shall repair or restore Tenant’s Above Building Standard Installations, provided, however, that until the restoration of the Premises is Substantially Completed (as herein defined) or would have been Substantially Completed but for Tenant Delay, Base Rent, Tenant’s Tax Payment and Tenant’s Operating Payment and all other Additional Rent shall be reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any of Tenant’s Above Building Standard Installations, Tenant shall (i) pay to Landlord within thirty (30) days following Landlord’s demand a sum (“Tenant’s Restoration Payment”) equal to the 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 its approval Building Standard Installations. If Tenant shall fail to deliver to Landlord Tenant’s Restoration Payment, or a written waiver by Tenant, in form reasonably satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any Alterations (other than of the Tenant Improvements)Above Building Standard Installations, Landlord shall, in either case within fifteen (15) business days after Landlord’s demand therefor, Tenant’s specific written request made at abatement of Base Rent and Additional Rent shall cease, commencing as of the time Tenant requests sixteenth (16th) day after Landlord’s approval of such Alterations (any such specific request by Tenantdemand, a “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises and shall resume 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 delivery to Landlord renewing of Tenant’s Restoration Payment or such written waiver, as the Removal Determination Request, and if Landlord fails case may be. Nothing set forth in this Section 19.01 shall be interpreted 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 limit Landlord’s right to require removal repair or restore all or any portion of any Alterations (including Permitted Alterations), the Premises at such time and in such manner as Landlord deems appropriate in Landlord’s sole discretionreasonable judgment, and no such repair or restoration shall constitute a waiver by Landlord shall be entitled to require removal of Alterations that, in any of Landlord’s judgment, (i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings rights set forth in the Stanford Research Park and University Circle, (ii) affect the structure of the Building this Section 19.01 or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 elsewhere in this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysLease.
Appears in 1 contract
Sources: Lease (MF Global Ltd.)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to any removal (a) If the Building of Tenant Improvements and related restoration and repair of which the Premises are governed by that certain work letter attached hereto a part is damaged as Exhibit B (the “Work Letter”). In connection with its approval result of any Alterations (other than the Tenant Improvements)an event of casualty, 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 “Removal Determination Request”), but then subject to the provisions below, expressly designate in writing which Alterations or components 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 be entitled to require removal of Alterations repair that damage as soon as reasonably possible unless Landlord reasonably determines that, in Landlord’s 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 Premises have been materially damaged and University Circle, there is less than 1 year of the Term remaining on the date of the casualty; (ii) affect any Mortgagee (defined in Section 13.1) requires that the structure insurance proceeds be applied to the payment of the Building or the Building Systemsmortgage debt; or (iii) would have no valueproceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, or would have negative value, including without limitation earthquake insurance. Should Landlord elect not to a future tenant. Without limiting repair the foregoingdamage for one of the preceding reasons, Landlord may require removal of Tenant’s signageshall so notify Tenant in the “Casualty Notice” (as defined below), 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 this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) 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 also require Tenant not be deemed discriminatory: length of term remaining on the Lease, time needed to repair any and restore, costs of repair and restoration not covered by 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 factors (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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 270 days and if the damage resulting is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then either party may elect to terminate this Lease by written notice to the Premises in connection with other within 30 days following delivery of the removal of such AlterationsCasualty Notice. For avoidance of doubtIn addition, Tenant shall not be obligated have the right to remove any Landlord-approved Tenant Improvements or Alterations from terminate this Lease if all of the following apply: (i) a substantial portion of the Premises at the expiration has been damaged by casualty and such damage cannot reasonably be repaired within 90 days after Tenant’s receipt of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(dCasualty Notice; (ii) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.there is
Appears in 1 contract
Sources: Lease (Lombard Medical, Inc.)
Restoration. If the Net Award received by Landlord and Tenant acknowledge that Tenantplus the amount of Landlord’s obligations with respect deductible is not adequate to any removal of Tenant Improvements and related restoration and repair of the Premises are 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)complete Restoration, Landlord shall, will have the right to terminate this Lease by delivering a written termination notice to Tenant within fifteen thirty (1530) business days after Tenant’s specific written request made at the time Tenant requests Landlord’s approval amount of such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 TermNet Award is ascertained; provided, provided however, that if Landlord fails terminates this Lease because the Net Award received by Landlord plus the amount of Landlord’s deductible is not adequate 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, complete Restoration and if Tenant notifies Landlord fails to respond to within ten (10) days after receipt of Landlord’s termination notice that Tenant will fund the subsequent Removal Determination Request within an additional 5 business day period shortfall (but has otherwise approved the Alterations pursuant to Paragraph 7(a)a “Tenant’s Casualty Funding Notice”), then such Alterations may remain in subject to the Premises upon next succeeding sentence, Landlord’s termination notice shall be null and void. If Tenant delivers a Tenant’s Casualty Funding Notice to Landlord, the expiration or sooner termination re-instatement of this Lease, provided that the second Removal Determination Request expressly notes in capitalized, boldfaced language that Lease shall be subject to and conditioned upon Landlord and Tenant entering into an agreement within thirty (30) days of Landlord’s failure receipt of Tenant’s Casualty Funding Notice (which agreement shall be in form and substance reasonably acceptable to respond Landlord, Tenant and the holder of any Underlying Encumbrance) pursuant to which (i) Landlord and Tenant shall memorialize the method and procedure pursuant to which Tenant will mean fund the shortfall and (ii) Tenant shall post such security that Landlord has waived or the holder of any Underlying Encumbrance requires to secure Tenant’s obligation to fund the shortfall (a “Casualty Funding Agreement”). If the Casualty Funding Agreement is not entered into for any reason within such thirty (30) day period, then Landlord’s termination notice shall be fully effective as if Tenant never delivered Tenant’s Casualty Funding Notice and Tenant’s Casualty Funding Notice shall automatically be deemed to be null and void and of no further force and effect. If Landlord exercises 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 terminate this Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to Section 17.5, all Basic Rent and Additional Rent will be prorated as of the Premises in connection with the removal date 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayscasualty.
Appears in 1 contract
Restoration. If, at any time during the 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 or notice of the same as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (the “Restoration Period”), and indicating whether Landlord believes such damage is likely to be covered by Landlord’s insurance. If the Restoration Period is estimated to exceed 15 months (the “Maximum Restoration Period”), each of Landlord and Tenant acknowledge may deliver a written notice to the other party electing to terminate this Lease as of the date that Tenant’s obligations is 75 days after the date of discovery of such damage or destruction; provided that, if Tenant has expanded into 200 T▇▇▇▇▇▇ and there are similarly affected tenants in 200 T▇▇▇▇▇▇, then with respect to any removal Landlord’s termination notice, Landlord is also terminating the leases of all similarly affected tenants in 200 T▇▇▇▇▇▇. If the casualty is not covered by Landlord’s insurance or Landlord otherwise indicates that it will not receive sufficient insurance proceeds to restore, and in either case, Landlord notifies Tenant Improvements and related restoration and repair of that it will not restore the Premises, then Landlord or Tenant may, within 60 days following such notice, elect to terminate this Lease. Unless either party so elects to terminate this Lease, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant) and the Common Areas required to fulfill the Landlord’s obligations under this Lease, subject to Landlord’s receipt of sufficient insurance proceeds (unless Landlord elects to restore notwithstanding that insurance proceeds are governed not available), with any commercially reasonable deductible to be treated as a current Operating Expense, and further subject to delays arising from the collection of insurance proceeds, 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 that certain work letter attached hereto any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as Exhibit B defined in Section 30) in, on or about the Premises (the collectively referred to herein as “Work LetterHazardous Materials Clearances”). Landlord and Tenant shall reasonably cooperate with respect to insurance claims. In connection with its approval of obtaining any Alterations (other than mortgage encumbering the Tenant Improvements)Building, Landlord shallshall use reasonable efforts to cause its lender(s) to agree to disburse insurance proceeds to the extent required for the Landlord’s restoration obligations under this Lease, subject to commercially reasonable conditions. 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, Tenant may, in its sole and absolute discretion, terminate this Lease by at least 75 days’ prior written notice to Landlord given within fifteen 15 days following expiration of the Maximum Restoration Period or, if longer, the Restoration Period; provided that such termination notice shall be null and void if Landlord substantially completes the restoration within such 75-day period). ActiveUS 179671324v.10 Following substantial completion of Landlord’s restoration, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration to the Premises not required to be done by Landlord (15) business days after subject to Tenant’s specific right to make Alterations in accordance with this Lease). Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written request made at the time Tenant requests Landlord’s approval of such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject notice to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in other if the Premises upon are damaged during the expiration or sooner termination of this Lease. If Landlord does not expressly indicate that any portion or component last year of the Alterations described in the Removal Determination Request may remain, then Term and Landlord may require reasonably estimates that it will take more than 2 months to repair such portion of component of the Alterations be removed from the Premises at the expiration or earlier termination of the Lease Termdamage; provided, however, that if such notice is delivered within 30 days after the date that Landlord fails to respond to a Removal Determination Request within such 15 business day period) then provides Tenant may send a subsequent with written notice of the estimated Restoration Period. Notwithstanding anything to the contrary contained herein, Landlord renewing shall also have the Removal Determination Requestright to terminate this Lease if insurance proceeds are not available for restoration; provided that Landlord may restore notwithstanding that insurance proceeds are not available and in such case the Lease will not be terminated. Rent shall be abated from the date of any such casualty until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable for Tenant’s business purposes by Tenant bears to the total area of the Premises, except to the extent, if any, as Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business, as determined by Tenant in its reasonable discretion. Such abatement shall be the sole remedy of Tenant, and if Landlord fails except as provided in this Section 18, Tenant waives any right to respond to terminate 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 Lease by reason of damage or sooner termination casualty loss. The provisions of this Lease, provided that the second Removal Determination Request expressly notes in capitalizedincluding this Section 18, boldfaced language that Landlord’s failure constitute an express agreement between Landlord and Tenant with respect to respond will mean Landlord has waived its right to request removal of any and all such Alterations. Without limiting Landlord’s right to require removal of damage to, or destruction of, all or any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord shall be entitled to require removal of Alterations that, in Landlord’s 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 part of the Building Premises, or any other portion of the Building Systems; Project, and any statute or (iii) would regulation which is now or may hereafter be in effect shall have no value, application to this Lease or would have negative value, any damage or destruction to a future tenant. Without limiting the foregoing, Landlord may require removal of Tenant’s signage, electrical all 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 part of the Lease Term. Any obligation of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair Premises or any damage resulting to the Premises in connection with the 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 other portion of the Lease Term Project, the parties hereto expressly agreeing that Landlord has specifically designated in writing may remain in the Premises pursuant this Section 18 sets forth their entire understanding and agreement with respect to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayssuch matters.
Appears in 1 contract
Sources: Lease Agreement (Constellation Pharmaceuticals Inc)
Restoration. Landlord (a) If the total Proceeds for any Destruction Event are $1,000,000.00 or less and Tenant acknowledge that Tenant’s obligations with respect 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 removal of Tenant Improvements Destruction Event exceed $1,000,000.00 and related restoration Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and repair of the Premises are governed by that certain work letter attached hereto as Exhibit B any Additional Funds (the “Work LetterRestoration Funds”). In connection ) upon Borrower’s request as Restoration progresses, generally in accordance 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Leasenormal construction lending practices for disbursing funds for construction costs, 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 be entitled to require removal of Alterations that, in Landlord’s judgment, following conditions are met:
(i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings in Borrower commences Restoration promptly after the Stanford Research Park Destruction Event and University Circle, completes Restoration on or before the Restoration Completion Date;
(ii) affect if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval, plans and specifications and a detailed budget for the structure of the Building or the Building Systems; or Restoration;
(iii) would have no value, or would have negative value, Borrower delivers to a future tenant. Without limiting the foregoing, Landlord may 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 Lender satisfactory evidence of the Lease Term. Any obligation costs of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting Restoration incurred prior to the Premises in connection with the 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 date of the Lease Term 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 Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) undisbursed balance of the Work LetterRestoration Funds is insufficient to complete Restoration, or that are Borrower deposits with Lender, as part of the subject Restoration Funds, an amount equal to the deficiency within 30 days of a second Removal Determination Request to which Landlord does not respond within 5 business days.receiving notice of the deficiency from Lender; and
Appears in 1 contract
Restoration. Landlord If this Lease is not terminated under Section 16.2 above, Landlord, at Landlord's sole cost and Tenant acknowledge that Tenant’s obligations with respect to any removal of Tenant Improvements and related restoration and repair expense, shall promptly restore the remaining portions of the Premises are governed by and/or the Premises, including any and all improvements made theretofore, together with the remaining portions of the parking areas, to an architectural whole in substantially the same condition 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 same were in prior to such Alterations (any such specific request by Tenant, a “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon the expiration or sooner termination of this Leasetaking. If Landlord does not expressly indicate that either (a) obtain a building permit for any portion repairs or component restoration required hereunder within ninety (90) days of the Alterations described date of taking, or (b) complete such repairs or restoration in the Removal Determination Request accordance with this Section 16.3(a) within six (6) months of such taking, then, in either event, Tenant 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 any time thereafter terminate this Lease Termupon thirty (30) days written notice thereof to Landlord; provided, however, that such notice of cancellation shall not be effective if Landlord fails to respond to a Removal Determination Request Landlord, within such 15 business thirty (30) day period) then , shall obtain such permit or complete and comply as aforesaid, as the case may be. Minimum Rent and any other charges payable by Tenant may send hereunder shall be suspended or abated or adjusted until the completion of such restoration according to the nature and extent of the injury to the Premises. Upon any condemnation of a subsequent written notice portion of the Premises, the Minimum Rent and any other charges payable by Tenant hereunder shall be proportionately reduced based upon the floor area of the Tenant's Building remaining after said taking. Landlord will only have the obligation to Landlord renewing restore those portions of the Removal Determination RequestPremises that were originally included as a part of Landlord's Construction, 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 be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, Tenant shall not be obligated to remove restore any Landlord-approved Tenant Improvements or Alterations from portions of the Premises at constructed by Tenant, including any alterations to the expiration Premises (except to the extent of Landlord's original construction), nor to restore any furniture, fixtures and equipment of the Lease Term that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysTenant.
Appears in 1 contract
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect In case of any damage to any removal of Tenant Improvements and related restoration and repair or destruction of the Mortgaged Premises are governed by that certain work letter attached hereto as Exhibit B (or any part thereof, Grantor, whether or not the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements)insurance proceeds, Landlord shallif any, within fifteen (15) business days after Tenant’s specific written request made at the time Tenant requests Landlord’s approval received on account of such Alterations damage or destruction shall be sufficient for the purpose, at Grantor's expense, will promptly commence and complete (any such specific request by Tenant, a “Removal Determination Request”), but subject to unavoidable delays occasioned by strikes, lockouts, acts of God, inability to obtain labor or materials, governmental restrictions and similar causes beyond the provisions belowreasonable control of Grantor) the restoration, expressly designate in writing which Alterations replacement or components rebuilding of Alterations may remain the Mortgaged Premises as nearly as possible to its value, condition and character immediately prior to such damage or destruction unless the Grantor, in the Premises upon exercise of its commercially reasonable judgment, deems it unnecessary or inappropriate to replace, restore or rebuild 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 TermMortgaged Premises; 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 be entitled to require removal of Alterations that, in Landlord’s judgment, (i) are non‑standard office improvements that are Grantor need not consistent restore, replace or rebuild the Mortgaged Premises so damaged or destroyed to the extent Grantor could have demolished and not replaced such property without Beneficiary's consent in compliance with other upscale professional services office space within comparable Class A office buildings in the Stanford Research Park Section 11 hereof and University Circle, (ii) affect the structure of the Building or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal of such Alterations. For avoidance of doubt, Tenant Grantor shall not be obligated in default of its obligation hereunder to remove any Landlord-approved Tenant Improvements promptly commence such restoration, replacement or Alterations from the Premises at the expiration rebuilding by delaying such commencement until its receipt of the Lease Term that Landlord insurance proceeds on account of such damage or destruction if (a) Grantor has specifically designated in writing may remain effect the insurance required by this Deed of Trust, (b) Grantor is in compliance with the conditions hereinafter set forth to Beneficiary's obligation to release such proceeds to Grantor for such restoration, replacement or rebuilding, (c) such delay does not in any event exceed ninety (90) days and (c) pending its receipt of such proceeds, Grantor diligently follows the procedures set out in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) policies of such insurance for making a claim thereon against the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business daysinsurer.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Morton Industrial Group Inc)
Restoration. Landlord and Tenant acknowledge that Tenant’s obligations with respect to If, at any removal of Tenant Improvements and related restoration and repair of time during the Term, the Premises are governed is damaged or destroyed by that certain work letter attached hereto a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as Exhibit B to the amount of time Landlord reasonably estimates it will take to restore the Premises (the “Work LetterRestoration Period”). In connection with its approval of any Alterations If the Restoration Period is estimated to exceed 12 months (other than the Tenant Improvements“Maximum Restoration Period”), Landlord shallmay, 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 by written notice to Landlord delivered within fifteen (15) 5 business days after Tenant’s specific written request made at of receipt of notice from Landlord estimating a Restoration Period for the time Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant requests Landlord’s approval of such Alterations so elects to terminate this Lease, Landlord shall (with any such specific request by Tenant, insurance deductible to be treated as a “Removal Determination Request”), but current Operating Expense subject to the provisions belowof Section 5), expressly designate in writing which Alterations or components of Alterations may remain in promptly restore the Premises upon (including the expiration Tenant Improvements but excluding any other improvements or sooner termination of this Lease. If Alterations installed by Tenant or by Landlord does not expressly indicate that any portion or component of the Alterations described in the Removal Determination Request may remainand paid for by Tenant), then Landlord may require that such portion of component of the Alterations be removed subject to delays arising from the collection of insurance proceeds, 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 at issued by any Governmental Authority having jurisdiction over the expiration use, storage, handling, treatment, generation, release, disposal, removal or earlier termination remediation of Hazardous Materials (as defined in Section 30) in, on or about the Lease TermPremises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if Landlord fails to respond to a Removal Determination Request within such 15 business day period) then 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 send a subsequent by written notice to Landlord renewing the Removal Determination Request, and if Landlord fails to respond to the subsequent Removal Determination Request delivered 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 days of the expiration or sooner termination of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate 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, which event Landlord shall be entitled relieved of its obligation to require removal make such repairs or restoration and this Lease shall terminate as of Alterations that, in Landlord’s judgment, the date that is 75 days after the later of: (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 Circlediscovery of such damage or destruction, or (ii) affect the structure of date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the Building right to any Rent payable by Tenant prior to such election by Landlord or Tenant. In the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 event that this Lease Term. Any obligation of Tenant to remove Alterations terminates pursuant to the provisions of this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the removal Section 18 as a result of such Alterations. For avoidance of doubtan earthquake, Tenant shall not be obligated required to remove pay any deductibles applicable thereto as part of Operating Expenses. Notwithstanding anything to the contrary in this Section, the Restoration Period and the Maximum Restoration Period shall not be extended by Force Majeure. Notwithstanding the foregoing, Landlord shall also have the right to terminate this Lease if sufficient insurance proceeds are not available to pay for such restoration in full but not in the event that sufficient insurance proceeds are not available as a result of Landlord’s failure to maintain the property Net Multi-approved Tenant Improvements Laboratory 259 E. Grand/Onyx - Page 18 insurance which Landlord is expressly required to maintain under this Lease. Notwithstanding the foregoing, if the Building is damaged or Alterations destroyed by a casualty which is not covered by Landlord’s insurance (or is only partially covered by Landlord’s insurance) such that any shortfall in coverage to restore the Building is (i) 5% or less of the replacement cost of the Building, Landlord shall be required to repair the Building (exclusive of Tenant’s Property and Alterations), or (ii) more than 5% of the replacement cost of the Building and Landlord is not willing to pay for the cost of the repair, 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 of more than 5% of the replacement cost of the Building 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. Either Landlord 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 shall have the right to reject Landlord’s termination notice and require Landlord to restore the Building 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 election to require Landlord to restore the Building and Tenant pays the full amount of the shortfall over and above the 5% that Landlord would have been required to pay (“Tenant Contribution”). Landlord shall have the right to require Tenant to deposit a letter of credit complying with the terms of Section 6 above in the amount of the full Tenant Contribution with Landlord concurrently with Tenant’s delivery of the Termination Rejection Notice to secure Tenant’s obligation to pay the Tenant Contribution. Notwithstanding anything to the contrary contained in this paragraph, (w) if the shortfall which is required to be paid by Landlord is greater than 3% but not more than 5% of the replacement cost of the Building, Landlord shall have no obligation to make any repairs under this paragraph unless there is at least 7 years remaining on the Base Term of this Lease from and after the estimated completion date of the repairs, (x) if the shortfall which is required to be paid by Landlord is greater than 1% but not more than 3% of the replacement cost of the Building, Landlord shall have no obligation to make any repairs under this paragraph unless there is at least 2 years remaining on the Base Term of this Lease (or, if applicable, an Extension Term) from and after the estimated completion date of the repairs, and (y) if the shortfall which is required to be paid by Landlord is 1% or less of the replacement cost of the Building, Landlord shall be required to complete the repairs unless any provisions of this Lease other than this paragraph may apply. Tenant may, at Tenant’s option, promptly re-enter the Premises at the expiration and commence doing business in accordance with this Lease upon Landlord’s completion of the Lease Term that all repairs or restoration required to be done by Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(dSection 18; provided, however, that Tenant shall nonetheless (and even if Tenant does not re-enter the Premises) or Paragraph 2(d) continue to be responsible for all of its obligations under this Lease. Rent shall be abated from the date all required Hazardous Material Clearances applicable to Tenant’s operations at the Premises are obtained until the Premises are repaired and restored, in the proportion which the area of the Work LetterPremises, 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 in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, 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 this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Project, the parties hereto expressly agreeing that are the subject of a second Removal Determination Request this Section 18 sets forth their entire understanding and agreement with respect to which Landlord does not respond within 5 business dayssuch matters.
Appears in 1 contract
Restoration. Landlord 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 its sole cost and Tenant acknowledge that Tenant’s expense, be solely responsible for performing the restoration or repair obligations with respect to any removal of Tenant Improvements and related restoration and repair of the Premises are governed by that certain Suite 5000 Premises, which shall be limited to the work letter specified in the document entitled Lyft Channel 5 Demo Permit Drawings (Permit #2022-0927-3187) attached hereto as Exhibit B A (the “Work LetterSubtenant Suite 5000 Restoration Work”). 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 “Removal Determination Request”), but subject to the provisions below, expressly designate in writing which Alterations or components 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 Sublandlord agrees that Subtenant shall not be required to respond 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 Removal Determination Request within such 15 business day period) then Tenant may send a subsequent separate written notice to Landlord renewing the Removal Determination Requestconsent, and if Landlord fails to respond hereby agrees that Sublandlord’s restoration or repair obligations with respect to the subsequent Suite 5000 Premises shall be limited to the Subtenant Suite 5000 Restoration Work (with the exception of the Cabling Removal Determination Request within an additional 5 business day period Work which shall remain Sublandlord’s responsibility) and agrees that Sublandlord will have no obligation to perform (but has otherwise approved or pay for) the Alterations pursuant to Paragraph 7(a))restoration, then such Alterations may remain in the Premises upon the expiration repair 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 be entitled to require removal of Alterations that, in Landlord’s judgment, (i) are non‑standard office improvements that are not consistent with other upscale professional services office space within comparable Class A office buildings located in the Stanford Research Park and University Circle, (ii) affect the structure Suite 5000 Premises as of the Building or the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may 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 Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 Master Lease Term other than the Cabling Removal Work. Further, as a consequence of Master Landlord and Subtenant having entered into a direct lease with respect to the Suite 3400 Premises, Master Landlord agrees that Landlord has specifically designated Sublandlord is relieved of any restoration or repair obligation with respect to the Suite 3400 Premises, and Subtenant shall be responsible for any restoration or repair obligation with respect to the Suite 3400 Premises as may be set forth in writing may remain in such direct lease. Moreover, ▇▇▇▇▇▇▇▇▇▇▇ agrees that Subtenant is relieved of any restoration or repair obligation with respect to the Suite 3400 Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) the terms of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business days.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. 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 acknowledge that shall not be required to remove any of the Tenant Improvements or any Alterations except for Non-Standard Office Improvements and Tenant’s obligations with respect to Wires. “Non-Standard Office Improvements” mean any removal of Tenant Improvements and related restoration and repair of the Premises are governed by Improvement or alteration 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)is not, Landlord shall, within fifteen (15) business days after Tenant’s specific written request made at the time Tenant requests in Landlord’s approval of such Alterations (any such specific request by Tenantreasonable opinion, a “Removal Determination Request”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 installation of a raised flooring system, (iii) consist of the installation of a vault or other similar 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, or (iv) involve material plumbing connections (such as, for example but subject 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 cause such work to be completed and restore the provisions below, expressly designate in writing which Alterations or components of Alterations may remain in the Premises upon affected area to its original condition prior to the expiration or sooner termination of this Lease. If Landlord does not expressly indicate All damage to the Leased Premises caused by the removal of such trade fixtures and other Personal Property that any portion Tenant is permitted to remove under the terms of this Lease and/or such restoration shall be repaired by Tenant at its sole cost and expense prior to termination. Notwithstanding the foregoing, 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 or component anywhere in the Building, including the conduits and risers of the Alterations described in the Removal Determination Request may remainBuilding, 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 by the expiration or sooner termination of the Term of this Lease, unless such work is not required under applicable Law and provided that Tenant complies with all applicable Laws with respect to leaving the second Removal Determination Request expressly notes Wires in capitalizedplace, boldfaced language that Landlord’s failure to respond will mean including, without limitation, identifying and labeling all Wires for future use, and in any event providing 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 be entitled to require removal of Alterations that, in Landlord’s 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 a written description of the Building or Wires accompanied by a plan showing the Building Systems; or (iii) would have no valuecurrent type, or would have negative valuequantity, to a future tenant. Without limiting the foregoingpoints of commencement and termination, Landlord may 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 routes of the Lease Term. Any obligation of Tenant Wires to remove Alterations pursuant allow Landlord to this Paragraph 7(d) shall also require Tenant determine if Landlord desires to repair any damage resulting retain same or to discard the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayssame.
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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 sixty (60) days after such damage as to the amount of time. Landlord or Landlord’s architect or general contractor reasonably estimates it will take to restore the Premises. If Landlord or Landlord’s architect or general contractor estimates the restoration time to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin construction, then Tenant may request in writing within five (5) days following Landlord’s notice that Landlord select a third-party professional construction manager, subject to Landlord’s reasonable approval, to estimate the time it will take to restore the Premises. If Landlord and Tenant acknowledge that cannot mutually agree within three (3) business days of Tenant’s request as to the identity of such third-party professional construction manager, then Landlord and Tenant shall each nominate a professional construction manager, who shall, within two (2) business days thereafter, jointly select one professional construction manager in Dallas, Texas to determine the time needed to restore the Premises (and the determination of such third professional construction manager shall be made as soon as reasonably practicable [but in no event more than 45 days following the damage], shall be deemed final, and, notwithstanding anything else to the contrary in this Lease, may not be arbitrated or thereafter disputed by the parties hereto). If the restoration time is estimated to exceed 180 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 thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord or Landlord’s architect or general contractor estimates that restoration will 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 and paid by Tenant, subject to delays not caused by Landlord arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays not caused by Tenant arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. 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 or Landlord’s architect or general contractor reasonably estimates that it will take more than 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 removal of Tenant Improvements and related restoration and repair damage to the Premises and/or Project the amount of the Premises are governed by that certain work letter attached hereto as Exhibit B commercially reasonable deductible under Landlord’s insurance policy within ten (the “Work Letter”). In connection with its approval of any Alterations (other than the Tenant Improvements), Landlord shall, within fifteen (1510) business days after Tenant’s specific written request made at the time Tenant requests presentment of Landlord’s approval invoice. Base Rent and Operating Expenses shall be abated on a reasonable basis for the period of such Alterations (any such specific request repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant, a “Removal Determination Request”), but subject Tenant bears to the provisions below, expressly designate in writing which Alterations or components 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 total area 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 AlterationsPremises. Without limiting Landlord’s right to require removal of any Alterations (including Permitted Alterations), in Landlord’s sole discretion, Landlord Such abatement shall be entitled to require removal of Alterations that, in Landlord’s 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 the Building Systems; or (iii) would have no value, or would have negative value, to a future tenant. Without limiting the foregoing, Landlord may require removal of Tenant’s signage, electrical or telecommunications risers and conduits, cables and lines installed by or on behalf sole remedy of Tenant, raised flooring, heat pumps, supplemental air conditioning equipment, UPS systems, rolling files or storage units and except as provided herein. Tenant waives any accompanying structural steel reinforcements at the expiration or earlier termination of right to terminate the Lease Term. Any obligation by reason of Tenant to remove Alterations pursuant to this Paragraph 7(d) shall also require Tenant to repair any damage resulting to the Premises in connection with the 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 that Landlord has specifically designated in writing may remain in the Premises pursuant to this Paragraph 7(d) or Paragraph 2(d) of the Work Letter, or that are the subject of a second Removal Determination Request to which Landlord does not respond within 5 business dayscasualty loss.
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Sources: Assignment of Lease (Rackspace Inc)