Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 4 contracts
Sources: Lease Agreement (Sanfilippo John B & Son Inc), Lease Agreement (Sanfilippo John B & Son Inc), Lease Agreement (Sanfilippo John B & Son Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 4 contracts
Sources: Lease Agreement (Sphere 3D Corp), Lease Agreement (Virobay Inc), Lease Agreement (Virobay Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty occurs on the Premises during the Term, Landlord Tenant shall promptly undertake to determine the extent of the same and the estimated cost and time to perform repairs, restoration, replacement or alterations of the applicable portions of the Premises in accordance with the provisions of this Lease. Tenant shall notify Tenant within 60 Landlord of ▇▇▇▇▇▇’s estimation of such cost and time as soon as reasonably practicable, but in no event later than sixty (60) days after such damage as to the amount occurrence of time Landlord reasonably estimates it will take to restore the Premisesfire or other casualty. If the restoration time Premises, or any part thereof, is estimated to exceed 6 months, either Landlord damaged by fire or Tenant may elect to terminate other casualty during the Term and this Lease upon notice is not terminated pursuant to section 11.2, Tenant shall repair such damage and restore the Premises (including, if Tenant desires, as determined at Tenant’s sole discretion, any alterations, additions, fixtures or improvements made by Tenant) to substantially the same condition in which the Premises existed before the occurrence of such fire or other party given no later than 30 days after Landlordcasualty and this Lease shall, subject to this section 11.1, remain in full force and effect. Tenant shall not be required to repair or replace any or all of Tenant’s noticemovable furniture, equipment, trade fixtures and personal property. If neither party elects to terminate this Lease such fire or other casualty damages the Premises or common areas of the Property necessary for Tenant’s use and occupancy of the Premises and if Landlord estimates that restoration will t▇▇▇ ▇ months such damage is not the result of the negligence or lesswillful misconduct of Tenant or Tenant’s agents, employees, contractors, licensees or invitees, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore during the period the Premises excluding the improvements installed is rendered unusable by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. , Tenant shall be entitled to a reduction in Base Rent shall be abated for the period of repair and restoration in the proportion which that the area of the Premises, if any, which is not usable Premises rendered unusable by Tenant such damage bears to the total area of the Premises. Such abatement Landlord shall not be obligated to repair any damage to, or to make any replacement of, the Premises or any part thereof, or any of Tenant’s movable furniture, equipment, trade fixtures or personal property in the Premises. If there are proceeds of insurance in excess of that required to repair or replace the Premises as required by this section 11.1, upon receipt by Landlord of satisfactory evidence that the repair work required under this section 11.1 has been fully completed and paid for and that the last day for filing any mechanic’s or materialmen’s liens has passed without the filing of any, or if filed, any such lien has been released, any remaining amount of such proceeds of insurance shall be the sole remedy of paid to Landlord and Tenant, as their respective interests may appear. If a fire or other casualty occurs, there is a substantial possibility that immediate emergency repairs will be required to BE 543 154 EUL Final 120511 SAA2 – 402658 eliminate defective or dangerous conditions and except as provided hereinto comply with Applicable Laws or Environmental Law pending settlement of insurance claims and prior to procuring bids for performance of repair work. Notwithstanding any provision of this Article 11 to the contrary, Tenant waives any right shall promptly undertake such emergency repair work after a fire or other casualty as is necessary or appropriate under the circumstances to terminate the Lease by reason of damage eliminate defective or casualty lossdangerous conditions and to comply with Applicable Laws or Environmental Law.
Appears in 4 contracts
Sources: Enhanced Use Lease (Bloom Energy Corp), Enhanced Use Lease (Bloom Energy Corp), Enhanced Use Lease (Bloom Energy Corp)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the full replacement cost of the Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a fire normal extended coverage policy should Landlord fail to carry that insurance); or other casualty(ii) Landlord reasonably determines that the cost of repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than sixty (60) days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds two hundred seventy (270) days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within ten (10) days following delivery of the other party given no later than 30 days after Landlord’s notice. If neither party elects Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to terminate reimbursement from the proceeds of rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the same proportion which that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), if any(b) and (c) of this Section, which is not usable by Tenant bears but subject to Section 10.5, the total area cost of the Premises. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any right Tenant Installations, fixtures and other items that Tenant is obligated to terminate the Lease by reason insure pursuant to Exhibit D or any other provision of damage or casualty lossthis Lease.
Appears in 4 contracts
Sources: Office Space Lease, Office Space Lease (United Business Holdings, Inc), Office Space Lease (Infosonics Corp)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ttake ▇ ▇▇▇ ▇ months ▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 4 contracts
Sources: Sublease (Jni Corp), Lease Agreement (Sunrise Technologies International Inc), Lease Agreement (Brightpoint Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthstwo hundred ten (210) days, then either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take two hundred ten (210) days or less, thenthen Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations or Trade Fixtures and improvements paid for by Tenant whether or not installed by Landlord, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if Tenant shall pay to Landlord with respect to any damage to the Premises are damaged during the last year amount of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damagedeductible under Landlord's insurance policy within ten (10) days after presentment of Landlord's invoice. Base Rent shall be abated for not ▇▇▇▇▇ during the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossrestoration.
Appears in 3 contracts
Sources: Lease (Blue Rhino Corp), Lease (Blue Rhino Corp), Lease (Blue Rhino Corp)
Restoration. 1) Each person other than extra-help or provisional who has been laid off or displaced from, or who has in lieu of layoff been demoted voluntarily from a position which the employee occupied in good standing shall, in writing by certified mail, be offered restoration to a vacant position in the classification from which the employee was laid off, which the County determines to fill within two (2) years after the date the employee is laid off or displaced. The Agency shall make a reasonable attempt to notify an employee who is eligible for restoration. If at any time during an employee cannot be reached within thirty (30) calendar days, the Lease Term the Premises are damaged by a fire or other casualty, Landlord right to restoration shall notify Tenant be forfeited. Should an employee not accept restoration within 60 five (5) regular Agency business days after such damage as the receipt of the offer or should the employee decline to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 begin work within fifteen (15) regular Agency business days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to the receipt of sufficient insurance proceedsthe offer, Landlord the employee shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord declared unavailable and shall promptly re-enter forfeit the Premises and commence doing business in accordance with this Lease. Notwithstanding right to restoration unless further offer of restoration is granted by the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take General Manager.
2) Whenever more than one month to repair such damage. Base Rent person has been laid off and/or displaced in the same class in the Agency, the order of restoration shall be abated for in reverse of the period order of repair and layoff. An employee who has restoration rights in more than one class because of layoff or displacement in more than one class, shall have restoration rights in each of the classes from which the employee was laid off or displaced. Refusal to accept restoration in one class does not eliminate the right to restoration in the proportion other class or classes.
3) Whenever a person is unavailable for restoration, the next senior person who is eligible for restoration shall be offered restoration in the same manner and under the same conditions. Should there be no person eligible and available for restoration, the position shall be filled by the Agency.
4) A person who has forfeited for restoration may, within ten (10) regular Agency business days after forfeiture, request in writing to the General Manager that the employee be considered for a further offer of restoration, should such occur within one (1) year after layoff or displacement. The employee's request shall contain a full explanation of the reason for the employee's unavailability. Within thirty (30) calendar days after the request is filed the General Manager shall either grant or deny the request. The General Manager may specify conditions under which the area further offer of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall restoration may be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossgranted.
Appears in 3 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Restoration. If i. Grantee shall not open, disturb, or obstruct any more of the Property than is reasonably necessary and shall not allow any portion of the Property so disturbed or obstructed by it to remain open, disturbed, or obstructed for a longer period of time than shall be reasonably necessary. After the construction and installation of any portion the Improvements is completed, Grantee shall, at its cost, repair and return the Property to a condition to a minimum of the same or similar condition existing before the start of the construction and installation. Grantee shall be responsible for any time during damage to street pavements, existing utilities, curbs, gutters, sand dunes, vegetation, landscaping, grounds, walkways, sidewalks and any other structures or improvements on the Lease Term Property due to Grantee’s construction and installation of the Premises are damaged by a fire or other casualtyImprovements (the “Damaged Property”), Landlord and shall notify Tenant repair, replace, and restore in-kind, the said Damaged Property at its sole expense within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time construction and installation is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, thencompleted, subject to receipt extension as provided in the Agreement . If Grantee fails to repair, replace, and restore said Damaged Property to the reasonable satisfaction of sufficient insurance proceedsGrantor, Landlord after thirty (30) days’ written notice given by Grantor to Grantee, Grantor may cause such necessary repairs to be made. All out-of-pocket costs incurred by Grantor, as well as reasonable, direct charges for Grantor’s employee labor and use of Grantor’s equipment, shall be charged against Grantee and payable within ten (10) business days or may be collected by exercising the right to draw on letters of credit. Grantor may collect such costs, and any expenses and reasonable attorney fees incurred in collecting such costs, as debts owed to Grantor, by bringing action in any court of competent jurisdiction or in any manner allowed by law.
ii. If weather or other conditions do not permit the complete restoration required by this Agreement, Grantee shall temporarily restore the Damaged Property to the reasonable satisfaction of Grantor. Such temporary restoration shall be at Grantee’s sole expense and Grantee shall promptly restore undertake and complete the Premises excluding required permanent restoration when the improvements installed by Tenant weather or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair other conditions no longer prevent such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty losspermanent restoration.
Appears in 3 contracts
Sources: Easement Agreement, Easement Agreement, Easement Agreement
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 3 contracts
Sources: Lease Agreement (Adams Golf Inc), Lease Agreement (Viewsonic Corp), Lease Agreement (Winsonic Digital Media Group LTD)
Restoration. If at (a) Borrower shall deliver, or shall cause Mortgage Borrower to deliver, to Lender all reports, plans, specifications, documents and other materials that are delivered to Mortgage Lender under the applicable terms and conditions of the Mortgage Loan Agreement in connection with a Restoration of the Property after a loss or damage or condemnation, simultaneously with any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as delivery to Mortgage Lender. Subject only to the amount rights of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Mortgage Lender pursuant to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsMortgage Loan Agreement, all repairs or restoration not required Net Insurance Proceeds that are permitted by the terms of the Mortgage Loan Documents to be done by Landlord and shall promptly re-enter paid to Mortgage Borrower or otherwise distributed to Borrower or Mortgage Borrower (rather than being used to rebuild or improve the Premises and commence doing business Property in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises Mortgage Loan Documents) shall be immediately paid over to Lender and are damaged during the last year hereby assigned to Lender as additional collateral security hereunder.
(b) Borrower shall (or shall cause Mortgage Borrower to) keep Lender timely informed of the Lease Term progress of any Restoration and Landlord the status of any negotiations with insurers relating to any such loss or damage or condemnation. In addition, Borrower shall (or shall cause Mortgage Borrower to) provide Lender with any and all documentation reasonably estimates requested by Lender relating to any loss or damage or condemnation or Restoration. If any Net Insurance Proceeds are to be disbursed by Mortgage Lender for Restoration, Borrower shall deliver or cause to be delivered to Lender copies of all written correspondence delivered to and received from Mortgage Lender that it relates to the Restoration and release of the Net Insurance Proceeds. If, in connection with a Restoration, Mortgage Lender does not require the deposit by Mortgage Borrower of any Net Insurance Proceeds pursuant to the applicable terms and conditions of the Mortgage Loan Agreement, Lender shall have the right to demand that Borrower make a deposit of such Net Insurance Proceeds in accordance with those same terms and conditions, such Net Insurance Proceeds to then be governed by such terms and conditions as if each reference therein to “Administrative Agent” and “Borrower” referred to Lender and Borrower, respectively.
(c) Notwithstanding any provision in this Agreement to the contrary, all Net Insurance Proceeds will take more than one month be made available to repair Mortgage Borrower in accordance with the Mortgage Loan Agreement. In the event the Mortgage Loan has been paid in full and Lender receives any Net Insurance Proceeds, Lender shall either apply such damageproceeds to the Indebtedness or for the Restoration in accordance with the same terms and conditions contained in the Mortgage Loan Agreement. Base Rent Upon repayment in full of the Mortgage Loan, the provisions of the Mortgage Loan Agreement governing Restoration and use of Net Insurance Proceeds shall be abated for the period of repair and restoration incorporated into this Agreement in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty losstheir entirety.
Appears in 3 contracts
Sources: Mezzanine Loan Documents (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant’s expense 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 LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Rent, Taxes, and the Monthly FOE shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinabove, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 3 contracts
Sources: Lease Agreement (Lakeside Holding LTD), Lease Agreement (Lakeside Holding LTD), Lease Agreement (Lakeside Holding LTD)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the Premises excluding to the extent such Alterations or improvements installed by exceed Building Standard Installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or by notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at either Tenant’s expense shall promptly performRestoration 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, subject to delays arising from then until the collection restoration 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Tenant’s Operating Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(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 and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the sole remedy of 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 Above Building Standard Installations, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant’s abatement of Fixed Rent, Tenant waives Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 3 contracts
Sources: Lease Agreement (Achieve Life Sciences, Inc.), Lease Agreement (Marchex Inc), Lease Agreement (Marchex Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantdiligently, subject to reasonable delays arising for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Leased Premises and Common Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Applicable Laws or any other modifications to the Common Areas deemed desirable by Landlord (provided, such Common Areas shall be of a materially consistent utility and functionality as same existed prior to such Casualty). Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any alterations or improvements performed by or for the collection benefit of Tenant (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies); provided if the estimated cost to repair such Tenant alterations or improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Landlord’s and Tenant’s expense insurance carriers, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within thirty (30) days of written demand, subject to delays arising from together with supporting documentation, Tenant shall also pay Landlord for any additional excess costs that are reasonably incurred during the collection performance of insurance proceeds, or from Force Majeure events, all repairs or restoration not the repairs. In no event shall Landlord be required to spend more for the restoration than the proceeds received by Landlord, other than with respect to deductibles under Landlord’s insurance policies. Except as otherwise set forth in this Lease, Landlord shall not be done liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant occasioned by damage by fire or other casualty or the repair thereof. Landlord will not carry insurance of any kind on Tenant’s Property and shall promptly re-enter not be obligated to restore or repair any damage to Tenant’s Property except to the extent that Landlord receives Tenant’s insurance proceeds as set forth above. Provided that Tenant is not then in Default beyond any applicable notice and cure periods, during any period of time that all or a material portion of the Leased Premises is rendered untenantable as a result of a Casualty, rent shall ▇▇▇▇▇ for the portion of the Leased Premises that is untenantable and commence doing business in accordance with this Leasenot used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated liable for the period of repair and restoration in the proportion which the area of the Premises, all excess costs if any, which is Landlord did not usable by Tenant bears carry insurance it was required to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossunder this Lease.
Appears in 3 contracts
Sources: Lease Agreement (Grail, LLC), Lease Agreement (Grail, Inc.), Lease Agreement (Grail, Inc.)
Restoration. If at there is a partial taking of any time during Leased Property and the subject Lease Term the Premises are damaged by a fire or other casualtyremains in full force and effect pursuant to Section 11.02, Landlord shall notify furnish to Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take the Award payable to restore the Premises. If the restoration time is estimated to exceed 6 monthsLandlord, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, in order for Tenant waives to accomplish all necessary restoration. If Tenant receives an Award under Section 11.05, Tenant shall repair or restore any right Tenant Improvements up to terminate but not exceeding the Lease amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord's approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord's approval of the plans and specifications,Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant's reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys' fees. Payment will be made against properly certified vouchers of a competent architect in charge of the work and approved by reason Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord's approval a schedule setting forth the estimated monthly draws for such work. Landlord may, however, withhold ten percent (10%) from each payment until the work of damage restoration is completed and proof has been furnished to Landlord that no lien or casualty lossliability has attached or will attach to the Leased Property or to Landlord in connection with such restoration. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic's or other liens, and in accordance with the building codes and all applicable laws, ordinances, regulations, or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body. Any remaining proceeds of the Award after such restoration will be Tenant's property.
Appears in 2 contracts
Sources: Master Agreement to Lease (Cca Prison Realty Trust), Master Agreement to Lease (Cca Prison Realty Trust)
Restoration. If at (a) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any time during damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease Term and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Lease.
(b) Landlord shall only perform the Restoration should it determine, in its reasonable discretion, after engaging a third party reputable real estate broker familiar with the area to market and show the Premises are damaged by to potential tenants. Landlord shall engage the broker as soon as reasonably practical after Tenant has not exercised its option to renew the Lease or within 12 months of termination of the Lease. In the event that the Landlord is unable, using good faith and due diligence, to obtain a fire tenant for the Premises, and Landlord determines that the Restoration is necessary or other casualtydesirable in connection with the optimal re-leasing of the FONS Premises, Landlord may elect to demolish all or part of the office improvements. Prior to performing the Restoration, Landlord shall notify provide Tenant with its estimate of the cost and schedule thereof, and Tenant shall be afforded the opportunity to perform the Restoration, at its sole cost, if it demonstrates to Landlord’s reasonable satisfaction that Tenant can perform the restoration at a cost lower than Landlord’s estimate and complete same within 60 days after such damage as to the amount of same time Landlord reasonably estimates it will take to restore the Premisesperiod. If Landlord performs the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsRestoration, Landlord shall promptly restore provide Tenant evidence of the Premises excluding cost thereof by written notice (with reasonable supporting documentation) delivered not later than the improvements installed by end of the Restoration Period, and Landlord may then draw on the Restoration LOC if Tenant does not object to costs within ten (10) days of its receipt from Landlord. Upon (i) Landlord’s receipt of reimbursement in full for the cost of the Restoration, or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at (ii) Tenant’s expense completion of the Restoration and demonstration to Landlord’s reasonable satisfaction that the cost thereof has been fully paid and the Building is free of any mechanics’ liens arising out of the Restoration, Landlord shall promptly perform, subject return the unused portion of the Restoration LOC to delays arising from Tenant. If Landlord does not perform 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 damaged Restoration during the last year Restoration Period and timely notify Tenant of the Lease Term and cost thereof, Landlord reasonably estimates that it will take more than one month shall return the Restoration LOC to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis 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 excluding and Common Areas. Such restoration shall be to substantially the improvements installed same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord and paid Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant, subject ; provided if the estimated cost to delays arising from repair such Leasehold Improvements exceeds the collection amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from such Leasehold Improvements, provided that Tenant shall have the collection reasonable opportunity to reduce the scope of insurance proceeds, the Leasehold Improvements to reduce or from Force Majeure events, all repairs or restoration not eliminate the payment of such excess costs. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether insurance proceeds under Landlord’s insurance or insurance proceeds or other amounts received from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Notwithstanding the foregoingProvided that Tenant is not in Default, either party may terminate this Lease if during any period of time that all or a material portion of the Premises are damaged during is rendered untenantable as a result of a Casualty, the last year Rent shall ▇▇▇▇▇ for the portion of the Lease Term Premises that is untenantable and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable used by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Jaguar Health, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty (a “Casualty”), or if the Building is damaged by a Casualty such that Tenant is deprived of reasonable access to or use of the Premises for the Permitted Uses, the damage shall be repaired by Landlord, to substantially the condition of the Premises or the Building, as the case may be, immediately prior to the Casualty, but Landlord shall notify Tenant within 60 days after such damage as have no obligation to repair or restore (i) Tenant’s Property or Tenant’s telecommunications and data cabling or wiring, or (ii) any Above Building Standard Installations. With respect to the amount restoration of time Landlord reasonably estimates it will take to restore the Building or the Premises. If , as the restoration time is estimated to exceed 6 monthscase may be, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done performed by Landlord and shall promptly re-enter under this Section 11.3, until the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year restoration of the Lease Term Building and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Premises, as the case may be, is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, ▇▇▇▇▇▇’s Tax Payment and Tenant’s Operating Payment shall be reduced and abated for the period of repair and restoration in the proportion by which the rentable area of the Premises, if any, part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total rentable area of the Premises.
(b) If this Lease does not terminate pursuant to Sections 11.4 or 11.5 below or for any other reason, Tenant shall, at its sole cost and expense (regardless of the availability or sufficiency of insurance proceeds), repair any injury or damage to the Above Building Standard Installations and shall return such Above Building Standard Installations to their original condition. Such abatement work shall be deemed Alterations subject to the sole remedy terms of Article 5 above. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant, and except as provided herein, Tenant waives ’s business resulting in any right to terminate the Lease by reason of way from such damage or casualty lossthe repair thereof; provided however, that if such Casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, until the restoration of the Above Building Standard Installations is Substantially Completed or would have been Substantially Completed assuming Tenant used reasonable due diligence in connection therewith, Fixed Rent, ▇▇▇▇▇▇’s Tax Payment and Tenant’s Operating Payment shall be reduced and abated in the proportion by which the rentable area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total rentable area of the Premises.
Appears in 2 contracts
Sources: Lease Agreement (Andersen Group Inc.), Lease Agreement (Andersen Group Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant in writing within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will t▇▇▇ ▇ take 6 months or less, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant’s expense 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 LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinabove, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (RayzeBio, Inc.), Net Lease Agreement (RayzeBio, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord (or actually does exceed 6 months, subject to Force Majeure events and Tenant caused delays), Tenant may elect to terminate this Lease upon notice to the other party Landlord given no later than 30 days after Landlord’s 's notice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or lessas permitted hereunder, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Tenant's Tenant-Made Alterations, which Landlord and shall promptly re-enter requires to remain as Landlord's property upon surrender of the Premises and commence doing business in accordance pursuant to the terms of Paragraph 12 with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months120 days from the date of Landlord’s Notice, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s noticeNotice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant’s expense expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to the Premises not required to be done by Landlord (provided, however, if such damage or destruction is caused by the act(s) or omission(s) of Landlord, its employees, agents, or contractors, Landlord shall pay to Tenant with respect to any damage to the Premises the amount of the commercially reasonable deductible under Tenant’s insurance policy, not to exceed Five Thousand Dollars ($5,000.00), within ten (10) days after presentment of Tenant’s invoice) and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord ‘s insurance policy within ten (10) days after presentment of Landlord’s invoice.
(d) Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Ufp Technologies Inc), Lease Agreement (Liquidity Services Inc)
Restoration. If Tenant shall return the Leased Premises to Landlord at the expiration or earlier termination of this Lease in good and sanitary order, condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted. At the time Tenant requests Landlord’s consent to the construction or installation of any time during alteration, Tenant may also request in writing whether Landlord will require all or portions of such alteration to be removed by Tenant at the expiration or earlier termination of this Lease Term the Premises are damaged by a fire or other casualty, and Landlord shall notify advise Tenant within 60 at the time it provides its consent (if consent is granted by Landlord) whether all or any part of such alteration must be removed. If Tenant does not make such request at the time it seeks Landlord’s consent, then Tenant shall ascertain from Landlord at least thirty (30) days after such damage as prior to the amount termination of time this Lease, whether Landlord reasonably estimates it will take desires such alteration, or any part thereof, removed and the affected portion of the Leased Premises restored to its condition prior to the making of permitted alteration, and if Landlord shall so desire, then Tenant shall forthwith restore said Leased Premises or the Premisesdesignated portions thereof, as the case may be, to its original condition, entirely at its own expense, excepting normal wear and tear. If All damage to the restoration time Leased Premises caused by the removal of any alteration or any of Tenant’s trade fixtures and other personal property that Tenant is estimated permitted to exceed 6 months, either Landlord or Tenant may elect to terminate remove under the terms of this Lease upon notice and/or such restoration shall be repaired by Tenant at its sole cost and expense prior to termination. All damage to the Leased Premises caused by the removal of such trade fixtures and other party given no later than 30 days after Landlord’s notice. If neither party elects personal property that Tenant is permitted to terminate remove under the terms of this Lease or if Landlord estimates that and/or such restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed be repaired by Tenant or by Landlord at its sole cost and paid by Tenant, subject expense prior to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty losstermination.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Puma Biotechnology, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Intervideo Inc), Lease Agreement (Volterra Semiconductor Corp)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty covered by insurance carried by Landlord, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 12 months from the casualty date or if Landlord is unable to obtain the necessary permits for restoration within 6 monthsmonths from the casualty date (a “Premises Total Destruction”), either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice; provided, however, if the damage or destruction was caused by the gross negligence or willful misconduct of Tenant, Landlord shall have the right to recover Landlord's damages from Tenant, except as provided in Section 8.C., and Tenant shall have no right to terminate this Lease. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 12 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall diligently pursue the necessary permits and promptly restore the Premises excluding Trade Fixtures and the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents (as defined in Section 47). Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year 6 months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Notwithstanding the foregoing, if Tenant at that time has an exercisable option to extend this Lease, then Tenant may preserve this Lease by exercising such option and providing Landlord with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the repairs within 10 days after Tenant's receipt of Landlord's written notice purporting to terminate this Lease. Base Rent and Operating Expenses shall be abated for the period of repair and restoration of an insured casualty commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss, including without limitation those available under California Civil Code Sections 1932 and 1933(4). Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project the amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice.
Appears in 2 contracts
Sources: Standard Industrial Multi Tenant Lease (iPower Inc.), Standard Industrial Multi Tenant Lease (iPower Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis 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 excluding the improvements installed by Tenant or by Landlord and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements; provided if the collection estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not such Leasehold Improvements. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to ▇▇▇▇▇▇’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Leasehold Improvements, in which event Tenant shall be abated responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of repair and time required to diligently perform the restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossexisting Leasehold Improvements.
Appears in 2 contracts
Sources: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Onsale Inc), Lease Agreement (Channell Commercial Corp)
Restoration. If at Subject to the terms of Section 7.1, if neither Landlord nor Tenant elects to terminate this Lease, then this Lease shall continue in force and, if such taking or damage is of or to the Premises, a just proportion of the Rent reserved, according to the nature and extent of the damages sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to do with reasonable diligence (subject to delays which result from any time during cause beyond the Lease Term reasonable control of Landlord) to the Premises are damaged extent permitted by a fire the net proceeds of insurance recovered or other casualtydamages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. Should the net proceeds of insurance recovered or damages awarded be insufficient to cover the cost of restoring the Premises, in the reasonable estimate of the Landlord, the Landlord may, but shall notify Tenant within 60 days after such damage as to have no obligation to, supply the amount of time Landlord reasonably estimates it will take to such insufficiency and restore the Premises with all reasonable diligence or the Landlord may terminate the Lease by giving notice to the Tenant not later than a reasonable time after the Landlord has determined the estimated net proceeds of insurance recovered or damages awarded and the estimated cost of such restoration. In case of damage or destruction, as a result of a risk which is not covered by the Landlord’s insurance, the Landlord shall likewise be obligated to rebuild the Premises, all as aforesaid, unless the Landlord, within a reasonable time after the occurrence of such event, gives written notice to the Tenant of the Landlord’s election to terminate this Lease. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually received by Landlord less the reasonable expenses of Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal and appraisal services. If Landlord’s restoration work has not been substantially completed within twelve (12) months after the restoration time is estimated to exceed 6 monthstaking or damage, either Landlord or then Tenant may elect shall have the right to terminate this Lease upon by giving Landlord written notice of its election to the other party given no later than 30 do so within thirty (30) days after the end of such twelve (12) month period, and if Tenant timely gives such notice, this Lease shall terminate on the date which is thirty (30) days after the date of the giving of such notice, unless Landlord’s notice. If neither party elects to terminate restoration work is substantially completed within such thirty (30) day period, in which event such termination notice shall be null and void and this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord continue in full force and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty losseffect.
Appears in 2 contracts
Sources: Lease (Tokai Pharmaceuticals Inc), Sublease (Tokai Pharmaceuticals Inc)
Restoration. If at any time during the Lease Term the Premises are Project is damaged by a fire or other insured casualty, Landlord shall notify shall, within thirty (30) days thereafter, provide an estimate to Tenant within 60 days after such damage as to of the amount length of time Landlord reasonably estimates it will take need to restore complete its repair and restoration obligations set forth below (“Landlord’s Estimate”). If insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s reasonable opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums. From the date of the damage until such repairs are completed, Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business. However, to the extent such damage was caused by Tenant, its employees, agents, contractors, guests, and invitees, there shall be no abatement of Rent, unless and to the extent Landlord receives rental income insurance proceeds; provided, further, if Landlord does not receive such rental income insurance proceeds as a result of Landlord’s failure to make a timely claim under its insurance, then such condition to Rent abatement under this Section 17.1 shall not apply. Landlord’s obligation to make repairs under this Article is limited to the base Building, Common Areas and the interior improvements to the Premises that are covered by Landlord’s insurance. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Article 14 above (or, if Tenant has failed to carry the insurance required under such Article 14, Tenant shall pay to Landlord the amount which Tenant would have received as insurance proceeds had Tenant carried such required insurance) with respect to any Tenant Improvements and Alterations in the Premises in which case Landlord shall manage restoration of such Tenant Improvements and Alterations to the extent of such proceeds. If the restoration time amount assigned (or paid) to Landlord pursuant to the immediately preceding sentence is estimated insufficient to exceed 6 monthsrepair the Tenant Improvements or Alterations within the Premises, either and Tenant does not covenant to supply the difference upon completion of restoration, Landlord or Tenant may elect shall have the right to terminate this Lease upon written notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Redfin CORP)
Restoration. If at any time during Licensee agrees to take all necessary precautions to avoid causing damage to structures, buildings, equipment, grounds, wildlife and plants on the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as Property.
(a) Prior to the amount end of time Landlord reasonably estimates the License Term, Licensee shall clean the Property of any debris and restore it to the condition which existed prior to the film or photography production, reasonable wear and tear excepted, including replacing any turf which may be torn up or destroyed by the Licensee’s access to the Property. Such clean-up shall include, but is not limited to, the following: (1) removing all garbage and litter; (2) restoring or replacing all grasses, turf, and plants. Licensee will take be responsible for payment of the following:
(i) Five (5) days before the License Term begins, Licensee shall pay to Landowner a deposit of [ACTIVE FEE] and 00/100 DOLLARS ($[TOTAL RESTORATION FEE]) to secure the obligations contained herein (the “Restoration Deposit”).
(ii) Landowner shall inspect the Property the day after the term of the License has expired, and if Landowner, in its sole discretion, determines that the Property has not been damaged, Landowner will return the Restoration Deposit in its entirety to the Licensee within fifteen (15) days of such inspection. If Landowner, in its sole reasonable discretion, determines that the Property has been damaged, Landowner will provide Licensee with a detailed list of any such alleged damage and Landowner shall give Licensee the option to repair such damages to the satisfaction of Landowner before retaining the Restoration Deposit. Before moving forward with any repairs or restoration, Licensee shall have received Landowner’s prior written approval. If Licensee elects not to repair the damage, Landowner shall retain the Restoration Deposit as payment for the cost to repair and restore the PremisesProperty. If the restoration time is estimated cost to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly repair and restore the Premises excluding Property exceeds the improvements installed Restoration Deposit, Licensee shall be responsible for any remaining costs (the “Restoration Fee”) including reasonable managerial and administrative time expenditures.
(iii) Licensee agrees and covenants to pay Landowner the amount(s) set out in Exhibit C attached hereto and incorporated herein by Tenant or by Landlord and paid by Tenant, subject to delays arising from this reference for the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year use of the Lease Term and Landlord reasonably estimates Property. However, Licensee acknowledges that it will take more than one month to repair such damage. Base Rent shall be abated responsible for the period paying all additional fees not listed in Exhibit C, but that become due as a result of repair and restoration in the proportion which the area Licensee’s holdover or other use of the PremisesProperty, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossdescribed in this Agreement.
Appears in 2 contracts
Sources: Film and Still Photography Location License Agreement, Film and Still Photography Location License Agreement
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 6 months or less, then, subject to receipt of sufficient suffi▇▇▇▇▇ insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area areas of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Iomega Corp)
Restoration. (a) If the total Proceeds for any Destruction Event are $2,500,000.00 or less and 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 Destruction Event exceed $2,500,000.00, Lender will disburse the Proceeds and any Additional Funds (the “Restoration Funds”) upon Borrower’s request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs, provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval, plans and specifications and a detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanics’ lien waivers and title insurance endorsements; TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7
(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 Lease Term budget for the Premises are damaged 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 further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress to retain, at Borrower’s expense, an independent engineer or other casualtyconsultant to review the plans and specifications, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender’s satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect to restore the PremisesImprovements on Borrower’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender’s 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 other party given no later than 30 days Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Landlord’s notice. If neither party elects Restoration, Lender may elect, in its sole discretion either to terminate this Lease apply the excess as a credit against any portion of the Debt as selected by Lender in its sole discretion or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore deliver the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject excess to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 LeaseBorrower. Notwithstanding the foregoing, either party may terminate this Lease provided that there is then no default or Event of Default under the Loan Documents, if the Premises excess Proceeds represent remaining additional funds or additional letter of credit proceeds from any cash or letter of credit posted TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7 pursuant to section (c) (iv) above, Lender will return such excess funds to Borrower. Lender agrees that if, for any reason, Proceeds are damaged during applied as a credit against the last year of the Lease Term and Landlord reasonably estimates that it Debt, no Prepayment Premium will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty losspayable.
Appears in 1 contract
Restoration. If (a) Tenant shall, at its own expense, promptly repair any time during damage and restore the Lease Term Leased Premises to at least as good condition as they were in immediately prior to the damage, meeting all Applicable Laws (including but not limited to building codes) and the applicable requirements of applicable Historic Authorities. In the event that the Leased Premises are damaged by a fire or other casualtyis damaged, Landlord shall notify Tenant within 60 days after have only those same approval rights with respect to such damage restoration as to are set forth in Section 3.1 of the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to (it being understood, however, that any restoration need not be consistent with the other party given no later than 30 days after Landlord’s noticeMaster Plan so long as Tenant complies with the requirements of applicable Historic Authorities). If neither party elects to terminate In the event that proceeds of insurance maintained by Tenant as provided by this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or lessare less than the total cost of such repair and restoration, then, subject to receipt of sufficient insurance proceeds, Landlord Tenant shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of pay such deficit. Any insurance proceeds or from Force Majeure events. Tenant at in excess of amounts required to reimburse Tenant’s expense 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 damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair expenditures for such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy property of Tenant, and except may be retained by Tenant promptly after final completion of the reconstruction.
(b) The work shall be performed by a reputable general contractor selected by Tenant and approved in writing by Landlord (such approval to not be unreasonably withheld, conditioned or delayed). All contracts for the purchase of materials and the performance of such restoration work shall be made in Tenant’s name, and Tenant shall pay all costs and expenses of the work when they become due. Landlord shall have the right to inspect such restoration as provided hereinthe work progresses, but any such inspection shall not be construed as a waiver of any misstatement or omission in any of the aforesaid architect’s statements.
(c) Tenant shall notify Landlord in writing of any casualty affecting the Leased Premises within five (5) days after its occurrence. In the event of a casualty in which fifty percent (50%) or more of the Leased Premises is damaged or destroyed, Tenant waives any right shall have the option by written notice to Landlord provided within sixty (60) days of such casualty, to terminate this Lease. In the Lease by reason of event Tenant elects such termination right, Tenant shall cause the insurance proceeds (with respect to damage or casualty lossto the Building) to be paid over to Landlord.
Appears in 1 contract
Sources: Acquisition and Development Agreement (Urban Outfitters Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 5 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 5 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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. A party’s failure to maintain the insurance required by this Lease shall not impair the other party’s rights hereunder. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice
Appears in 1 contract
Sources: Lease Agreement (ShoreTel Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months180 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord Tenant's personal property and paid by Tenanttrade fixtures, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents provided, however if, despite Landlord's reasonable efforts, such repairs are not actually completed within one hundred eighty (180) days from commencement of the repairs, then Landlord shall use commercially reasonable efforts to relocate or find replacement space for the tenant in the Project until such repairs are completed, but if Landlord is unable to do so within such one hundred eighty (180) day period, then Tenant shall have the right to terminate this Lease within 30 days after the expiration of such one hundred eighty (180) day period. Tenant at Tenant’s 's expense shall promptly performperform after completion of Landlord's restoration and delivery of the Premises to Tenant, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance required to be maintained by Landlord or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's insurance policy within ten (10) days after presentment of Landlord's invoice. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less, no Event of Default is continuing, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs and provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender: and
(v) there is no Event of Default continuing under the Loan Documents to which Borrower or an Affiliate of Borrower is a party at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect by notice to Borrower to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Landlord’s notice. If neither party elects Restoration, Lender may elect, in its sole discretion either to terminate apply the excess as a credit against any portion of the Debt, at par without penalty or premium, as selected by Lender in its sole discretion or to deliver the excess to Borrower.
(i) Notwithstanding anything to the contrary in this Lease or if Landlord estimates Mortgage, Borrower shall be released from its Restoration obligations to the extent that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore Lender causes the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required Proceeds to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year applied to reduction of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossDebt.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 6 months or less, then, subject to receipt of sufficient insura▇▇▇ ▇▇oceeds (when added to the amount of the deductible under Landlord's insurance proceedspolicy), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 patty may terminate this Lease if the Premises are damaged during the last th▇ ▇▇▇t year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (not to exceed $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Further, the Term shall be extended for the number of months or partial months for which Rent is abated.
Appears in 1 contract
Sources: Lease Agreement (Celerity Group Inc)
Restoration. (a) If at any time during the Lease Term the Premises are Ancillary Space is damaged by a fire or other casualty, or if either of the Ancillary Buildings is damaged such that Tenant is deprived of reasonable access to or the ability to use the Ancillary Space, Tenant shall give prompt notice to Landlord, and the core and shell of the Ancillary Building(s) or such access shall be repaired by Landlord, at its expense, to substantially the condition of the core and shell of the Ancillary Building(s) or such access prior to such damage, subject to the provisions of any Mortgage or Superior Lease, but Landlord shall notify Tenant within 60 days after such damage as have no obligation to repair or restore Tenant’s Property or any Ancillary Space Alterations or other improvements to the amount Ancillary Space, all of which shall be restored by Tenant at its expense. So long as no Event of Default shall have occurred and be continuing, then until such time as Landlord shall substantially complete the core and shell work on the Ancillary Building or Buildings which are the subject of such fire or other casualty plus such additional time as may be reasonably estimates it will take required by Tenant to restore the PremisesAncillary Space Alterations that were damaged by such fire or other casualty Fixed Rent, Tenant’s Tax Payment and, if the Retail Space is affected, Tenant’s Retail Operating Expense Payment, shall be abated with respect to such portion of the Ancillary Space as was damaged by such fire or other casualty; provided, however, that in all events such abatement shall terminate when Tenant reoccupies the portion of the Ancillary Space damaged by such fire or casualty for the conduct of its business. To the extent of any Tenant Delay in restoring Ancillary Space Alterations, ▇▇▇▇▇▇’s rent abatement with respect to such portion of the Ancillary Space shall be reduced by one day for each such day of Tenant Delay.
(b) If the restoration time Music Hall is estimated to exceed 6 monthsdamaged by fire or other casualty, either Landlord or Tenant may elect to terminate this Lease upon shall give prompt notice to Landlord, and Landlord, at its expense, shall, subject to Section 14.2, rebuild the other party same to substantially its condition prior to the damage to the extent commercially practicable given the unique and landmark nature of the Music Hall, subject to the provisions of any Mortgage or Superior Lease, but Landlord shall have no later than 30 days after obligation to repair or restore Tenant’s Property and, at Landlord’s noticerequest, Tenant shall, at its expense, promptly remove ▇▇▇▇▇▇’s Property from the Music Hall in order to facilitate the completion of Landlord’s restoration work. If neither party elects to terminate this Lease or if Landlord estimates To the extent that restoration will tof the Music Hall to substantially its condition prior to the damage is impracticable, Landlord shall consult with Tenant regarding the Music Hall restoration plans for the purpose of assuring that such restoration is in keeping with the quality and character of the Music Hall as it exists on the Execution Date, subject to commercial practicability. So long as no Event of Default shall have occurred and is continuing, then until such time as the restoration of the Music Hall has been substantially completed, ▇▇▇▇▇▇’s Fixed Rent and Tenant’s Tax Payment shall be abated; provided, however, that to the extent restoration of the Music Hall is delayed by reason of a ▇▇▇▇▇▇ ▇ months or less▇▇▇▇▇, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant▇▇▇▇▇▇’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent rent abatement hereunder shall be abated reduced by one day for the period each such day of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossDelay.
Appears in 1 contract
Sources: Lease (MSGE Spinco, Inc.)
Restoration. Section 15 of the Consent provides, in pertinent part (all references in the Consent excerpt below to “Landlord” are to Master Landlord, and references to “Premises” are to the “Sublease Premises”): If at any time during the Lease Term Landlord elects to require Sublandlord to restore the Premises are damaged by a fire or other casualtyto the condition existing as of the date of the Sublease (reasonable wear and tear excepted), Landlord shall notify Tenant within 60 Sublandlord not less than one hundred eighty (180) days after such damage as prior to the amount expiration or earlier termination of time Landlord reasonably estimates it will take the Sublease of such requirement. Such restoration must be completed prior to the effective date of the termination of the Sublease at Sublandlord’s sole cost and expense. Landlord’s failure to so notify Sublandlord on or prior to such date shall be deemed Landlord’s agreement that Sublandlord shall not be required to restore the Premises upon the expiration or earlier termination of the Lease, but in such case, Sublandlord shall within thirty (30) days thereafter, provide an estimate (the “Estimated Cost”) from a third party general contractor of the cost to remove any and all Alterations, modifications or signage changes made after the date of the Sublease and to restore the Premises to the condition existing as of the date of the Sublease and shall at the end of the Sublease Term pay the Landlord the full Estimated Cost of such restoration. Notwithstanding the above, Landlord and Sublandlord agree that any additional HVAC, electrical capacity and fire suppression improvements would not require restoration, and that the Estimated Cost shall not include the cost to restore or alter any additional HVAC, electrical capacity and/or fire suppression improvements in the Sublease Premises. If Landlord and Subtenant agree to terms on a direct lease that extends beyond the restoration time is estimated Sublease Term, Sublandlord shall have no obligation to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Sublease Premises excluding or to pay the improvements installed by Tenant or by Landlord Estimated Cost. Subtenant and paid by Tenant, subject to delays arising from Sublandlord have agreed in the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense Sublease that Subtenant shall promptly perform, subject to delays arising from the collection of insurance proceedsbe responsible for completing such restoration obligation, or from Force Majeure eventspaying the Estimated Cost, as the case may be, at Subtenant’s cost and expense. Sublandlord and Subtenant hereby agree that all repairs obligations imposed upon Sublandlord by the above excerpted language with respect to restoring the Sublease Premises or restoration not required paying the Estimated Cost to be done Master Landlord (as elected by the Master Landlord and shall promptly re-enter in its discretion), as the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoingcase may be, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy express obligations of TenantSubtenant under the Sublease and Consent. Subtenant assumes all of such obligations, and except agrees that Sublandlord shall have no obligations with respect to such requirements whatsoever. Prior to Sublandlord’s obligation to provide an estimate to the Master Landlord pursuant to Section 15 of the Consent, Subtenant shall submit to the Sublandlord bids from at least two, and no more than three third-party contractors for the restoration work required pursuant to Section 15 of the Consent (collectively, “Subtenant’s Restoration Bids”). The “Estimated Cost” submitted to Master Landlord pursuant to Section 15 of the Consent shall be the amount set forth in one of Subtenant’s Restoration Bids, as provided herein, Tenant waives any right to terminate the Lease selected by reason of damage or casualty lossSublandlord in their sole discretion.
Appears in 1 contract
Sources: Sublease (Exar Corp)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months270 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord▇▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord reasonably estimates that restoration will t▇▇▇ ▇ months take 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements Tenant-Made Alterations and/or Tenant Improvements installed by Tenant or by Landlord and paid by Tenant▇▇▇▇▇▇, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than 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), and Landlord does not have the right to terminate under Section 15(a) above, and Tenant does not elect (at its sole option) to fund the repairs or restorations (it being agreed Tenant could only do so in the event a casualty under Section 15(a) above does not apply), 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. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Building are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct or omission of Tenant, this Lease shall continue in full force and except as provided hereineffect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant, and Tenant waives shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any right to terminate amounts not insured.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises, the Building or any portion of the Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises, the Building or the Project.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 forty-five (45) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months180 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from (i) the collection of insurance proceeds, or from (ii) Force Majeure events, or (iii) delays in Landlord’s restoration obligations, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises; provided, however, that Tenant shall not be entitled to any abatement of Base Rent in the event such damage or destruction resulted from the gross negligence or willful misconduct of Tenant or a Tenant-Related Party. Such abatement abatement, if any, shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to receipt of sufficient insurance proceeds, reasonable delays arising from the collection of insurance proceeds or delays from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to receipt of sufficient insurance proceeds, delays arising from the collection of insurance proceeds, or delays 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 damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph 15, if the Premises are not restored by Landlord within 6 months of the date of casualty (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect. Notwithstanding the foregoing, if the Premises are not restored by Landlord within 9 months of the date of casualty for any reason whatsoever other than Tenant-caused delays, Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ttake ▇ ▇▇▇ ▇ months ▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Promises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy within ten (10) days after the presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less, no Event of Default is continuing, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs and provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration. Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default continuing under the Loan Documents to which Borrower or an Affiliate of Borrower is a party at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect by notice to Borrower to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Landlord’s notice. If neither party elects Restoration, Lender may elect, in its sole discretion either to terminate apply the excess as a credit against any portion of the Debt, at par without penalty or premium, as selected by Lender in its sole discretion or to deliver the excess to Borrower.
(i) Notwithstanding anything to the contrary in this Lease or if Landlord estimates Mortgage, Borrower shall be released from its Restoration obligations to the extent that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore Lender causes the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required Proceeds to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year applied to reduction of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossDebt.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the Premises excluding to the extent such Alterations or improvements installed by exceed Building Standard installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or by notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at either Tenant’s expense shall promptly performRestoration 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, subject to delays arising from then until the collection restoration 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 is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Tenant’s Operating Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(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 and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the sole remedy of 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 Above Building Standard Installations, in either case within 30 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant’s abatement of Fixed Rent, Tenant waives Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (Affirmative Insurance Holdings Inc)
Restoration. If at any time during the Lease Term the Premises or any substantial portion thereof are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. Tenant's obligation to pay an applicable deductible referenced in the previous sentence shall in no event exceed $15,000. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as reasonably determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (CVC Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant's Property or (ii) except as provided in Section 11.3(b), any Above Building Standard Installations. So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord either Tenant's Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant's Above Building Standard Installations, then until the restoration of the Premises excluding the improvements installed by is Substantially Completed or would have been Substantially Completed but for Tenant or by Landlord Delay, Fixed Rent, Tenant's Tax Payment and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent 's Operating Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(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 and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the "Restoration Security") in form and amount reasonably acceptable to Landlord to secure Tenant's obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant's Restoration Payment or the sole remedy of 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 Above Building Standard Installations, in either case within 15 days after Landlord's demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant's abatement of Fixed Rent, Tenant waives Tenant's Tax Payment and Tenant's Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 parry may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Celerity Group Inc)
Restoration. If at any time during the Lease Term the Premises are am damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsmonths from the date of damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates estim tes that restoration will ttake ▇ ▇▇▇ ▇ months ▇ths or is less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration 10 not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, Tenant shall pay to Landlord with respect to any-damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (CURRENTLY $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. 'Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsproceeds (when added to the amount of the deductible under Landlord's insurance policy), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 -7- <PAGE> are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (not to exceed $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord, Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Further, the Term shall be extended for the number of months or partial months for which Rent is abated. 16.
Appears in 1 contract
Sources: Lease Agreement
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 6 months or less, then, subject to receipt of sufficient insurance proceedsinsura▇▇▇ ▇▇oceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Wilson Greatbatch Technologies Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsninety (90) days from the date the damage occurs, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take ninety (90) 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 arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, may in its sole judgment perform all repairs or restoration not required to be done by Landlord and shall promptly if it so chooses, re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days prior written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month ninety (90) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged, either party may terminate this Lease by delivering written notice of termination to the other within thirty (30) days after such destruction or damage, whereupon the Lease shall be deemed to be terminated within thirty (30) days after such notice of termination and upon the expiration of such thirty (30) day period all rights and obligations hereunder shall cease and terminate, except for any liabilities which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy, if any, within fifteen (15) days after presentment of Landlord's invoice. Monthly Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except . Except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Sl Industries Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis 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 excluding (including the improvements installed by Initial Tenant or by Landlord Work, but not any Tenant Property) and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant 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 Tenant-Insured Improvements (if any); provided if the collection estimated cost to repair such Tenant-Insured Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not such Tenant-Insured Improvements. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent restoration work for any Tenant-Insured Improvements, in which event Tenant shall be abated responsible for performing the restoration work for such Tenant-Insured Improvements (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of repair and time required to diligently perform the restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of such Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss-Insured Improvements.
Appears in 1 contract
Restoration. If at any time during a casualty causes damage to the Lease Term Building or the Premises are damaged by a fire but this Lease is not terminated for any reason, then subject to the rights of any mortgagees or other casualtyground lessors, Landlord shall notify obtain the applicable insurance proceeds and diligently restore the Building and the Premises to substantially their prior condition, except for modifications required by then applicable Governmental Requirements or any other modifications to the common areas of the Building, if any, deemed desirable by Landlord; provided, however, that, within tea (10) days following notice to Tenant within 60 days after such damage as from Landlord (whether or not this Lease is terminated pursuant to Section 9.1 above), Tenant shall irrevocably and unconditionally assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 83(b) above which pertain to the repair and restoration of the leasehold improvements in the Premises, including any leasehold improvements performed by or on behalf of Tenant pursuant to Section 5 above; and provided further, that if the cost of repair and restoration by Landlord of the leasehold improvements in the Premises exceeds the amount of time insurance proceeds received by Landlord reasonably estimates it will take from Tenant’s insurance carrier, the cost of such repair and restoration shall be promptly paid by Tenant to restore the Premises. If the restoration time is estimated Landlord, but in any event prior to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt commencement of sufficient insurance proceeds, Landlord shall promptly restore repair of the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 Leasedamage. Notwithstanding the foregoing, either party may terminate this Lease Landlord shall have no obligation with respect to, and if Landlord elects or is required to perform any restoration hereunder, Tenant shall be responsible for and shall, repair and replace at its sole cost all of Tenant’s equipment, furniture, trade fixtures and other personal property in the Premises are damaged during Premises, including, without limitation, any telecommunications wires, cables and related devices located in or serving the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damagePremises. Base Rent shall be abated on a per diem basis during the restoration for any portion of the period Premises which is untenantable. Tenant shall not be entitled to any compensation or damages from Landlord for loss of repair and restoration in the proportion which the area use of the Premises, if anydamage to Tenant’s personal property and trade fixtures or any inconvenience occasioned by such damage, which is not usable by repair or restoration. Tenant bears to hereby waives the total area provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, of the Premises. Such abatement shall be the sole remedy of TenantCalifornia Civil Code, and except as provided herein, Tenant waives the provisions of any right to terminate the Lease by reason of damage or casualty losssimilar law hereinafter enacted.
Appears in 1 contract
Restoration. If Subject to any limitations imposed by law with respect to the rebuilding of the Leased Premises, Tenant shall promptly repair, rebuild, or restore the damaged Leased Property, at Tenant’s expense, so as to make the Leased Property at least equal in value to the Leased Property existing immediately prior to such occurrence and as nearly similar to it in character as is practicable and reasonable. Before beginning such repairs or rebuilding, or letting any time during contracts in connection with such repairs or rebuilding with respect to any Casualty, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, plans and specifications meeting the Lease Term requirements of §16.2 for such repairs or rebuilding. Promptly after receiving Landlord’s approval of the Premises are damaged by a plans and specifications, Tenant will begin such repairs or rebuilding and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any fire or other casualtycasualty insurance paid to Landlord for such repair or rebuilding as the same progresses, Landlord shall notify Tenant within 60 days after such damage as deduction of any costs of collection, including reasonable attorneys’ fees. Payments will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Payments for deposits for the repairing or rebuilding or delivery of materials to the Facility will be made upon Landlord’s receipt of evidence satisfactory to Landlord that such payments are required in advance. With respect to any Casualty, prior to commencing the repairing or rebuilding, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Landlord will contribute to such payments out of the insurance proceeds an amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice equal to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates proportion that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or total net amount received by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant insurers bears to the total area estimated cost of the Premisesrebuilding or repairing, multiplied by the payment by Tenant on account of such work. Such abatement Landlord may, however, withhold 10% from each payment until the work is completed and proof has been furnished to Landlord that no lien or liability has attached or will attach to the Leased Property or to Landlord in connection with such repairing or rebuilding. Upon the completion of rebuilding and the furnishing of such proof, the balance of the net proceeds of such insurance payable to Tenant on account of such repairing or rebuilding will be paid to Tenant. If required by law as a result of the nature or extent of the damage, Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the damaged Leased Property is reoccupied for any purpose. Tenant shall be the sole remedy complete such repairs or rebuilding free and clear of Tenantmechanic’s or other liens, and except as provided hereinin accordance with the building codes and all applicable laws, Tenant waives ordinances, regulations, or orders of any right to terminate state, municipal, or other public authority affecting the Lease by reason repairs or rebuilding, and also in accordance with all requirements of damage the insurance rating organization, or casualty loss.similar body. Any remaining proceeds of insurance after such restoration will be Tenant’s property. 3360\019:05/27/04 --LEASE 7 TBARKE\COLUMBIA PACIFIC ▇▇▇\▇▇▇▇▇ ▇▇▇▇▇▇▇
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If at any time the Premises are damaged during the Lease Term by any cause whatsoever, Tenant shall, at Tenant's expense, restore the Premises are damaged by a fire as soon as reasonably possible, and this Lease shall continue in full force and effect. Restore or other casualtyrestoration as used in this Paragraph 12 means the restoration, Landlord shall notify Tenant within 60 days after repair, replacement or rebuilding of the Premises as applicable portion thereof to its value and condition immediately before the damage. If any such damage as to occurs during the amount last year of the Lease Term or the last two years of any extension term, and the period of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to Premises would exceed 6 months90 days, either Landlord or then Tenant may elect to terminate this Lease upon 30 days notice to Landlord after such damage. Such termination shall not be effective before Tenant shall have delivered to Landlord, free of any claims, an amount equal to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month estimated cost to repair such damage. Any insurance proceeds received or to be received by Landlord or any Mortgagee pursuant to Paragraph 9 shall be made available to Tenant to effect such restoration pursuant to the provisions below. Base Rent and all other rent shall continue unabated after any damage and during restoration. Any restorations involving an estimated cost exceeding $50,000 shall be abated conducted under the general supervision of an architect or engineer selected by Tenant licensed as such in the State where the Premises are located and reasonably acceptable to Landlord and any Mortgagee, and no such work shall be undertaken until preliminary plans and outline specifications and budget estimates therefor, prepared and approved in writing by such architect or engineer, stating that such budget estimates constitute reasonable estimates of the cost of such work, have been approved in writing by Landlord and any Mortgagee and Tenant shall have furnished to Landlord or Mortgagee cash, or other security reasonably satisfactory to Landlord and Mortgagee, in each case in an amount equal to the estimated cost of such restoration (collectively such cash and proceeds called "Restoration Deposit"). Restorations shall be prosecuted with reasonable diligence and in a good and workmanlike manner and in compliance with applicable Legal Requirements. The cost of restoration shall be paid in cash, an irrevocable letter of credit or other security or cash equivalent reasonably satisfactory to Landlord, so that the Premises shall at all times be kept free of liens for labor and materials supplied or claimed to have been supplied and not paid for when due and payable. Tenant or its general contractor shall maintain, at all times during any restoration, for the period mutual benefit of repair Landlord, Tenant and Mortgagee, with limits of not less than those required to be carried pursuant to Paragraph 9 the following insurance, which may be effected by endorsement on the insurance carried pursuant to Paragraph 9: worker's compensation insurance covering all persons employed in connection with the work and with respect to which persons death or bodily injury claims could be asserted against Tenant, Landlord or Mortgagee; general liability and property damage and builder's risk insurance; and such other insurance reasonably required by Landlord. From time to time as any restoration in progresses, disbursement of funds from the proportion which the area Restoration Deposit shall be made periodically as portions of the Premiseswork are completed (but no more frequently than monthly) in such manner and subject to such requirements as the Landlord or Mortgagee shall reasonably impose in order to insure that the work shall be completed in a good and workmanlike manner and free of any lien against the Property. The balance of the Restoration Deposit shall never be less than an amount sufficient to cover the cost necessary to complete the restoration plus retainage in amount sufficient to protect the Premises from subcontractor's claims in accordance with applicable law. After the completion of the work the balance of the Restoration Deposit shall be disbursed to Tenant upon receipt by Landlord or Mortgagee of a certificate from the general contractor performing the work and the architect that such work has been completed in accordance with the foregoing provisions. If an Event of Default shall have occurred and be continuing before the disbursement of the Restoration Deposit or any part thereof, if any, which is not usable by Landlord or Mortgagee shall have no further right or obligation to disburse any of the Restoration Deposit to Tenant bears during the continuation of any such default (except to the total area extent the disbursement has been requested prior to the default), but may disburse such amount as may be necessary to cure any such Event of Default to or for the Premisesaccount of Landlord or Mortgagee. Such abatement shall be the sole remedy In connection with any restoration, Landlord may post or give notices of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossnon-responsibility in compliance with applicable law.
Appears in 1 contract
Sources: Build to Suit Lease Agreement (Weider Nutrition International Inc)
Restoration. If at any time the Premises are damaged during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after risk covered by Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds's insurance, Landlord shall promptly restore repair and reconstruct the portion of the Premises excluding the improvements installed by Tenant or required to be insured by Landlord and paid by Tenanthereunder, subject to delays arising from the collection of insurance proceeds or from Force Majeure events; and this Lease shall remain in full force and effect. Tenant at Tenant’s 's expense 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 reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease (as provided in the following sentence) if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month nine (9) months to repair such damage. Landlord shall promptly notify Tenant in writing if it reasonably estimates that such restoration will require in excess of nine months and each party shall have a period of ten business days after delivery of such notice to Tenant in which to notify the other party of its election to terminate, otherwise the Lease shall continue in full force and effect. The foregoing notwithstanding, if the Lease Term (as it may have been previously extended but not including any unexercised extension period) extends for at least 5 years beyond such estimated repair period and Tenant elects by written notice to Landlord within such 10 day period not to terminate this Lease, then this Lease shall continue in full force and effect, Landlord shall not be entitled to terminate as provided above, and Landlord shall proceed with restoration as required hereunder. If the Premises or a portion thereof is not usable as a result of damage by a risk covered by insurance required hereunder to be carried by Landlord, Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, Premises 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 hereinto the extent permitted by applicable law, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. If the Premises are damaged during the Lease Term by a risk not covered by Landlord's insurance and not caused by the negligence of Tenant, its agents, employees, or contractors, then Landlord may either restore the Premises at Landlord's expense, in which case this Lease shall continue or, subject to Tenant's right to continue this Lease as provided below, terminate this Lease. Landlord shall make its election no later than 20 days after Tenant's written request to Landlord. Tenant may continue the Lease despite Landlord's election to terminate if Tenant notifies Landlord within 20 days after receipt of Landlord's notice to terminate that Tenant intends to restore the damage at its expense.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 6 months or less, then, subject to receipt of sufficient insura▇▇▇ ▇▇oceeds (when added to the amount of the deductible under Landlord's insurance proceedspolicy), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (not to exceed $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord, Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Further, the Term shall be extended for the number of months or partial months for which Rent is abated.
Appears in 1 contract
Sources: Lease Agreement (Celerity Group Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice Premises prior to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any Above Building Standard Installations. So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord either Tenant’s Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any of Tenant’s Above Building Standard Installations, then until the restoration of the Premises excluding the improvements installed by is Substantially Completed or would have been Substantially Completed but for Tenant or by Landlord and paid by Tenantdelay, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Fixed Rent, Tenant’s expense 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 Tax Payment and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Tenant’s Operating Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(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 and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the sole remedy of 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 Above Building Standard Installations, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant’s abatement of Fixed Rent, Tenant waives Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (E2open Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months180 days from the date Landlord receives all permits, either approvals, and licenses required to begin reconstruction, Landlord or Tenant may elect to terminate this Lease upon thirty (30) days’ prior notice to the other party given no later than 30 days after Landlord’s noticeTenant. If neither party elects Landlord does not elect to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises; provided, however, that Tenant shall not be entitled to any abatement of Base Rent in the event such damage or destruction resulted from the gross negligence or willful misconduct of Tenant or a Tenant-Related Party. Such abatement abatement, if any, shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.. {00185944. 4 }
Appears in 1 contract
Sources: Lease Agreement (Phunware, Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $[***], within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (TheRealReal, Inc.)
Restoration. If at the Building or the Premises, or any time part thereof, is damaged by fire or other casualty before the Commencement Date or during the term of this Lease, and this Lease Term is not terminated pursuant to SECTION 11.2 hereof, Landlord shall repair such damage and restore the Building and the Premises (but not the Tenant Improvements or any Alterations or any of Tenant's personal property, equipment or trade fixtures) to substantially the same condition in which the Building and the Premises existed before the occurrence of such fire or other casualty and this Lease shall, subject to this SECTION 11.1, remain in full force and effect. If Landlord is obligated or elects to make such repairs pursuant to SECTION 11.2 below, Tenant shall pay to Landlord prior to Landlord's commencement of such repair work all insurance proceeds received by Tenant applicable to the work which Landlord is required or elects to perform and if such insurance proceeds, plus the proceeds from applicable insurance which Landlord is required to carry pursuant to SECTION 8.5, are not sufficient to allow Landlord to complete such work, Tenant shall pay such shortfall to Landlord. All such payments from Tenant to Landlord shall be made within ten (10) business days of demand from Landlord. If such fire or other casualty damages the Premises or common areas of the Building necessary for Tenant's use and occupancy of the Premises and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises are damaged rendered unusable by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. , Tenant shall be entitled to a reduction in Base Rent shall be abated for the period of repair and restoration in the proportion which that the area of the Premises, if any, which is not usable Premises rendered unusable by Tenant such damage bears to the total area of the Premises (i) during the period of Landlord's Work and until the same is substantially completed and (ii) to the extent of any rent insurance proceeds paid to Landlord, during the period when Tenant is repairing the damage which it is responsible to repair. Landlord shall not be obligated to repair any damage to, or to make any replacement of, any Alterations, movable furniture, equipment, trade fixtures, Tenant Improvements or personal property in the Premises. Such abatement shall be the Tenant shall, at Tenant's sole remedy of Tenantcost and expense, repair and except as provided hereinreplace all such Alterations, movable furniture, equipment, trade fixtures, Tenant waives any right to terminate the Lease by reason of damage or casualty lossImprovements and personal property in compliance with SECTION 7 hereof.
Appears in 1 contract
Sources: Lease (Wj Communications Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after the date of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the Building is substantially destroyed or if the restoration time is estimated to exceed 6 three (3) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take three (3) months or less, then, subject to receipt of sufficient insurance proceedsLandlord, Landlord at Landlord’s expense, shall promptly restore the Premises excluding to substantially the same condition as the Premises existed prior to such fire or other casualty, including the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement ; provided, however, if the Premises are substantially destroyed, then Base Rent shall be abated completely for the sole remedy period of Tenantrepair and restoration. In the event Landlord undertakes reconstruction or restoration of the Premises pursuant to the paragraph above, Landlord shall use reasonable diligence on completing such reconstruction repairs, but in the event Landlord fails to substantially complete the repairs within one hundred eighty (180) days after the date of the fire or other casualty, then Tenant may, at its option, terminate this Lease as of a date ten (10) days after receipt of its notice by Landlord upon giving Landlord notice to that effect, and except Base Rent shall be apportioned as provided herein, Tenant waives of said date and Landlord shall promptly return any right money owed to terminate the Lease by reason of damage or casualty lossTenant.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months120 days from the date of Landlord’s Notice, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s noticeNotice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant’s expense expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to the Premises not required to be done by Landlord (provided, however, if such damage or destruction is caused by the act(s) or omission(s) of Landlord, its employees, agents, or contractors, Landlord shall pay to Tenant with respect to any damage to the Premises the amount of the commercially reasonable deductible under Tenant’s insurance policy, not to exceed Five Thousand Dollars ($5,000.00), within ten (10) days after presentment of Tenant’s invoice) and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice.
(d) Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Sublease (MetaMorphix Inc.)
Restoration. If at any time during the Lease Term Building and/or the Demised Premises are is damaged or destroyed by a fire or other casualty, and if this Lease is not terminated as provided in this Article 14, Landlord shall notify Tenant within 60 days after such repair the damage as and restore or rebuild the Building or the Demised Premises (except for Tenant's Property but including Fixtures which are Tenant's Property to the amount of time extent Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, receives insurance proceeds from either Landlord or Tenant's insurance or funds from Tenant may elect sufficient to terminate this Lease upon complete repair, restoration or rebuilding of the Fixtures), after notice to Landlord of the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease damage or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord destruction and paid by Tenant, subject to delays arising from the collection of substantially all of the insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense receivable on account of the casualty; provided that in no event shall promptly performLandlord be required to expend on such repair, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs rebuilding or restoration not required to be done by Landlord and shall promptly re-enter amounts in excess of the Premises and commence doing business in accordance with this Leasetotal insurance proceeds collected on account of the casualty. Notwithstanding the foregoing, either party may terminate this Lease if Landlord shall have no obligation to so repair, restore or rebuild Tenant's Property, for damages which shall have been the Premises are damaged during the last year sole responsibility of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damageTenant. Base Rent Proceeds of insurance policies providing coverage of Fixtures shall be abated for paid directly to Landlord. Concurrently with the period payment to Landlord of repair and restoration in such insurance proceeds attributable to Fixtures, Tenant shall pay to Landlord, as Additional Rent, the proportion which the area of the Premisesamount, if any, by which is not usable the cost of repairing, restoring and/or rebuilding the Fixtures (as reasonably estimated by Tenant bears a reputable contractor designated by Landlord) exceeds the insurance proceeds attributable to the total area Fixtures plus any additional reasonable sums paid or incurred by Landlord in repairing, restoring and/or rebuilding the Fixtures if Tenant desires to continue the use of such fixtures, then, upon completion of the Premises. Such abatement repair or restoration, Landlord shall be return the sole remedy of excess to Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Bion Environmental Technologies Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months270 days from the date Landlord is notified of the casualty, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after LandlordL▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations, and any other improvements installed by Tenant or by Landlord and paid by TenantT▇▇▇▇▇, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required with respect to be done by Landlord any Tenant-Made Alterations and Trade Fixtures shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. Tenant shall pay to Landlord, within thirty (30) days following Landlord’s written demand therefor, the amount of the deductible under Landlord’s insurance policy applicable to the restoration work (which deductible shall be commercially reasonable based on the sole remedy deductibles of other institutional owners of commercial properties similar to the Project in the market in which the Project is located). If the damage involves portions of the Building other than the Premises, Tenant shall pay only a portion of the deductible based on the ratio of the costs of repairing the damage to the Premises to the total cost of repairing all of the damage to the Building.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to 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. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Project are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and except as provided hereinexpense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant waives shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any right to terminate amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is reasonably estimated to exceed 6 monthsmonths from the date of the casualty event, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that the restoration will t▇▇▇ ▇ take less than 6 months or lessfrom the date of such damage, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, provided, however, Tenant may nullify Landlord’s termination notice by exercising its right to the First Extension Term (as defined in Exhibit E) within ten (10) days of its receipt of Landlord’s notice of termination. With respect to any damage to the Premises attributable to Tenant, Tenant shall pay Landlord’s deductible with respect to its insurance policy not to exceed USD$[***] no later than thirty (30) days following receipt of an invoice for such amount. Base Rent Rent, Taxes, and the Monthly Fixed Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant's notice of termination shall be null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Sources: Lease Agreement (TheRealReal, Inc.)
Restoration. If Subject to any limitations imposed by law with respect to the rebuilding of the Leased Premises, Tenant shall promptly repair, rebuild, or restore the damaged Leased Property, at Tenant’s expense, so as to make the Leased Property at least equal in value to the Leased Property existing immediately prior to such occurrence and as nearly similar to it in character as is practicable and reasonable. Before beginning such repairs or rebuilding with respect to any time during Casualty, or letting any contracts in connection with such repairs or rebuilding, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, plans and specifications meeting the Lease Term requirements of §16.2 for such repairs or rebuilding. Promptly after receiving Landlord’s approval of the Premises are damaged by a plans and specifications, Tenant will begin such repairs or rebuilding and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any fire or other casualtycasualty insurance paid to Landlord for such repair or rebuilding as the same progresses, Landlord shall notify Tenant within 60 days after such damage as deduction of any costs of collection, including reasonable attorneys’ fees. Payments will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Payments for deposits for the repairing or rebuilding or delivery of materials to the Facility will be made upon Landlord’s receipt of evidence satisfactory to Landlord that such payments are required in advance. With respect to any Casualty, prior to commencing the repairing or rebuilding, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Landlord will contribute to such payments out of the insurance proceeds an amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice equal to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates proportion that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or total net amount received by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant insurers bears to the total area estimated cost of the Premisesrebuilding or repairing, multiplied by the payment by Tenant on account of such work. Such abatement Landlord may, however, withhold 10% from each payment until the work is completed and proof has been furnished to Landlord that no lien or liability has attached or will attach to the Leased Property or to Landlord in connection with such repairing or rebuilding. Upon the completion of rebuilding and the furnishing of such proof, the balance of the net proceeds of such insurance payable to Tenant on account of such repairing or rebuilding will be paid to Tenant. If required by law as a result of the nature or extent of the damage, Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the damaged Leased Property is reoccupied for any purpose. Tenant shall be the sole remedy complete such repairs or rebuilding free and clear of Tenantmechanic’s or other liens, and except as provided hereinin accordance with the building codes and all applicable laws, Tenant waives ordinances, regulations, or orders of any right to terminate state, municipal, or other public authority affecting the Lease by reason repairs or rebuilding, and also in accordance with all requirements of damage the insurance rating organization, or casualty losssimilar body. Any remaining proceeds of insurance after such restoration will be Tenant’s property.
Appears in 1 contract
Sources: Lease Agreement (Emeritus Corp\wa\)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, then (i) Landlord at Landlord’s expense shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. , and (ii) Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant’s gross negligence or intentional misconduct, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (Supernova Partners Acquisition Co II, Ltd.)
Restoration. (a) If at any time during the Lease Term the Premises are any Hotel is damaged or destroyed by a fire fire, casualty or other cause but is not rendered Unsuitable for Its Permitted Use or if neither Owner nor Manager terminates this Agreement pursuant to Section 15.1 (Termination), but subject to Section 13.4 (Insurance Proceeds),Owner shall make the net proceeds of insurance received in connection with such casualty (excluding the proceeds of business interruption or similar insurance which are a portion of Gross Revenues) and any other amount Owner elects to contribute toward restoration available to Manager for restoration of such Hotel subject to customary terms applicable to advances and construction loans (to the extent applicable) and the terms of the Lease and any Authorized Mortgage, and Owner shall make, or shall cause there to be made, all Repairs necessary to restore such Hotel to substantially the same condition as existed prior to such casualty. If Owner elects to retain Manager’s services in connection with such Repairs, the terms of Section 11.1 (Optional Services) shall apply.
(b) Any casualty which does not result in a termination of this Agreement with respect to the applicable Hotel shall not excuse the payment of sums due to Owner hereunder with respect to such Hotel.
(c) If the net proceeds of the insurance received in connection with a casualty or an Award received in connection with a Condemnation are insufficient to complete the required Repairs, Owner shall have the right (but not the obligation) to contribute (or cause Landlord shall notify Tenant within 60 days after such damage as to contribute) the amount of time Landlord reasonably estimates it will take to restore the Premisessuch insufficiency. If Owner elects not to contribute such insufficiency by notice given to Manager within ten (10) Business Days after a notice given by Manager to Owner reasonably detailing the restoration time is estimated existence of such insufficiency, Manager shall have the right to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s noticecontribute such insufficiency. If neither party elects Manager fails to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or lesscontribute such insufficiency to an account of Owner to be used in completing such Repairs within ten (10) Business Days after Owner’s election, then, the Hotel subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant such casualty or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Condemnation shall be abated deemed Unsuitable for Its Permitted Use and the period terms of repair and restoration in the proportion which the area of the PremisesSection 15.1 (Termination) or 16.1 (Total Condemnation), if anyas applicable, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossapply.
Appears in 1 contract
Sources: Management Agreement (Hospitality Properties Trust)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents (as defined in Paragraph 33). Tenant at Tenant’s expense 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 damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph 15, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 9 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or 9 months after the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyshall not be terminated pursuant to Section 10.2, Landlord shall notify thereafter use due diligence to restore the Premises to substantially the same condition the Premises were in prior to the damage (exclusive of (a) alterations or improvements made by or on behalf of the Tenant, including, without limitation, all Shared Utility Systems and Dedicated Systems, and (b) fixtures or property removable by Tenant within 60 days after such damage as upon expiration or earlier termination of the Term of this Lease, all of which shall be the responsibility of Tenant), provided that Landlord’s obligation shall be limited to the amount of insurance proceeds or condemnation awards made available to Landlord therefor. If, for any reason, such restoration shall not be substantially completed within six months after the expiration of the ninety (90) day period referred to in Section 10.2 (which six-month period may be extended for such periods of time as Landlord reasonably estimates it will take to restore is prevented from proceeding with or completing such restoration for any cause described in Section 13.5 or beyond Landlord’s reasonable control), Tenant shall have the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon by giving notice to the other party given no later than 30 Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s noticefailure to complete such restoration. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s improvements, alterations, furniture or furnishings or on any fixtures or equipment removable or to be removed by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. If neither party elects to terminate this Lease Tenant desires any other or additional repairs for restoration and if Landlord estimates that restoration will t▇▇▇ ▇ months or lessconsents thereto, then, subject to receipt of sufficient insurance proceeds, Landlord the same shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant be done at Tenant’s expense expense. Tenant acknowledges that Landlord shall promptly performbe entitled to the full proceeds of any insurance coverage, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done whether carried by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of or Tenant, and except as for damage to alterations, additions, improvements or decorations provided herein, Tenant waives any right by Landlord either directly or through an allowance to terminate the Lease by reason of damage or casualty lossTenant.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. In the event that either party elects to terminate the Lease pursuant to the express provisions of this paragraph, all rent shall be apportioned to and shall cease as of the date of the casualty. Notwithstanding the terms and conditions of this Paragraph 15, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable solely to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. If Subject to any limitations imposed by law with respect to the rebuilding of the Leased Premises, Tenant shall promptly repair, rebuild, or restore the damaged Leased Property, at Tenant’s expense, so as to make the Leased Property at least equal in value to the Leased Property existing immediately prior to such occurrence and as nearly similar to it in character as is practicable and reasonable. Before beginning such repairs or rebuilding, or letting any time during contracts in connection with such repairs or rebuilding with respect to any Casualty, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, plans and specifications meeting the Lease Term requirements of §16.2 for such repairs or rebuilding. Promptly after receiving Landlord’s approval of the Premises are damaged by a plans and specifications, Tenant will begin such repairs or rebuilding and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any fire or other casualtycasualty insurance paid to Landlord for such repair or rebuilding as the same progresses, Landlord shall notify Tenant within 60 days after such damage as deduction of any costs of collection, including reasonable attorneys’ fees. Payments will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Payments for deposits for the repairing or rebuilding or delivery of materials to the Facility will be made upon Landlord’s receipt of evidence satisfactory to Landlord that such payments are required in advance. With respect to any Casualty, prior to commencing the repairing or rebuilding, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Landlord will contribute to such payments out of the insurance proceeds an amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice equal to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates proportion that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or total net amount received by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant insurers bears to the total area estimated cost of the Premisesrebuilding or repairing, multiplied by the payment by Tenant on account of such work. Such abatement Landlord may, however, withhold 10% from each payment until the work is completed and proof has been furnished to Landlord that no lien or liability has attached or will attach to the Leased Property or to Landlord in connection with such repairing or rebuilding. Upon the completion of rebuilding and the furnishing of such proof, the balance of the net proceeds of such insurance payable to Tenant on account of such repairing or rebuilding will be paid to Tenant. If required by law as a result of the nature or extent of the damage, Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the damaged Leased Property is reoccupied for any purpose. Tenant shall be the sole remedy complete such repairs or rebuilding free and clear of Tenantmechanic’s or other liens, and except as provided hereinin accordance with the building codes and all applicable laws, Tenant waives ordinances, regulations, or orders of any right to terminate state, municipal, or other public authority affecting the Lease by reason repairs or rebuilding, and also in accordance with all requirements of damage the insurance rating organization, or casualty losssimilar body. Any remaining proceeds of insurance after such restoration will be Tenant’s property.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are is damaged by a fire or other casualtycasualty event (the “Casualty Damage”), within 45 days after such event, Landlord shall notify Tenant within 60 days after such damage as to of its reasonable estimate for restoration time (the amount of time Landlord reasonably estimates it will take to restore the Premises"Restoration Notice"). If the restoration time is estimated to exceed 6 months4 months from the date of such casualty, either Landlord or Tenant may elect to terminate this Lease upon delivery of written notice to the other party given no later than 30 days after Landlord’s noticedelivery of the Restoration Notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will t▇▇▇ ▇ take less than 4 months or lessfrom the date of such casualty, thenthen Landlord shall, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant or by Landlord any Tenant-Made Alterations and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 LeaseTrade Fixtures. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged Casualty Damage occurred during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Commencing on the date of the Casualty Damage, Monthly Base Rent Rent, Monthly Taxes, and the Monthly FOE shall be abated for from the date of Casualty Damage through the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to Tenant. Notwithstanding the total area terms and conditions of this Section, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the Premises. Such abatement shall be date of the sole remedy casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant, and except as provided herein-caused delays), Tenant waives any right to may terminate the Lease by reason upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant's notice of damage or casualty losstermination shall be null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Sources: Lease Agreement (Pfsweb Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If the Leased Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord, and this Lease shall continue in full force and effect except as hereinafter set forth. Notwithstanding the foregoing, if at any time during the Term of this Lease Term the Leased Premises are or any part thereof shall be damaged or destroyed by a fire or other casualtycasualty (including any casualty for which insurance coverage was not obtained or obtainable) of any kind or nature, Landlord and the damage does not exceed Fifty percent (50.0%) of the improvements or does not require more than Six (6) months to rebuild, Tenant shall notify Tenant within 60 days after rebuild the same to the condition which existed prior to such damage as to or destruction in which event this Lease shall continue in full force and effect without any reduction or suspension of the amount of time Annual Rental payable by Tenant to Landlord reasonably estimates it will take under this Lease; provided, however, that if such damage occurs during the final Twenty Four (24) full calendar months of the Term and, in Tenant’s reasonable judgment, the Leased Premises cannot be repaired or rebuilt within 90 days from the date of such damage, Tenant shall have the option, at Tenant’s sole cost and expense either (a) to restore rebuild the PremisesLeased Premises to substantially the condition which existed prior to such damage or destruction in which event this Lease shall continue in full force and effect without any reduction or suspension of the amount of Annual Rental payable by Tenant to Landlord under this Lease, or (b) to deliver to Landlord the Tenant Insurance Proceeds (as defined below) and terminate this Lease effective as of the date of the delivery of the Tenant Insurance Proceeds. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect elects not to terminate this Lease upon notice to (or if Tenant does not have the other party given no later than 30 days after Landlord’s notice. If neither party elects right to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt Lease) as a result of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business a casualty in accordance with this section, then Tenant shall be entitled to the Tenant Insurance Proceeds attributable only to the damage to its furniture, fixtures and equipment in the Leased Premises. In the event Tenant repairs and rebuilds the improvements on the Leased Premises, all insurance money paid on account of such damage or destruction under the policies of insurance provided for in Article VI (or the insurance money that would have been paid had Tenant maintained the coverages in the amounts required by Article VI, herein sometimes referred to as the “Tenant Insurance Proceeds”), shall be available for the payment of the costs of rebuilding the improvements, including temporary repairs for the protection of other property, to the extent such Tenant Insurance Proceeds shall be sufficient for such purpose, and Landlord shall have no claim thereto. If the cost of rebuilding shall exceed the amount of Tenant Insurance Proceeds available, then the Tenant shall be responsible for the excess costs of such rebuilding. If the casualty damage to the Leased Premises or any part thereof shall exceed fifty percent (50%) of the improvements or the time to rebuild the improvements will be six (6) months or more, then Tenant shall have the option, at Tenant’s sole cost and expense either (a) to rebuild the Leased Premises to substantially the condition which existed prior to such damage or destruction in which event this Lease shall continue in full force and effect without any reduction or suspension of the amount of Annual Rental payable by Tenant to Landlord under this Lease. Notwithstanding , or (b) to deliver to Landlord the foregoing, either party may Tenant Insurance Proceeds (as defined below) and terminate this Lease if the Premises are damaged during the last year effective as of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area date of the Premises, if any, which is not usable by Tenant bears to the total area delivery of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossInsurance Proceeds.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, then subject to receipt of sufficient insurance proceedsproceeds (provided that Landlord maintained the insurance required under this Lease), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage; provided however, if Tenant has exercised its right to renew under Addendum 3 hereof, the provisions of the second sentence of this Paragraph 15 shall apply. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $25,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. The cost of Landlord’s insurance deductible shall be considered an Operating Expense in accordance with paragraph 6 of this Lease. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises. bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 12 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 12 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises Tenant's Proportionate Share of the amount of the commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated from the date of the casualty for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Streamline Com Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis 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 excluding the improvements installed by Tenant or by Landlord and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.05, 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 Leasehold Improvements; provided if the collection estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not such Leasehold Improvements. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to T▇▇▇▇▇’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Leasehold Improvements, in which event Tenant shall be abated responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of repair and time required to diligently perform the restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossexisting Leasehold Improvements.
Appears in 1 contract
Restoration. If at a casualty causes damage to the Building or the ----------- Premises but this Lease is not terminated for any time during reason, then subject to the Lease Term the Premises are damaged by a fire rights of any mortgagees or other casualtyground lessors, Landlord shall notify obtain the applicable insurance proceeds and diligently restore the Building and the Premises to substantially their prior condition, except for modifications required by then applicable Governmental Requirements or any other modifications to the common areas of the Building, if any, deemed desirable by Landlord; provided, however, that, within ten (10) days following notice to Tenant within 60 days after such damage as from Landlord (whether or not this Lease is terminated pursuant to Section 9.1 above), Tenant shall irrevocably and unconditionally assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Section 8.3(b) above which pertain to the repair and restoration of the leasehold improvements in the Premises, including any leasehold improvements performed by or on behalf of Tenant pursuant to Section 5 above; and provided further, that if the cost of repair and restoration by Landlord of the leasehold improvements in the Premises exceeds the amount of time insurance proceeds received by Landlord reasonably estimates it will take to restore from Tenant's insurance carrier, the Premises. If the cost of such repair and restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall be promptly restore the Premises excluding the improvements installed paid by Tenant or by Landlord and paid by Tenantto Landlord, subject but in any event prior to delays arising from Landlord's commencement of repair of the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, 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 Leasedamage. Notwithstanding the foregoing, either party may terminate this Lease Landlord shall have no obligation with respect to, and if Landlord elects or is required to perform any restoration hereunder, Tenant shall be responsible for and shall, repair and replace at its sole cost all of Tenant's equipment, furniture, trade fixtures and other personal property in the Premises are damaged during Premises, including, without limitation, any telecommunications wires, cables and related devices located in or serving the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damagePremises. Base Rent shall be abated on a per diem basis during the restoration for any portion of the period Premises which is untenantable. Tenant shall not be entitled to any compensation or damages from Landlord for loss of repair and restoration in the proportion which the area use of the Premises, if anydamage to Tenant's personal property and trade fixtures or any inconvenience occasioned by such damage, which is not usable by repair or restoration. Tenant bears to hereby waives the total area provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, of the Premises. Such abatement shall be the sole remedy of TenantCalifornia Civil Code, and except as provided herein, Tenant waives the provisions of any right to terminate the Lease by reason of damage or casualty losssimilar law hereinafter enacted.
Appears in 1 contract
Sources: Lease (Ydi Wireless Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business within 30 days after restoration in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (not to exceed $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 monthsone hundred eighty (180) days from the date the Premises was damaged, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after LandlordL▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months take one hundred eighty (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 TenantT▇▇▇▇▇, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant’s expense expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month thirty (30) days to repair such damage. Base .
(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 termination of this Lease.
(c) If the Premises are damaged by fire or other casualty, Rent shall be abated for the period of repair and restoration restoration; provided, however, that Tenant shall not be entitled to any abatement of Base Rent in the proportion which event such damage or destruction resulted from the area gross negligence or willful misconduct of the PremisesTenant or its subtenants, if anyassignees, which is not usable by Tenant bears to the total area of the Premisesemployees, agents or contractors. Such abatement shall be the sole remedy of TenantTenant unless the damage has been caused by the gross negligence or willful misconduct of Landlord, and except as provided herein, Tenant waives any right to terminate the this Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Commercial Lease Agreement (Grown Rogue International Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by on Tenant’s behalf, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord's insurance policy within ten (10) days after the presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Tenant further waives all claims (i) for any damage or injury resulting from any damage or destruction, (ii) for any loss of profits or interruption of business resulting from Tenant’s inability to use and occupy the Premises or any part thereof as a result of any damage or destruction, or (iii) by reason of any required surrender of possession of the Premises pursuant to this Section. Tenant also waives the benefit of New Jersey Revised Statutes, Title 46, Chapter 8, Sections 6 and 7, and agrees that Tenant will not be relieved of the obligation to pay Rent in case of damage or destruction to the Premises or the Building, except as expressly provided in this Section.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Restoration. If Lessee shall, at any time during Lessee's sole cost and expense, return the Leased Premises to Lessor at the expiration or earlier termination of this Lease Term the Premises are damaged by a fire or other casualtyin good and sanitary order, Landlord condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted. In addition, within thirty (30) days after request of Lessee, Lessor shall notify Tenant within 60 days after such damage Lessee as to whether Lessor considers any such Alterations to be specialized and non-reusable areas, such as classrooms, manufacturing areas and storage racks, and whether Lessor desires such specialized and non-reusable areas of the Leased Premises restored to its condition prior to the making of such permitted Alterations. In the event Lessor requires restoration, Lessor shall, at least three (3) months prior to Lease expiration, provide Lessee with an estimate of the costs to so restore the Leased Premises ("Restoration Costs") and Lessee shall pay to Lessor, as additional Rent, the entire amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given Restoration Costs no later than 30 ten (10) days prior to Lease expiration. The foregoing restoration of the Leased Premises shall be performed after Landlord’s noticethe Lease expiration. If neither party elects All damage to terminate the Leased Premises caused by the removal of such trade fixtures and other personal property that Lessee is permitted to remove under the terms of this Lease or if Landlord estimates that and/or such restoration will t▇▇▇ ▇ months or lessshall be repaired by Lessee at its sole cost and expense prior to termination. Lessee's obligations under this Section 15.4 shall apply to the parking garage, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord roof and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year other areas of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area Complex impacted by Lessee's use and/or occupancy of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives Complex or any right to terminate the Lease by reason of damage or casualty losspart thereof.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates (by a contractor licensed by the State of California) it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsproceeds (Landlord shall be deemed to have received sufficient insurance proceeds if Landlord receives net proceeds in an amount equal to ninety percent (90%) of the replacement value for the Project), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this LeaseLandlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates (by a contractor licensed by the State of California) that it will take more than one month two months to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within thirty (30) days after presentment of Landlord's invoice; provided however that any earthquake deductible shall be amortized over fifteen (15) years and paid by Tenant to Landlord monthly as a part of Operating Expenses. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the PremisesPremises or if the entire Premises is not usable by Tenant as a result of a partial casualty, Tenant shall receive rental abatement for the entire Premises for the period during which the entire Premises is unusable plus a reasonable period of time, not to exceed thirty (30) days, for Tenant to reinstall its improvements and trade fixtures; provided that such abatement for the period of time not to exceed thirty (30) days and for any abatement for any areas of the Premises greater than the amount actually damaged shall occur only if Landlord actually recovers all amounts abated through the rent loss insurance Landlord is required to carry pursuant to this Lease. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything to the contrary contained in this Lease, following any event of damage or destruction and in the event Landlord is obligated or elects to repair the damage or destruction to the repairs which Landlord is required to perform hereunder , then such repairs shall be Substantially Completed (for occupancy) as defined in Addendum Two within 180 days from the date on which Landlord begins such repairs subject to delays from Force Majeure (provided that the delay due to Force Majeure allowed hereunder shall not exceed an additional ninety (90) days). If Landlord has failed to complete the repairs within the time frames in the previous sentence, Tenant shall have the right to terminate this Lease by thirty (30) days prior written notice to Landlord (the "Damage Termination Notice",) effective as of a date set forth in the Damage Termination Notice (but not sooner than thirty (30) days after the date of the Damage Termination Notice) (the "Damage Termination Date"). Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord's receipt of the Damage Termination Notice, a certificate of Landlord certifying that it is Landlord's good faith judgement that the repairs shall be Substantially Completed within thirty (30) days after the Damage Termination Date. If the repairs are not Substantially Completed within the thirty-day period after the Damage Termination Date, then this Lease shall terminate upon the expiration of such thirty-day period.
Appears in 1 contract
Sources: Lease Agreement (Etoys Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate te1minate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord’s 's notice. If neither party elects to terminate tem1inate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant or installed by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant’s expense 's expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, 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 damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such the damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Lease, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Triple Net Lease (CUI Global, Inc.)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyis not terminated pursuant to Section 15(a) above, then Landlord shall notify diligently restore the Premises, including all Landlord’s Work, unless Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take elects to restore the PremisesPremises by providing notice to Landlord within thirty (30) days of Tenant’s receipt of the Initial Reconstruction Notice. The party carrying the property insurance for the Premises (the “Insuring Party”) will assign to the party restoring the Premises (the “Constructing Party”) any Proceeds relating to restoration of the Premises on account of the casualty, and allow the Constructing Party to participate in negotiations with the Insuring Party’s insurer regarding the coverage for the reconstruction of the Premises in accordance with the Restoration Plans. Tenant may notify Landlord within thirty (30) days after receipt of the Initial Reconstruction Notice of Tenant’s desire to modify the Landlord’s Work (“Alternate Improvements”). Notwithstanding any provisions hereof to the contrary, Tenant shall be required to pay the costs of any Alternate Improvements to the extent the same are not covered by any insurance proceeds. Tenant and Landlord will have thirty (30) days to agree upon the restoration plans and any resulting changes to the surrender obligations (the “Restoration Plans”) and the target completion date that would apply if the Premises were restored to the Existing Design and any extended period of time and additional costs due to the Alternate Improvements (the “Restoration Schedule”). If the restoration parties cannot agree upon the Restoration Plans and/or the Restoration Schedule, then within ten (10) Business Days after a request from either party following expiration of the time period to agree upon the Restoration Plans and Restoration Schedule, the matter will be submitted to arbitration pursuant to the Expedited Arbitration Process. Each of Landlord and Tenant will submit to the arbitrator its proposed Restoration Plans and/or Restoration Schedule. The arbitrator, in good faith, will select, (x) in the case of disagreement over the Restoration Plans (1) with respect to the Work, which set of Restoration Plans is estimated most similar to exceed 6 monthsthe Existing Design; and (2) with respect to the Alternate Improvements, whether Landlord is reasonable in disapproving any elements of the Alternate Improvements; or (y) in the case of disagreement over the Restoration Schedule, which Restoration Schedule is commercially reasonable for construction in accordance with the Restoration Plans. All construction and/or repairs made by the Constructing Party will be made in accordance with Legal Requirements and in a good and workmanlike manner, with architecture, facilities and amenities of no less quality than existing prior to the casualty. “Expedited Arbitration Process” means arbitration according to the then-current Expedited Procedures under the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”), modified as follows: (a) there will be one arbitrator who is selected utilizing the then-current AAA process and who has at least ten (10) years of relevant experience; (b) the arbitration will be conducted through document submission without a hearing; and (c) the arbitrator will issue a final decision within sixty (60) days after confirmation of the appointment of the arbitrator. The arbitrator will have no decision-making authority other than to select either the determination or recommendation of Landlord or Tenant may elect to terminate this Lease upon notice to as final and conclusive after due consideration of the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required factors to be done by Landlord and shall promptly re-enter taken into account under the Premises and commence doing business in accordance with applicable provisions of this Lease. Notwithstanding The arbitrator’s determination will be binding upon the foregoing, either party may terminate this Lease if the Premises are damaged during the last year parties. The costs and fees of the Lease Term and Landlord reasonably estimates that it arbitrator will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable shared equally by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossLandlord.
Appears in 1 contract
Sources: Lease Agreement (ROX Financial LP)
Restoration. If at any time during the Lease Term the Premises are Project is damaged by a fire or other casualtyinsured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s reasonable opinion, be completed within one (1) year after the date the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums; Landlord shall complete an estimate of the time conduct such repairs expeditiously upon learning of the necessity of repairs. Until such repairs are completed, Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business. Landlord’s obligation to make repairs under this Article is limited to the base Building, Common Areas and the interior improvements to the Premises that are covered by Landlord’s insurance. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Article 14 above (or, if Tenant has failed to carry the insurance required under such Article 14, Tenant shall pay to Landlord the amount which Tenant would have received as insurance proceeds had Tenant carried such required insurance) with respect to any tenant improvements in the Premises in which case Landlord shall manage restoration of the tenant improvements to the extent of such proceeds. If the amount assigned (or paid) to Landlord pursuant to the immediately preceding sentence is insufficient to repair the improvements within the Premises, Landlord shall notify Tenant within 60 days after such damage as to have the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon written notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinretaining the insurance proceeds so assigned or paid; provided, Tenant waives any right however, Tenant, at Tenant's option, may avoid such termination by paying the difference to terminate the Lease by reason Landlord within thirty (30) days following receipt of damage or casualty lossLandlord’s written demand therefor.
Appears in 1 contract
Sources: Office Lease (Tableau Software Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 15 days after Landlord's notice (with the actual termination to be effected no earlier than 30 days after Landlord’s noticesuch notice has been received by the other party). If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (which shall be proportionally allocated among all tenants whose premises also suffered damage or destruction, based on the relationship between the cost of the restoration each premises and the total cost of restoration, as determined by Landlord) within 10 days after presentment of Landlord's invoice. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Atroad Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months4 months and such damage materially interferes with Tenant's use of the Premises, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party Landlord given no later than 30 days after Landlord’s 's notice. If neither party Tenant elects not to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year 9 months of the Lease Term and Tenant has not exercised its option to renew, as applicable, (as hereinafter described in Addendum 3), and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Skechers Usa Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible, NOT TO EXCEED $20,000, under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as reasonably determined by Landlord. Base Rent and Operating Expenses shall be abated for from the period date of casualty until the repair and restoration is completed, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Gatefield Corp)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire shall not be terminated pursuant to Section 10.2 or other casualty10.2.1, Landlord shall notify Tenant within 60 days after such damage as thereafter use due diligence to restore the Premises to proper condition for Tenant's use and occupation, provided that Landlord's obligation shall be limited to the amount of insurance proceeds or condemnation awards made available to Landlord therefor. If, for any reason, such restoration shall not be substantially completed within eight (8) months after the expiration of the ninety (90) day period referred to in Section 10.2 (which eight (8) month period may be extended for such periods of time as Landlord reasonably estimates it will take to restore is prevented from proceeding with or completing such restoration for any cause described in Section 13.5 or beyond Landlord's reasonable control), Tenant shall have the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon by giving notice to the other party given no later than 30 Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant's sole and exclusive remedy at law or in equity for Landlord’s notice's failure to complete such restoration. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant's improvements, alterations, furniture or furnishings or on any fixtures or equipment removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. If neither party elects to terminate this Lease Tenant desires any other or additional repairs for restoration and if Landlord estimates consents thereto, the same shall be done at Tenant's expense. Tenant acknowledges that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore be entitled to the Premises excluding the improvements installed by Tenant or full proceeds of any insurance coverage, whether carried by Landlord and paid by or Tenant, subject for damage to delays arising from the collection of insurance proceeds alterations, additions, improvements or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done decorations provided by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month directly or through an allowance to repair such damage. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease (Netezza Corp)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsis 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 excluding the improvements installed by Tenant or by Landlord and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements; provided if the collection estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure events. Tenant at Tenant’s expense insurance carrier, the excess cost of such repairs shall promptly performbe paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, subject Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises, Building and Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the collection Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of insurance proceeds, time that all or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and commence doing business in accordance with this Leasenot used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent Leasehold Improvements, in which event Tenant shall be abated responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord under Article 8) and the rent abatement period under the preceding sentence shall not exceed the period of repair and time required to diligently perform the restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossexisting Leasehold Improvements.
Appears in 1 contract
Sources: Lease Agreement (Icosavax, Inc.)
Restoration. If at any time during a casualty causes damage to the Lease Term Project or the Premises are damaged by a fire but this Lease is not terminated for any reason, then subject to the rights of any mortgagees or other casualtyground lessors, Landlord shall notify obtain the applicable insurance proceeds and diligently restore the Project and the Premises subject to current Legal Requirements. Tenant shall replace its damaged improvements, personal property and fixtures. Rent shall be abated on a per diem basis during the restoration for any portion of the Premises which is untenantable, except that, to the extent the loss of Rent is not covered and paid by insurance carried by Landlord, such Rent shall not be abated if the casualty results from the negligence or willful misconduct of Tenant, or its employees or agents. If Landlord is required under this Section 9 to repair and rebuild the Project or Premises and for any reason whatsoever other than and to the extent of delays actually caused by Tenant (including Tenant Delay, as such term is defined in Appendix C), fails to commence to repair and rebuild the damaged portion of the Building or Premises to the extent required of Landlord hereunder following damage or destruction within 60 ninety (90) days after the date when such damage as or destruction occurred (subject to extension for the amount period of time Landlord reasonably estimates it will take any delays resulting from causes beyond the reasonable control of Landlord, including Tenant Delay), Tenant shall have the right to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to cancel and terminate this Lease upon delivery of notice to the other party given no later Landlord delivered not more than 30 twenty (20) days after the expiration of such ninety (90) day period, as same may be extended for delays resulting from causes beyond the reasonable control of Landlord’s notice. If neither party elects to terminate this Lease or , and, further, if Landlord estimates that does not substantially complete such repairs and restoration will t▇▇▇ ▇ months or less, then, within the Restoration Period (subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent shall be abated extension for the period of any delays resulting from causes beyond the reasonable control of Landlord, including Tenant Delay) or if after commencing such repairs or restoration Landlord permanently abandons the repair or restoration work, Tenant shall have the right to cancel and terminate this Lease upon delivery of notice to Landlord delivered not more than ninety (90) days after the expiration of such Restoration Period, as same may be extended for delays resulting from causes beyond the reasonable control of Landlord. Upon any such notice of termination being given by Tenant in accordance with the terms of this Subsection 9B, the Term of this Lease shall automatically terminate and end effective as of the date designated in such notice (but in no event later than thirty (30) days after the date of such notice), such termination right being Tenant's sole and exclusive remedy hereunder (other than the abatement of Base Rent provided in this Subsection 9B) for such failure to commence or complete such repair or restoration work; provided, however, if Landlord is required under this Section 9 to repair and restoration in rebuild the proportion which Building or Premises and for any reason whatsoever other than and to the area extent of delays actually caused by Tenant (including Tenant Delay), (i) Landlord fails to commence to repair and rebuild the damaged portion of the PremisesBuilding or Premises to the extent required of Landlord hereunder following damage or destruction within ninety (90) days after the date when such damage or destruction occurred (subject to extension for the period of any delays resulting from causes beyond the reasonable control of Landlord, if anyincluding Tenant Delay), which or (ii) the repair or restoration work is permanently abandoned by Landlord, or (iii) Landlord does not usable substantially complete such repairs and restoration within the Restoration Period after the date of the casualty (subject to extension for the period of any delays resulting from causes beyond the reasonable control of Landlord, including Tenant Delay), then Tenant shall also be entitled to the equitable remedy of seeking specific performance of Landlord's obligations under this Section 9 and/or a suit at law for actual damages (but not consequential, indirect or special damages) suffered or incurred by Tenant bears to as a result thereof. Tenant expressly waives the total area right of the Premises. Such abatement shall be the sole remedy self-help for any breach by Landlord of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty lossits obligations under this Section 9.
Appears in 1 contract
Sources: Lease Agreement (Edutrek Int Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s 's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will ttake ▇ ▇▇▇ ▇ months ▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease Iease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Brightpoint Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, . Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord, with respect to any damage to the Project. an amount equal to the commercially reasonable deductible under Landlord’s insurance policy, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (Inogen Inc)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will t▇▇▇▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Tenant has not exercised its option to renew, as applicable, (as hereinafter described in Addendum 4), and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract