Common use of Restoration Clause in Contracts

Restoration. If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Rubius Therapeutics, Inc.), Lease Agreement (Rubius Therapeutics, Inc.)

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Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Ufp Technologies Inc), Lease Agreement (Liquidity Services Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months 6 months, (the “Maximum Restoration Period”or actually does exceed 6 months, subject to Force Majeure events and Tenant caused delays), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or If Tenant so elects does not elect to terminate this LeaseLease as permitted hereunder, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17)Tenant's Tenant-Made Alterations, in which case such improvements shall be included as part of Landlord’s restoration)Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or by restoration to Tenant's Tenant-Made Alterations, which Landlord and paid for by Tenant (except requires to remain as Landlord's property upon surrender of the extent covered by insurance required to be maintained by Landlord Premises pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance Paragraph 12 with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Onsale Inc), Lease Agreement (Channell Commercial Corp)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Volterra Semiconductor Corp), Lease Agreement (Intervideo Inc)

Restoration. If, If at any time during the Term, Term or any Term Extension the Building Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building Project or the Premises, as applicable (the “Restoration Period”)applicable. If the Restoration Period restoration time is estimated to exceed 12 months (6 months, either party, by giving Notice to the “Maximum Restoration Period”)other party, Landlord may, in such notice, may elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Perioddamage. Unless Landlord or Tenant so either party elects to terminate this Lease, Landlord shallLandlord, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, shall promptly restore the Premises (excluding the improvements any Alterations installed by Tenant or and any other improvements installed by Landlord and paid for by Tenant except to after Substantial Completion of the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restorationoriginal Premises), subject to delays arising from the collection of insurance proceeds, from Force Majeure events events, or as needed to obtain any license, clearance clearance, or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, release or removal or remediation of Hazardous Materials (as defined in Section 30) in, on on, or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”"HAZARDOUS MATERIALS CLEARANCES"); provided, however, that if such repair or restoration of the Premises is not substantially complete as Substantially Complete within 9 months after the date of discovery of the end of damage (to be extended by 1 day for each day that the Maximum Restoration Period orrestoration time is estimated to exceed 6 months, if longerprovided that neither party elected to terminate this Lease based on such estimate), either party, by giving Notice to the Restoration Periodother party, Landlord may, in its sole and absolute discretion, may elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events event Landlord shall be relieved of its obligation obligations to make such repairs or restoration and this Lease shall terminate effective as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenantelection. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Material Clearances, all Alterations and other improvements installed by Tenant repairs or by Landlord and paid for by Tenant (except to the extent covered by insurance restoration not required to be maintained done by Landlord pursuant to Section 17and, in which case such Improvements as soon as reasonably practicable, shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year 18 months of the Term or of any Term Extension and Landlord reasonably estimates that it will take more than 2 months 60 days to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease or if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Material Clearances are obtained until the Premises are repaired and restored, in the proportion which that the area of the PremisesPremises that is not usable by Tenant, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable suitable, in Tenant's reasonable discretion, for the temporary conduct of Tenant’s 's business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the Tenant's sole and exclusive remedy of Tenantat law, in equity, or otherwise, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18Section, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which that is now or may hereafter be in effect effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Paradigm Genetics Inc), Lease Agreement (Paradigm Genetics Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 0 xxxths or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the Premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Microtel International Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is reasonably estimated to exceed 12 6 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after from the date of discovery of such damage the casualty event, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this Lease, or if Landlord estimates that the restoration will take less than 6 months from the date of such damage, or if neither party terminates this Lease, then Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceedsproceeds or from events of Force Majeure, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by Premises, excluding any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant-Made Alterations. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or by Landlord and paid for by Tenant (except to the extent covered by insurance restoration not required to be maintained done by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; , provided, however, that such Tenant may nullify Landlord’s termination notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything by exercising its right to the contrary contained First Extension Term (as defined in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability Exhibit G) within ten (10) days of insurance proceeds is not the result its receipt of Landlord’s failure notice of termination. With respect to maintain any damage to the Premises attributable to Tenant, Tenant shall pay Landlord’s deductible with respect to its insurance policies required policy not to be maintained by Landlord under Section 17exceed USD$[***] no later than thirty (30) days following receipt of an invoice for such amount. Rent Base Rent, Taxes, and the Monthly Fixed Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph, including this Section 18if the Premises are not restored by Landlord on, constitute an express agreement between Landlord and Tenant with respect to any and all damage or prior to, or destruction of, all or any part the date which is the later of 6 months of the Premises, or any other portion date of the Buildingcasualty 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), Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (TheRealReal, Inc.)

Restoration. If, If at any time during the Term, Lease Term the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within 6 months after the date of the casualty, Landlord may, at its option, terminate this Lease, in which event Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within 30 days after determining that the repairs cannot be completed within such 6 month period. If at any time during the Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by upon written notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a after Landlord's notice from Landlord estimating a Restoration Period for that the Premises longer than the Maximum Restoration Periodrestoration is estimated to exceed such 6 month period. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will taxx 0 xonths or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant . Base Rent and Tenant's Proportionate Share of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated only to the extent Landlord provides Tenant with other space during the period of repair that is suitable compensated for the temporary conduct same by loss of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtyrents insurance, the rent abatement shall commence as of the date of discovery of the damage or destructionif any. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Any insurance which may be carried by Landlord and or Tenant with respect against loss or damage to any and all damage to, the Building or destruction of, all or any part to the Premises shall be for the sole benefit of the Premises, or any other portion of the Building, Property or Project, party carrying such insurance and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersunder its sole control.

Appears in 1 contract

Samples: Industrial Lease Agreement (Optex Systems Holdings Inc)

Restoration. If, at any time during the Term, (a) If the Building or of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or destroyed (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease pursuant to this Section 11.1(a), Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by a fire or insurance proceeds, Landlord's plans to repair and restore Common Areas serving the Premises, Landlord's plans for repair and restoration of the Building, and other insured casualtyfactors (other than the rental rates payable under the leases in question) relevant to Landlord's decision as long as they are applied to Tenant in the same manner as other tenants. (b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days after discovery of such and if the damage is so extensive as to the amount reasonably prevent Tenant’s substantial use and enjoyment of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant then either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice. (c) In the event that neither Landlord delivered within 5 business nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Alterations installed by Tenant. Within 15 days of receipt demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of a notice from Landlord estimating a Restoration Period for the Premises longer than repairs to such Alterations. However, notwithstanding the Maximum Restoration Period. Unless Landlord or foregoing, if Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient has maintained the insurance proceeds (with any deductible required to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed maintained by Tenant or by Landlord and paid for by Tenant except pursuant to the extent to which Landlord receives insurance terms of Exhibit D of this Lease throughout the Term, and if the proceeds for the restoration of improvements from the insurance required to be maintained under Section 17)by Tenant with respect to the Alterations have been paid to Landlord prior to Landlord commencing repair of the Alterations, in which case then Landlord agrees Tenant shall not be required to pay any deficiency between the estimated or actual Alteration repair costs and the insurance proceeds received by Landlord from Tenant’s insurance until after substantial completion of the repairs to the Alterations, and such improvements sums shall be included as part payable by Tenant within 15 days after demand of Landlord’s restoration). (d) From and after the casualty event, subject the rental to delays arising from be paid under this Lease shall be abated in the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore same proportion that the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration Floor Area of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after rendered unusable by the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right from time to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant time bears to the total area Floor Area of the Premises. (e) Notwithstanding the provisions of subsections (a), unless Landlord provides Tenant with other space during the period (b) and (c) of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required this Section 11.1, but subject to be obtained with respect to such fire or other casualtySection 10.4, the rent abatement shall commence as cost of the date of discovery of the damage or destruction. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided in this Section 18Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the gross negligence or willful misconduct of Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Leaseits employees, including this Section 18subtenants, constitute an express agreement between Landlord and Tenant with respect to any and all damage tocontractors, invitees or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersrepresentatives.

Appears in 1 contract

Samples: Lease (BioCardia, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 6 months or less, Landlord shallthen, subject to receipt of sufficient insuraxxx xxoceeds (when added to the amount of the deductible under Landlord's insurance proceeds (with any deductible to be treated as a current Operating Expensepolicy), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. , Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or ProjectFurther, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersTerm shall be extended for the number of months or partial months for which Rent is abated.

Appears in 1 contract

Samples: Lease Agreement (Celerity Group Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualtycasualty covered by insurance carried by Landlord, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 9 months from the casualty date or if Landlord is unable to obtain the necessary permits for restoration within 6 months from the casualty date (the a Maximum Restoration PeriodPremises Total Destruction”), either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to the other party given no later than 30 days after Landlord’s notice; provided, however, if the damage or destruction was caused by the gross negligence or willful misconduct of Tenant, Landlord delivered within 5 business days of receipt of a notice shall have the right to recover Landlord’s damages from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration PeriodTenant, except as provided in Section 8.C., and Tenant shall have no right to terminate this Lease. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 9 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)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 for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 3047) in, on or about provided that if Landlord does not restore the Premises (collectively referred to herein as “Hazardous Materials Clearances”); providedwithin such 9 month timeframe, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, then either Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation Lease upon notice to make such repairs or restoration and this Lease shall terminate as of the date that other party (except if the casualty is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable caused by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs gross negligence or restorationwillful misconduct, Tenant may not terminate). Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that or if any such notice restoration is delivered not completed within 10 business days after 12 months from the date that Landlord delivers notice to Tenant of the estimated Restoration Periodcasualty. Notwithstanding anything the foregoing, if Tenant at that time has an exercisable option to the contrary contained in extend this Lease, then Tenant may preserve this Lease by exercising such option and providing Landlord shall also have with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the right repairs within 10 days after Tenant’s receipt of Landlord’s written notice purporting to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17Lease. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration of an insured casualty commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18without limitation those available under California Civil Code Sections 1932 and 1933(4). Notwithstanding anything contained in the Lease to the contrary, constitute an express agreement between to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project the amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Standard Industrial Multi Tenant Lease Net (Xos, Inc.)

Restoration. If, If at any time during the Term, the Building or Term the Premises are damaged or destroyed by a fire or other insured casualty, and if Landlord shall notify Tenant within 60 days after discovery of such damage as to determines in its good faith business judgment that the amount of time Landlord reasonably estimates it will take required to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to Premises will exceed 12 months (from the “Maximum Restoration Period”)date of such fire or other casualty, Landlord may, in such notice, may elect to terminate this Lease as of the date that is 75 upon notice to Tenant given no later than thirty (30) days after the date of discovery such fire or other casualty. If Landlord fails to timely serve written notice of its election to terminate this Lease of Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, Landlord's right to elect to terminate shall automatically terminate and Landlord shall rebuild and restore such damage as required by this Section 12. If Tenant disputes Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or destructionother casualty, Tenant shall advise Landlord in writing within sixty (60) days after the date of such fire or other casualty and the amount of time estimated to restore such damage shall be determined by an architect in the manner prescribed by Section 28. If Tenant does not dispute Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, or if the architect under Section 28 determines that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, and if Landlord has timely served notice of Landlord's election to terminate this Lease, this Lease shall terminate effective on the earlier of (a) one year after the date of service of Landlord's notice of termination or (b) the date Tenant surrenders possession of the Premises. If Landlord does not elect to terminate this Lease, or if the architect determines that the restoration will take 12 months or less, or if the parties agree that the restoration will take 12 months or less from the date of such fire or other casualty, then Landlord shall promptly restore the Premises, excluding the improvements installed by Tenant. Following the determination that Landlord will or Landlord must undertake the repair and restoration of the Premises, Landlord and Tenant shall set a mutually agreeable work schedule for completion of the restoration work; provided, however, that notwithstanding in no event shall the schedule provide for substantial completion later than the date (if any) determined by the architect for the completion of the restoration. If Landlord fails to substantially complete Landlord’s election 's restoration work by the scheduled completion date set forth in the schedule, Landlord shall pay liquidated damages to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business in the amount of Two Thousand Five Hundred Dollars ($2,500.00) per day for each of the first thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements delay from the insurance required to be maintained under Section 17), in which case scheduled date for such improvements shall be included as part substantial completion until the earlier of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, the date the Premises are substantially restored or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure thirty (as defined in Section 3430) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the scheduled completion date that Landlord delivers notice to Tenant for Landlord's restoration work, Five Thousand Dollars ($5,000.00) per day for each of the estimated Restoration Period. Notwithstanding anything to next thirty (30) days of delay until the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability earlier of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from (a) the date all required Hazardous Materials Clearances are obtained until the such Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.substantially restored or

Appears in 1 contract

Samples: Net Lease Agreement (West Marine Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible, howeverNOT TO EXCEED $20,000, that such notice is delivered under Landlord's insurance policy (currently $10,000) within 10 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as reasonably determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from the date all required Hazardous Materials Clearances are obtained of casualty until the Premises are repaired repair and restoredrestoration 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Gatefield Corp)

Restoration. If, at any time during the Term, the Building Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building Project or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord maymay (subject to Tenant’s right to continue the Lease in effect as set forth below in this Section 18), in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding . Notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. If Landlord elects to terminate this Lease, and if the termination of the SNWM Lease is postponed as set forth in the SNWM Lease, then Tenant shall have the right by written notice to Landlord delivered within 5 business days of receipt of Landlord’s notice of termination, to elect to continue this Lease in effect for a period ending upon the termination of the SNWM Lease (the “Casualty Loss Extension Period”); provided, however, that Rent during the Casualty Loss Extension Period shall be adjusted so that Tenant shall pay Rent as set forth herein on the entire Premises and on any portion of the Project for which Landlord is prevented from commencing restoration and is not collecting Rent because Tenant has elected to continue the Lease in effect during the Casualty Loss Extension Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with up to $50,000 of any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restorationTenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Material Clearances, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease or if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord Landlord, at its sole cost, provides Tenant with other space in the Xxxxxx Xxxxx area of San Diego, California, during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Sublease Agreement (Advanced BioHealing Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (including Initial Tenant-Made Alterations, but excluding the improvements installed by Tenant Trade Fixtures or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of LandlordTenant’s restoration)personal property, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph 15, including this Section 18, constitute an express agreement between if the Premises are not restored by Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part within the later of 6 months of the Premises, date of casualty (subject to Force Majeure and Tenant-caused delays) or any other portion the date Landlord estimated completion of the Buildingrestoration as described above (subject to Force Majeure and Tenant-caused delays), Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (Occam Networks Inc/De)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are is damaged or destroyed by a fire or other insured casualtycasualty event (the “Casualty Damage”), within 45 days after such event, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of its reasonable estimate for restoration time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the "Restoration Period”Notice"). If the Restoration Period restoration time is estimated to exceed 12 4 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after from the date of discovery of such damage casualty, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by upon delivery of written notice to Landlord delivered within 5 business the other party no later than 30 days after delivery of receipt of a notice from Landlord estimating a the Restoration Period for the Premises longer than the Maximum Restoration PeriodNotice. Unless Landlord or Tenant so If neither party elects to terminate this Lease, or if Landlord estimates that restoration will take less than 4 months from the date of such casualty, then Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by Premises, excluding any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all -Made Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this LeaseTrade Fixtures. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after . Commencing on the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to Casualty Damage, Monthly Base Rent, Monthly Taxes, and the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent Monthly FOE shall be abated from the date all required Hazardous Materials Clearances are obtained until of Casualty Damage through the Premises are repaired period of repair and restored, 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 PremisesPremises are not restored by Landlord on, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtyprior to, the rent abatement shall commence as date which is the later of 6 months of the date of discovery the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the damage or destruction. Such abatement shall be the sole remedy of restoration as described above (subject to Force Majeure and Tenant, and except as provided in this Section 18-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 loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord termination shall be null and Tenant with respect to any void and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (Pfsweb Inc)

Restoration. IfIf this Sublease shall not be terminated pursuant to Section 16.1, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord Sublessor shall notify Tenant within 60 days after discovery of such damage as thereafter use due diligence to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the any alterations, additions or improvements installed made by Tenant or by Landlord Sublessee) to proper condition for Sublessee’s use and paid for by Tenant except occupation, provided that Sublessor’s obligation shall be limited to the extent to which Landlord receives amount of insurance proceeds available therefor. If, for the any reason, such restoration of improvements from the insurance required to shall not be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered completed within 10 business days of six months after the expiration of the Maximum Restoration Period, 90 day period referred to in Section 16.1 (which six-month period may be extended for such periods of time as Sublessor is prevented from proceeding with or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make completing such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtainedfor any cause beyond Sublessor’s reasonable control, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant in no event for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; providedan additional three months), however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord Sublessee shall also have the right to terminate this Lease if insurance proceeds are not available Sublease by giving notice to Sublessor thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Sublease shall cease and come to an end without further liability or obligation on the part of either party unless, within such 30-day period, Sublessor substantially completes such restoration. Such right of termination shall be Sublessee’s sole and exclusive remedy at law or in equity for Sublessor’s failure so to complete such restoration. During the period of such restoration, provided that such unavailability if the Sublessee shall not have reasonable use and occupancy of insurance proceeds is not the result of Landlord’s failure to maintain premises, the insurance policies required to be maintained by Landlord under Section 17. Rent rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the that period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersthereof.

Appears in 1 contract

Samples: Sublease Agreement (Pc Connection Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 10 business ten (10) days after the date that Landlord delivers notice to presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (United Stationers Supply Co)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)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 or as needed to obtain any licenseevents, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such all repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all not required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph 15, including this Section 18, constitute an express agreement between if the Premises are not restored by Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part within 6 months of the Premisesdate of casualty (subject to Force Majeure and Tenant-caused delays), or any other portion 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 Buildingdate of casualty for any reason whatsoever other than Tenant-caused delays, Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (Volterra Semiconductor Corp)

Restoration. If, If at any time during the Term, the Building or the Premises are damaged or destroyed by Lease Term a fire or other insured casualtycasualty damages the Premises, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months three (the “Maximum Restoration Period”)3) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take three (3) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (4th Grade Films Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any when added to the amount of the deductible to be treated as a current Operating Expenseunder Landlord's insurance policy), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. , Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or ProjectFurther, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersTerm shall be extended for the number of months or partial months for which Rent is abated. 16.

Appears in 1 contract

Samples: Lease Agreement

Restoration. If, at any time during If the Term, Sublet Premises or the Building or the Premises are damaged or destroyed by a fire or other insured casualty, peril and Master Landlord shall notify Tenant within 60 days after discovery of such damage as is required or elects to the amount of time Landlord reasonably estimates it will take and does repair same pursuant to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as Article 11 of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Main Lease, Landlord shallSubtenant shall be entitled to a proportionate reduction of the Rent payable hereunder while such repairs are being made, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to based on the extent to which Landlord receives insurance proceeds the malting of such repairs shall materially interfere with the business carried on by Subtenant on the Sublet Premises, such reduction in no event to exceed the proportional rent abatement actually received by Sublandlord for the restoration Sublet Premises during such period. If Master Landlord elects to terminate the Main Lease pursuant to Article 11 of improvements from the insurance required to be maintained under Section 17)Main Lease, in which case such improvements this Sublease shall terminate simultaneously with termination of the Main Lease, and Subtenant shall be included as part of Landlord’s restoration), subject entitled to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the a rent abatement shall commence as of until the date of discovery termination, in no event to exceed the proportional rent abatement actually received by Sublandlord under the Main Lease for the Sublet Premises during such period. This Sublease shall not terminate by reason of any such damage unless and until the Main Lease terminates as to the Sublet Premises. Except as provided in the Main Lease, Sublandlord shall have no obligation to repair any such damage or destruction. Such abatement shall be to the sole remedy of TenantSublet Premises and, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect Subtenant shall not be entitled to any and all damage to, compensation or destruction of, all damages from Sublandlord for loss of the use of the whole or any part of the Sublet Premises, Subtenant's personal property, or any other portion of the Buildinginconvenience or annoyance occasioned by such damage, Property repair, reconstruction or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersrestoration.

Appears in 1 contract

Samples: Sublease (American Technology Corp /De/)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 6 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)insuraxxx xxoceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Wilson Greatbatch Technologies Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Leslies Poolmart Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The In the event that either party elects to terminate the Lease pursuant to the express provisions of this Leaseparagraph, including all rent shall be apportioned to and shall cease as of the date of the casualty. Notwithstanding the terms and conditions of this Section 18Paragraph 15, constitute an express agreement between 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 and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (ArcLight Clean Transition Corp.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials Clearancesparagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, herein. Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18, constitute an express agreement between to the extent the damage to the Project is attributable to Tenant. Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Spinal Elements Holdings, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 6 months (the “Maximum Restoration Period”or actually does exceed 6 months, subject to Force Majeure events and Tenant-caused delays), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or If Tenant so elects does not elect to terminate this LeaseLease as permitted hereunder, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17)Tenant's Tenant-Made Alterations, in which case such improvements shall be included as part of Landlord’s restoration)Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations repairs or restoration to Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Ikanos Communications)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by upon written notice to Landlord delivered within 5 business the other party given no later than 15 days of receipt of a after Landlord's notice from Landlord estimating a Restoration Period for (with the Premises longer actual termination to be effected no earlier than 30 days after such notice has been received by the Maximum Restoration Periodother party). Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided. 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, howeverbased on the relationship between the cost of the restoration each premises and the total cost of restoration, that such notice is delivered as determined by Landlord) within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17's invoice. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Atroad Inc)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 forty-five (45) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 210 days after from the date of discovery of such damage the damage, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to the other party given no later than thirty (30) days after Landlord’s notice; provided, however, that if Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this LeaseLease during the first eighty four months of the Lease Term, Tenant shall have the right during the thirty (30) day period after receipt of Landlord’s termination notice, in Tenant’s sole discretion and at Tenant’s sole cost, to elect to pay for such restoration, in which event this Lease shall continue in full force and effect If neither party elects to terminate this Lease or if Landlord shallestimates that restoration will take 210 days or less, then, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)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 for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space if the Premises are damaged during the period last year of the Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair that is suitable for the temporary conduct of Tenant’s businesssuch damage. In the event that no Hazardous Materials Clearances are required Landlord makes a claim to be obtained Landlord’s insurance carrier in connection with respect a casualty described in this Section 15, Tenant shall pay to such fire or other casualtyLandlord, within ten (10) days following Landlord’s demand therefor, the rent abatement amount of the deductible under Landlord’s insurance policy. (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 commence 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 discovery 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 negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant. (d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the event of damage or destruction to the Premises, 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. Such abatement No damages, compensation or claim shall be the sole remedy payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, and except as provided in this Section 18or any annoyance, Tenant waives arising from any right to terminate the Lease by reason of damage or casualty loss. The provisions destruction of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part portion of the Premises, the Building or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Gores Holdings VIII Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Network Peripherals Inc)

Restoration. If, at any time during the Term, (a) If the Building or of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or destroyed (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease pursuant to this Section 11.1(a), Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by a fire or insurance proceeds, Landlord’s plans to repair and restore Common Areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other insured casualtyfactors (other than the rental rates payable under the leases in question) relevant to Landlord’s decision as long as they are applied to Tenant in the same manner as other tenants. (b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant within 60 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 270 days after discovery of such and if the damage is so extensive as to the amount reasonably prevent Tenant’s substantial use and enjoyment of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant then either party may elect to terminate this Lease by written notice to Landlord delivered the other within 5 business 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration following delivery of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or TenantCasualty Notice. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvementsIn addition, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other following apply: (i) a substantial portion of the Building, Property or Project, Premises has been damaged by casualty and any statute or regulation which is now or may hereafter such damage cannot reasonably be in effect shall have no application to this Lease or any damage or destruction to all or any part repaired within 90 days after Tenant’s receipt of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.Casualty Notice; (ii) there is

Appears in 1 contract

Samples: Lease (Lombard Medical, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, then (i) Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), at Landlord’s expense shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any licenseevents, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant’s gross negligence or intentional misconduct, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Supernova Partners Acquisition Co II, Ltd.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is reasonably estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord reasonably estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Cmgi Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 4 months (the “Maximum Restoration Period”), Landlord may, in and such notice, elect to terminate this Lease as damage materially interferes with Tenant's use of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restorePremises, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or If Tenant so elects not to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Skechers Usa Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate te1minate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate tem1inate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)or installed by Tenant, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenantevents. Tenant, at its Tenant's expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such the damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18Lease, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Triple Net Lease (CUI Global, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 6 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of from the date that is 75 days after the date of discovery of such damage casualty occurred, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less from the date such casualty occurred, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible or insurance proceeds which would have been received had Landlord maintained the insurance it is required to be treated as a current Operating Expensemaintain under Paragraph 9 above), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials ClearancesMejeure events, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 (but in no event more than $10,000) within 10 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Novellus Systems Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $[***], within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (TheRealReal, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Adams Golf Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 45 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 (up to $10,000) within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result presentment of Landlord’s failure 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 maintain the insurance policies required to be maintained total cost of restoration, as determined by Landlord under Section 17Landlord. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Gtsi Corp)

Restoration. If, at any time during Upon the Term, the Building or the Premises are damaged or destroyed by occurrence of a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage casualty as to the amount of time which ----------- Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, does not elect to terminate this Lease as of the date that is 75 Lease, Landlord shall, within thirty (30) days after the date of discovery such casualty, or as soon thereafter as reasonably possible, notify Tenant in writing of the time estimated by Landlord to repair or restore the damage caused by such casualty. If Landlord's estimated time to complete such restoration is more than nine (9) months from the date of the occurrence and such damage or destruction; provided, however, that notwithstanding Landlord’s election to restoredestruction materially adversely interferes with Tenant's use of the Premises, Tenant may elect to terminate this Lease by written notice to Landlord delivered given within 5 business fifteen (15) days of after receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration PeriodLandlord's estimate. Unless Landlord or If Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have has the right to terminate this Lease if insurance proceeds are not available for and timely and properly exercises such restorationright, provided that such unavailability this Lease shall terminate on the date of insurance proceeds Tenant's notice to Landlord. If Tenant is not entitled to terminate this Lease or if Tenant is so entitled but fails to do so in time and in the result manner herein specified, Landlord shall repair or restore the Premises as promptly as practicable and this Lease shall continue in effect. Landlord shall in no event be obligated to make any repairs or replacement of any items other than those items installed by and at the expense of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until If the Premises are repaired and restoredrendered totally untenantable, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space rent shall xxxxx during the period of repair that is suitable the Premises remain untenantable and Tenant does not use the Premises. However, in no event shall Tenant be entitled to any compensation or damages for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as loss of the date of discovery use of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all whole or any part of the Premises, for damage to Tenant's personal property in or improvements to the Premises or for any other portion of the Buildinginconvenience or annoyance occasioned by any such destruction, Property rebuilding or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part restoration of the Premises or the Building or access thereto. Tenant waives the provisions of California Civil Code Sections 1932(2) and 1933(4) and any other portion of present or future laws or case decisions to the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matterssame effect.

Appears in 1 contract

Samples: Lease Agreement (Telegen Corp /Co/)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are materially damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months three hundred sixty (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 360) days from the date that is 75 days after the date of discovery parties receive notice of such damage damage, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take three hundred sixty (360) days or less, or if the casualty damage in question is not material, then Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly and diligently restore the Premises (excluding the Tenant-Made Alterations, the Tenant Improvements and/or any other improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, any Tenant Delay(s) and/or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year Base Rent and Tenant's Proportionate Share of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space if the Premises are substantially 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. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within sixty (60) days after the expiration of the estimated period of repair time set forth in the Landlord's estimate (except to the extent that substantial completion is suitable for delayed as a result of events of Force Majeure or any acts or omission of Tenant or any Tenant Party), then Tenant may terminate this Lease by written notice to Landlord within ten (10) days after the temporary conduct expiration of Tenant’s business. In such period (but prior to substantial completion of the event that no Hazardous Materials Clearances restoration), as the same may be extended. (b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained (or required to be obtained maintained) by Landlord under this Lease (and the total out-of-pocket cost to Landlord shall exceed five percent (5%) of the replacement cost of the Building), or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage following Landlord's reasonable and good faith efforts to cause the proceeds to be applied towards restoration of the Premises (to the extent permitted under the applicable loan agreements, and to the extent Landlord reasonably determines that restoration is economically viable), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or 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; provided, however, such termination shall be null and void if Tenant agrees in writing to pay all uninsured amounts and all amounts required by Landlord's mortgagee (in each case in excess of five percent (5%) of the replacement cost of the Building), and delivers written notice of such election, together with respect all required funds, within ten (10) business days following Landlord's notice of termination. If Landlord elects to repair or restore such fire damage or other casualtydestruction (or a termination election by Landlord is rendered void because Tenant has elected to pay the additional amounts described above and delivered such amounts to Landlord), the rent abatement this Lease shall commence continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease (and such termination is not rendered void as described above), such termination shall be effective as of the date of discovery the occurrence of the such damage or destruction. Such abatement . (c) Notwithstanding the foregoing (but subject to Paragraph 9(c)), to the extent the Building and/or the Premises are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct of Tenant and such risk is not covered by Landlord's insurance coverage or the coverage required to be maintained by Landlord herein, then Tenant shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any have no right to terminate this Lease as a result of the Lease by reason of casualty damage and Tenant shall forthwith diligently undertake to repair or restore all such damage or casualty lossdestruction 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 (or, in the event that Landlord has failed to maintain the property insurance required to be maintained by Landlord hereunder, to the extent that insurance proceeds would have been collected had Landlord maintained such required insurance), although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord's insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any right of Tenant to terminate the Lease, nor any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant; provided, however, that Base Rent shall be abated to the extent of any rental loss insurance proceeds received by Landlord. (d) The provisions of this Lease, including this Section 18, Paragraph 15 shall constitute an express agreement between Landlord Tenant's sole and Tenant with respect to any and all exclusive remedy in the event of damage to, or destruction of, all or any part of to the Premises, or any other portion of the Building, Property Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any statute inconvenience, any interruption or regulation which is now cessation of Tenant's business, or may hereafter be in effect shall have no application to this Lease or any annoyance, arising from any damage or destruction to of all or any part portion of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Allogene Therapeutics, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 30 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Stuart Entertainment Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months 6 months, (the “Maximum Restoration Period”or actually does exceed 6 months, subject to Force Majeure events and Tenant caused delays), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or If Tenant so elects does not elect to terminate this LeaseLease as permitted hereunder, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17)Tenant’s Tenant-Made Alterations, in which case such improvements shall be included as part of Landlord’s restoration)Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or by restoration to Tenant’s Tenant-Made Alterations, which Landlord and paid for by Tenant (except requires to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included remain as part of Landlord’s restoration, subject property upon surrender of the Premises pursuant to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance Paragraph 12 with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Ikanos Communications)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 270 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 270 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)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 for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”)events; provided, however, that if repair or restoration of Landlord does not fully-restore the Premises is due to insufficient insurance proceeds, such failure shall entitle Tenant to terminate this Lease upon not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by less than thirty (30) days written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Landlord. Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space if the Premises are damaged during the period last year of the Lease Term and Landlord reasonably estimates that it will take more than ninety (90) days to repair that is suitable for such damage; provided, however, if Landlord should elect its right to terminate the temporary conduct Lease pursuant to the terms of Tenant’s business. In this sentence, Tenant may vitiate any such termination by exercising any remaining Renewal Term prior to the event that no Hazardous Materials Clearances date of termination. (b) If the Premises are destroyed or substantially damaged by any peril not covered by either the insurance maintained by, or required by the terms of this Lease to be obtained with respect maintained by, Landlord or any Landlord’s mortgagee requires that a material portion of 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 fire destruction or other casualtydamage or such requirement is made known by any such Landlord’s mortgagee, the rent abatement as applicable, whereupon all rights and obligations hereunder shall commence 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 and Operating Expenses shall be proportionately reduced. If Landlord elects to terminate this Lease, such termination shall be effective as of the date of discovery the occurrence of the such damage or destruction. (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 thirty (30) 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 in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. . (d) The provisions of this Lease, including this Section 18, 15 shall constitute an express agreement between Landlord Tenant’s sole and Tenant with respect to any and all exclusive remedy in the event of damage to, or destruction of, all or any part of to the Premises, or any other portion of the Building, Property Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any statute inconvenience, any interruption or regulation which is now cessation of Tenant’s business, or may hereafter be in effect shall have no application to this Lease or any annoyance, arising from any damage or destruction to of all or any part portion of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Sears Hometown & Outlet Stores, Inc.)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months two hundred ten (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 210) days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take two hundred ten (210) days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (Premises, excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longerTenant-Made Alterations, the Restoration Period, Landlord may, in its sole Tenant Improvements and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant. Tenant (except to the extent covered by insurance at Tenant's expense shall promptly perform all repairs or restoration not required to be maintained done by Landlord pursuant to Section 17Landlord, in which case such Improvements and shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space 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 receipt of Landlord's written demand therefor, Tenant’s Proportionate Share of the amount of the deductible under Landlord's insurance policy. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within sixty (60) days after the expiration of the estimated period of repair time set forth in the Landlord's estimate (except to the extent that substantial completion is suitable for delayed as a result of events of Force Majeure [up to 60 days in the temporary conduct aggregate] or any acts or omission of Tenant or any agent, employee, contractor, licensee or invitee of Tenant’s business), then Tenant may terminate this Lease by written notice to Landlord within ten (10) days after the expiration of such period (but prior to substantial completion of the restoration), as the same may be extended. (b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained 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 Landlord and Tenant which accrued prior to Lease termination. In Notwithstanding the event that no Hazardous Materials Clearances foregoing to the contrary, Landlord shall not have the foregoing termination right if insurance proceeds are insufficient due to the failure of Landlord to carry the insurance required to be obtained with respect carried pursuant to this Lease. In addition, Landlord shall not have the right to terminate this Lease for lack of insurance proceeds if Tenant, within thirty (30) days after receipt of Landlord’s notice, agrees, in its sole discretion, to pay the shortfall in insurance proceeds necessary to complete the restoration. If Landlord elects to repair or restore such fire damage or other casualtydestruction, the this Lease shall continue in full force and effect, but rent abatement shall commence 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 discovery the occurrence of the such damage or destruction. Such abatement shall be . (c) Notwithstanding the sole remedy of Tenantforegoing, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, if all or any part portion of Premises and/or Project are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct of Tenant or any Tenant Party, then Tenant shall (i) not be entitled to terminate this Lease (notwithstanding the provisions of subparagraph (a) above), and (ii) pay to Landlord the full amount of the deductible under Landlord's insurance policy (subject to the limitations thereon pursuant to Paragraph 9(b) above), and 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) Tenant hereby acknowledges and agrees that a Casualty shall occur only where the physical or structural integrity of the Premises or Building has been damaged or destroyed, and that a Casualty shall in no event occur as a result of (i) a governmentally mandated closure of the Premises, Building and/or Project and/or of Tenant’s business for the purpose of protecting public health and safety (including, without limitation, to protect against acts of war or any other portion the spread of the Buildingcommunicable diseases or infestations), Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application (ii) Tenant’s inability to this Lease or any damage or destruction to all or any part of use the Premises or any other space leased by Tenant from Landlord at the Project, to the extent such space remains undamaged by any Casualty. (e) The provisions of this Paragraph 15 shall constitute Tenant's sole and exclusive remedy in the event of damage or destruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, arising from any damage or destruction of all or any portion of the Building, Property Premises or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Bloom Energy Corp)

Restoration. If, at any time during If the Term, the Building Demised Premises or the Premises are internal Common Areas of Building A or Common Areas used by Subtenant shall be damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as casualty prior to the amount last two (2) years of time Landlord reasonably estimates it will take to restore the Building term of this Sublease, or if Subtenant has the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect right to terminate this Sublease pursuant to the prior paragraph but does not do so, Sublessor shall enforce its rights under the Parent Lease as (including without limitation Parent Landlord’s restoration obligations set forth in Section 17.02 of the date that Parent Lease), but Sublessor shall not be obligated to enforce its self-help rights set forth in Section 22.06 of the Parent Lease. If reconstruction is 75 days not substantially complete within eighteen (18) months after the date of discovery the fire or casualty (such eighteen (18) month period to be extended by not more than two (2) months for force majeure), Subtenant may terminate this Sublease by giving notice to Sublessor prior to substantial completion of such reconstruction. In addition, if more than fifty percent (50%) of Building A is destroyed, Sublessor may, without notice from Subtenant, to the extent permitted under the Parent Lease, terminate the Parent Lease, and this Sublease shall terminate simultaneously therewith. Any termination of this Sublease hereunder shall have the effect as if the termination date were the expiration date of this Sublease. If this Sublease is not terminated, Sublessor shall enforce its rights under the Parent Lease to cause Parent Landlord to restore such damage or destruction; provided, however, destruction to substantially the same condition that notwithstanding Landlord’s election existed prior to restore, Tenant may elect such damage or destruction if it is required to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant do so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except pursuant to the extent to which Landlord receives insurance proceeds for Parent Lease. In the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization event of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) if Subtenant does not terminate this Sublease, Subtenant shall be entitled to a proportionate abatement of Rent during the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid time and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required Subtenant is unable to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing conduct business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Demised Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Sublease (HeartWare International, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is reasonably estimated to exceed 12 6 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after from the date of discovery of such damage the casualty event, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this Lease, or if Landlord estimates that the restoration will take less than 6 months from the date of such damage, then Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceedsproceeds or from events of Force Majeure, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by Premises, excluding any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant-Made Alterations. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or by Landlord and paid for by Tenant (except to the extent covered by insurance restoration not required to be maintained done by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; , provided, however, that such Tenant may nullify Landlord’s termination notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything by exercising its right to the contrary contained First Extension Term (as defined in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability Exhibit E) within ten (10) days of insurance proceeds is not the result its receipt of Landlord’s failure notice of termination. With respect to maintain any damage to the Premises attributable to Tenant, Tenant shall pay Landlord’s deductible with respect to its insurance policies required policy not to be maintained by Landlord under Section 17exceed USD$[***] no later than thirty (30) days following receipt of an invoice for such amount. Rent Base Rent, Taxes, and the Monthly Fixed Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph, including this Section 18if the Premises are not restored by Landlord on, constitute an express agreement between Landlord and Tenant with respect to any and all damage or prior to, or destruction of, all or any part the date which is the later of 6 months of the Premises, or any other portion date of the Buildingcasualty 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), Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (TheRealReal, Inc.)

Restoration. If, at any time during the Term, the Building or If this Sublease shall not be terminated pursuant to ---- ------------ Section 16.1 Sublessor shall thereafter use due diligence to restore the Premises are damaged (including all alterations, additions or destroyed by a fire or other insured casualtyimprovements made pursuant to Article 2) to proper condition for Sublessee's use and occupation, Landlord provided that Sublessor's obligation shall notify Tenant within 60 days after discovery of such damage as be limited to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with available therefor. If, for any deductible to reason, such restoration shall not be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered completed within 10 business days of six months after the expiration of the Maximum Restoration Period, 45 day period referred to in Section 16.1 (which six-month period may be extended for such periods of time as Sublessor is prevented from proceeding with or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make completing such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain for any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (cause as defined under Article #2 but in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid no event for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; providedan additional 45 days), however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord Sublessee shall also have the right to terminate this Lease if insurance proceeds are not available Sublease by giving notice to Sublessor thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Sublease shall cease and come to an end without further liability or obligation on the part of either party unless, within such 30-day period, Sublessor substantially completes such restoration. Such right of termination shall be Sublessee's sole and exclusive remedy at law or in equity for Sublessor's failure so to complete such restoration. 34 <PAGE> During the period of such restoration, provided that such unavailability of insurance proceeds is if the Sublessee shall not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired have reasonable use and restored, in the proportion which the area occupancy of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtypremises, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage equitably abated during that period or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersthereof.

Appears in 1 contract

Samples: Sublease Agreement

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.the

Appears in 1 contract

Samples: Lease Agreement (Burke Industries Inc /Ca/)

Restoration. IfIf this Sublease shall not be terminated pursuant to Section 16.1, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord Sublessor shall notify Tenant within 60 days after discovery of such damage as thereafter use due diligence to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the any alterations, additions or improvements installed made by Tenant or by Landlord Sublessee) to proper condition for Sublessee's use and paid for by Tenant except occupation, provided that Sublessor's obligation shall be limited to the extent to which Landlord receives amount of insurance proceeds available therefor. If, for the any reason, such restoration of improvements from the insurance required to shall not be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered completed within 10 business days of six months after the expiration of the Maximum Restoration Period, 90 day period referred to in Section 16.1 (which six-month period may be extended for such periods of time as Sublessor is prevented from proceeding with or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make completing such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtainedfor any cause beyond Sublessor's reasonable control, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant in no event for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; providedan additional three months), however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord Sublessee shall also have the right to terminate this Lease if insurance proceeds are not available Sublease by giving notice to Sublessor thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Sublease shall cease and come to an end without further liability or obligation on the part of either party unless, within such 30-day period, Sublessor substantially completes such restoration. Such right of termination shall be Sublessee's sole and exclusive remedy at law or in equity for Sublessor's failure so to complete such restoration. During the period of such restoration, provided that such unavailability if the Sublessee shall not have reasonable use and occupancy of insurance proceeds is not the result of Landlord’s failure to maintain premises, the insurance policies required to be maintained by Landlord under Section 17. Rent rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the that period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersthereof.

Appears in 1 contract

Samples: Sublease Agreement (Baycorp Holdings LTD)

Restoration. If, If at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlordon Tenant’s restoration)behalf, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 10 business ten (10) days after the date that Landlord delivers notice to presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Tenant further waives all claims (i) for any damage or injury resulting from any damage or destruction, (ii) for any loss of this Lease, including this Section 18, constitute an express agreement between Landlord profits or interruption of business resulting from Tenant’s inability to use and Tenant with respect to any and all damage to, or destruction of, all 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 PremisesPremises pursuant to this Section. Tenant also waives the benefit of New Jersey Revised Statutes, or any other portion Title 46, Chapter 8, Sections 6 and 7, and agrees that Tenant will not be relieved of the Building, Property or Project, and any statute or regulation which is now or may hereafter be obligation to pay Rent in effect shall have no application to this Lease or any case of damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto except as expressly agreeing that provided in this Section 18 sets forth their entire understanding and agreement with respect to such mattersSection.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 0 xxxths or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Sterigenics International Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Restoration. IfIf a casualty causes damage to the Project or the Premises but this Lease is not terminated for any reason, at then subject to the rights of any time mortgagees or ground lessors, Landlord shall 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 Termrestoration 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 Premises are damaged extent required of Landlord hereunder following damage or destroyed by a fire or other insured casualty, Landlord shall notify Tenant destruction within 60 ninety (90) days after discovery 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, including Tenant Delay), Tenant shall have the right to cancel and terminate this Lease upon delivery of notice to Landlord delivered not more than twenty (20) days after the expiration of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premisesninety (90) day period, as applicable (same may be extended for delays resulting from causes beyond the “Restoration Period”). If reasonable control of Landlord, and, further, if Landlord does not substantially complete such repairs and restoration within the Restoration Period is estimated (subject to exceed 12 months (extension for the “Maximum Restoration Period”)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 maypermanently abandons the repair or restoration work, in such notice, elect 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 that is 75 designated in such notice (but in no event later than thirty (30) days after the date of discovery 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 damage failure to commence or destructioncomplete such repair or restoration work; provided, however, that notwithstanding Landlord’s election if Landlord is required under this Section 9 to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period repair and rebuild the Building or Premises and for the Premises longer any reason whatsoever other than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17delays actually caused by Tenant (including Tenant Delay), in which case such improvements shall be included as part of Landlord’s restoration), subject (i) Landlord fails to delays arising from commence to repair and rebuild the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration damaged portion of the Building or Premises is not substantially complete as to the extent required of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, hereunder following damage or Tenant may by written notice to Landlord delivered destruction within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 ninety (90) days after the later of: (i) discovery of date when such damage or destructiondestruction occurred (subject to extension for the period of any delays resulting from causes beyond the reasonable control of Landlord, including Tenant Delay), or (ii) the date all required Hazardous Materials Clearances are obtainedrepair or restoration work is permanently abandoned by Landlord, but or (iii) Landlord shall retain any Rent paid does not substantially complete such repairs and restoration within the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days Restoration Period after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything casualty (subject to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available extension for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for any delays resulting from causes beyond the temporary conduct reasonable control of Tenant’s business. In Landlord, including Tenant Delay), then Tenant shall also be entitled to the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole equitable remedy of Tenant, and except as provided in seeking specific performance of Landlord's obligations under this Section 189 and/or a suit at law for actual damages (but not consequential, indirect or special damages) suffered or incurred by Tenant as a result thereof. Tenant expressly waives the right of self-help for any right to terminate the Lease breach by reason Landlord of damage or casualty loss. The provisions of this Lease, including its obligations under this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters9.

Appears in 1 contract

Samples: Lease Agreement (Edutrek Int Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term or any extensions thereof and Landlord reasonably estimates that it will take more than 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord's insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord's invoice.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. If, If at any time during the Term, the Building or Term the Premises are is damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)months, Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, . however, that notwithstanding Landlord’s election to restorerestore the Premises, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a Landlord’s notice from Landlord estimating a Restoration Period for electing to restore the Premises over a 12 month or longer than the Maximum Restoration Periodperiod. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority governmental or quasi-governmental agency having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, release or removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of 12 months from the Maximum Restoration Period or, if longer, the Restoration Perioddate of damage or destruction, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may may, by written notice to Landlord delivered within 10 5 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Periodsuch 12 month period, elect to terminate this Lease, Lease in either of which events event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 5 days after either party delivers written notice to the other party of its election to terminate this Lease. If Landlord does not receive sufficient insurance proceeds to restore the Premises, Landlord shall be required to promptly elect whether to terminate this Lease or, subject to the other provisions of this Section 18, restore the Premises. In the event that Landlord elects to terminate this Lease pursuant to the preceding sentence, Landlord shall give notice (the “Termination Notice”) to Tenant of such election which notice shall also state the amount which is the difference between the amount of insurance proceeds received by Landlord and the cost to restore the Premises (the “Shortfall”). If, within 10 days after the later of: date of the Termination Notice, Tenant unconditionally delivers the Shortfall to Landlord in immediately available funds, this Lease shall not terminate and Landlord shall, subject to the other provisions of this Section 18, restore the Premises. Tenant acknowledges that (i) discovery the payment by Tenant of such damage the Shortfall shall not give Tenant any ownership rights or destruction, any other rights with respect to the Premises or the Project beyond those expressly provided for in this Lease and (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain be under no obligation to repay the Shortfall to Tenant except the extent that any Rent paid and the right to any Rent payable portion thereof is not used by Tenant prior to such election by Landlord or TenantLandlord. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Material Clearances, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease or if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Sunesis Pharmaceuticals Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)5 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this Lease, or if Landlord estimates that restoration will take 5 months or less, then Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceedsproceeds or from events of Force Majeure, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by Premises, excluding any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease-Made Alterations. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18above, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph, including this Section 18if the Premises are not restored by Landlord on, constitute an express agreement between Landlord and Tenant with respect to any and all damage or prior to, or destruction of, all or any part the date which is the later of 5 months of the Premises, or any other portion date of the Buildingcasualty 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), Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Lease Agreement (Venus Concept Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shall, then subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expenseprovided 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 for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, provided however, that such notice is delivered 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Americas Shopping Mall Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 US$10,000) within 10 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during Premises from the date of the casualty through the period of repair that is suitable for and restoration until the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances Premises are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destructionrepaired. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Converse Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for condition existing as of the restoration of improvements from date Tenant received the insurance required to be maintained Premises under Section 17)the Prior Lease, in which case such improvements shall be included as part of Landlordreasonable wear and tear and Tenant’s restoration)Tenant-Made Alterations, Trade Fixtures and personal property excepted, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed events. If Landlord fails to obtain any license, clearance or other authorization of any kind required to enter into complete the restoration within 90 days (such date shall be extended for tenant-caused delays and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials Force Majeure (as defined in Section Paragraph 33)) after Landlord’s estimated time of completion, Tenant may elect to terminate this Lease following 30) in, on or about the Premises -days written notice to Landlord given no later than 10 days after expiration of such 90-day period (collectively referred to herein as “Hazardous Materials Clearances”such date shall be extended for tenant-caused delays and Force Majeure 33); provided, however, that if repair or Landlord completes the restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period orwithin such 30-day period following Tenant’s notice, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord then Tenant’s termination shall be relieved of its obligation to make such repairs or restoration null and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid void and the right to any Rent payable by Lease Term shall continue. Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Brooks Automation Inc)

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Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 (up to $10,000) within 10 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.the

Appears in 1 contract

Samples: Lease Agreement (Graham Field Health Products Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph 15, including 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 Section 18Lease shall continue in full force and effect. Notwithstanding anything contained in the Lease to the contrary, constitute an express agreement between to the extent the damage to the Project is attributable to the negligence or willful misconduct of Tenant, Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Stemcells Inc)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time time. Landlord or Landlord’s architect or general contractor reasonably estimates it will take to restore the Building Premises. If Landlord or Landlord’s architect or general contractor estimates the restoration time to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin construction, then Tenant may request in writing within five (5) days following Landlord’s notice that Landlord select a third-party professional construction manager, subject to Landlord’s reasonable approval, to estimate the time it will take to restore the Premises. If Landlord and Tenant cannot mutually agree within three (3) business days of Tenant’s request as to the identity of such third-party professional construction manager, then Landlord and Tenant shall each nominate a professional construction manager, who shall, within two (2) business days thereafter, jointly select one professional construction manager in Dallas, Texas to determine the time needed to restore the Premises (and the determination of such third professional construction manager shall be made as applicable (soon as reasonably practicable [but in no event more than 45 days following the “Restoration Period”damage], shall be deemed final, and, notwithstanding anything else to the contrary in this Lease, may not be arbitrated or thereafter disputed by the parties hereto). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord or Landlord’s architect or general contractor estimates that restoration will take 180 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays not caused by Landlord arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays not caused by Tenant arising from the collection of insurance proceeds, or from Force Majeure events or as needed to obtain any licenseevents, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such all repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance not required to be maintained done by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord or Landlord’s architect or general contractor reasonably estimates that it will take more than 2 months thirty (30) days to repair such damage; provided, however, . (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 such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything insurance proceeds be applied to the contrary contained in this Leaseindebtedness secured by its mortgage (defined hereinafter), Landlord shall also have the right to may terminate this Lease if 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 proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result policy within ten (10) days after presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17invoice. Base Rent and Operating Expenses shall be abated from on a reasonable basis for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, herein. Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Assignment of Lease (Rackspace Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 6 months or less, Landlord shallthen, subject to receipt of sufficient insuraxxx xxoceeds (when added to the amount of the deductible under Landlord's insurance proceeds (with any deductible to be treated as a current Operating Expensepolicy), Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant either patty may terminate this Lease if the Premises are damaged during the last thx xxxt year of the Lease Term and Landlord reasonably estimates that it will take more than 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or ProjectFurther, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersTerm shall be extended for the number of months or partial months for which Rent is abated.

Appears in 1 contract

Samples: Lease Agreement (Celerity Group Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 thirty (30) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months two hundred ten (the “Maximum Restoration Period”)210) days, then either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by upon written notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take two hundred ten (210) days or less, then Landlord shallshall 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 (with any deductible to be treated as a current Operating Expense)proceeds, promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Tenant shall pay to Landlord or Tenant may terminate this Lease if with respect to any damage to the Premises are damaged during the last year amount of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered deductible under Landlord’s insurance policy within 10 business ten (10) days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17invoice. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space axxxx during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersrestoration.

Appears in 1 contract

Samples: Lease Agreement (Blue Rhino Corp)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, . Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4.5 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this Leaselease or if Landlord estimates that restoration will take 4.5 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Concord Camera Corp)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises or any substantial portion thereof are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. Tenant's obligation to pay an applicable deductible referenced in the date that Landlord delivers notice to 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 estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as reasonably determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (CVC Inc)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 180 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months thirty (30) days to repair such damage; provided, however, . (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 such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything insurance proceeds be applied to the contrary contained in this Leaseindebtedness secured by its mortgage (defined hereinafter), Landlord shall also have the right to may terminate this Lease if 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 negligent, willful or intentional 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 proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result policy within ten (10) days after presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. 's invoice. (d) Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18provide herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Healthtronics Inc /Ga)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 forty-five (45) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building Premises and whether Landlord has sufficient insurance proceeds or other sources of funds with which to restore the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 150 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this Lease, Lease or if Landlord shall, subject to receipt of estimates that restoration will take 150 days or less and Landlord has determined there are sufficient insurance proceeds (with any deductible regard to be treated as a current Operating Expensewhich Landlord shall have previously notified Tenant pursuant to the first sentence of this Paragraph 15), then, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months thirty (30) days to repair such damage; provided, however, . (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 such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything insurance proceeds be applied to the contrary contained in this Leaseindebtedness secured by its mortgage (defined hereinafter), Landlord shall also have the right to may terminate this Lease if by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. (c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the actual commercially reasonable deductible under Landlord’s insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result policy within ten (10) days after presentment of Landlord’s failure invoice, subject to maintain the Deductible Cap (described below). During the first five (5) years of this Lease the Deductible Cap shall be $50,000 and during any time thereafter, the Deductible Cap shall be $75,000. As of the Effective Date, the deductible under Landlord’s insurance policies required to be maintained by Landlord under Section 17. policy is $25,000. (d) Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides however Tenant with other space during the period shall not be entitled to any abatement of repair that is suitable for the temporary conduct of Tenant’s business. In rent in the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destructiondestruction resulted from the negligence or willful misconduct of Tenant or a Tenant Related Party. Such abatement abatement, if any, shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Intcomex Holdings, LLC)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 15 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (including the Initial Improvements as defined in Addendum 3 attached hereto) excluding the improvements installed by Tenant or by Landlord Tenant's Tenant-Made Alterations, Trade Fixtures and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)personal property, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations repairs or restoration to Tenant's Tenant-Made Alterations, Trade Fixtures and other improvements installed by Tenant or by Landlord personal property and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-inter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Innotrac Corp)

Restoration. If, at any time during the Term, If a substantial portion of the Building or the other Improvements on the Premises are shall be damaged or destroyed by a fire or during the Term of this Sublease, the Tenant shall: immediately notify the Landlord and the Ground Lessor and may elect to promptly commence and complete the restoration of the Building and other insured casualty, Landlord shall notify Tenant Improvements (the "Restoration") within 60 days eighteen (18) months after discovery of such damage as to occurs at Tenant's sole cost and expense (even if such cost and expense exceeds the amount of time Landlord reasonably estimates it will take insurance proceeds that is available therefor) as nearly as possible to restore the Building or the Premisesvalue, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as condition and character of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of Improvements immediately before such damage or destruction, all in accordance with Plans and Specifications therefor which have been approved by Landlord, Ground Lessor and any other applicable parties. Tenant shall complete the Restoration of the Premises in accordance with the requirements set forth in Article 7 of this Sublease. If the Restoration is not completed within said eighteen (18) month period, Landlord, in addition to all other rights and remedies available at law or in equity shall be entitled to terminate this Sublease upon fifteen (ii15) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right days written notice to any Rent payable by Tenant prior to such election by Landlord or Tenant. TenantIn the event of any damage or destruction of the Premises, at its expense, following this Sublease shall remain in full force and effect and rent shall not abate during this period. Notwithstxxxxxg the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17foregoing, in which case such Improvements shall be included as part the event a substantial portion of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon Building is destroyed or damaged during the substantial completion of such Alterations and other improvementsTerm, Tenant shall reenter not be obligated to complete the Premises Restoration and commence doing business in accordance with this Lease. Notwithstanding shall notify Landlord of its election not to complete the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered Restoration within 10 business forty-five (45) days after the date that Landlord delivers notice the damage or destruction has occurred. In the event Tenant elects not to Tenant of complete the estimated Restoration Period. Notwithstanding anything or fails to make such election within the contrary contained in this Leaseforty-five (45) day period, Landlord shall also have the right be entitled to terminate this Lease if insurance proceeds are not available for such restorationupon thirty (30) days written notice to Tenant and Tenant shall have thirty (30) days thereafter to remove the remaining structure, provided that such unavailability of insurance proceeds is not including all debris and rubbish, so as to surrender the result of Landlord’s failure Premises to maintain Landlord in the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from same condition as on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattershereof.

Appears in 1 contract

Samples: Sublease Agreement (Gulfstream Aerospace Corp)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualtycasualty (a “Casualty”), Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months one hundred eighty (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180) days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take one hundred eighty (180) days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the Tenant-Made Alterations and any other improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Xxxxxx, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space if the Premises are damaged as a result of a Casualty during the period last year of the Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair that is suitable for the temporary conduct of Tenantsuch damage. Tenant shall pay to Landlord, within ten (10) days following Landlord’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtydemand therefor, the rent abatement amount of the deductible under Landlord’s insurance policy. If the damage involves portions of the Building other than the Premises, Tenant shall commence 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 Casualty 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 discovery the occurrence of such Casualty. (c) Notwithstanding the foregoing, if the Premises or Building are wholly or partially damaged or destroyed as a result of the damage negligence or destruction. Such abatement shall be the sole remedy willful misconduct or omission of Tenant, and except as provided in this Section 18, Tenant waives any right shall forthwith diligently undertake to terminate the Lease by reason of repair or restore all such damage or casualty lossdestruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant. (d) Tenant hereby acknowledges and agrees that a Casualty shall occur only where the physical or structural integrity of the Premises or Building has been damaged or destroyed, and that a Casualty shall in no event occur as a result of (i) a governmentally mandated closure of the Premises or Building and/or of Tenant’s business for the purpose of protecting public health and safety (including, without limitation, to protect against acts of war or the spread of communicable diseases or infestations), or (ii) Tenant’s inability to use the Premises, to the extent such space remains undamaged by any Casualty. (e) The provisions of this LeaseParagraph 15 shall constitute Tenant’s sole and exclusive remedy in the event of damage or destruction to the Premises or Building, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including this Section 18without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, constitute an express agreement between compensation or claim shall be payable by Landlord and Tenant with respect to for any and all damage toinconvenience, any interruption or destruction of, all or any part cessation of the PremisesTenant’s business, or any other portion of the Buildingannoyance, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or arising from any damage or destruction to of all or any part portion of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (SolarMax Technology, Inc.)

Restoration. If, at any time during Upon the Term, the Building or the Premises are damaged or destroyed by occurrence of a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage casualty as to the amount of time which Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, does not elect to terminate this Lease as of the date that is 75 Lease, Landlord shall, within thirty (30) days after the date of discovery such casualty, or as soon thereafter as reasonably possible, notify Tenant in writing of the time estimated by Landlord to repair or restore the damage caused by such casualty. If Landlord's estimated time to complete such restoration is more than twelve (12) months from the date of the occurrence and such damage or destruction; provided, however, that notwithstanding Landlord’s election to restoredestruction materially adversely interferes with Tenant's use of the Premises, Tenant may elect to terminate this Lease by written notice to Landlord delivered given within 5 business fifteen (15) days of after receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration PeriodLandlord's estimate. Unless Landlord or If Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have has the right to terminate this Lease if insurance proceeds are not available for and timely and properly exercises such restorationright, provided that such unavailability this Lease shall terminate on the date of insurance proceeds Tenant's notice to Landlord. If Tenant is not entitled to terminate this Lease or if Tenant is so entitled but fails to do so in time and in the result manner herein specified, Landlord shall repair or restore the Premises as promptly as practicable and this Lease shall continue in effect. Landlord shall in no event be obligated to make any repairs or replacement of any items other than those items installed by and at the expense of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until If the Premises are repaired and restoredrendered totally untenantable, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space rent shall xxxxx during the period of repair that is suitable the Premises remain untenantable and Tenant does not use the Premises. However, in no event shall Tenant be entitled to any compensation or damages for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as loss of the date of discovery use of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all whole or any part of the Premises, for damage to Tenant's personal property in or improvements to the Premises or for any other portion of the Buildinginconvenience or annoyance occasioned by any such destruction, Property rebuilding or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part restoration of the Premises or the Building or access thereto. Tenant waives the provisions of California Civil Code Sections 1932(2) and 1933(4) and any other portion of present or future laws or case decisions to the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matterssame effect.

Appears in 1 contract

Samples: Lease Agreement (Advanced Polymer Systems Inc /De/)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, . Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Landlord and Tenant shall pay to Landlord, with respect to any and all damage toto the Project. an amount equal to the commercially reasonable deductible under Landlord’s insurance policy, or destruction of, all or any part within 30 days after presentment of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Inogen Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)4 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 4 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 (up to a maximum of $10,000) within 10 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (1 800 Contacts Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result The cost of Landlord’s failure 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 maintain the insurance policies required to be maintained total cost of restoration, as determined by Landlord under Section 17Landlord. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Oxford Ventures Inc)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 thirty (30) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months ninety (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 90) days from the date that is 75 days after the date of discovery of such damage occurs, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take ninety (90) days or less, then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant. Tenant except to the extent to which Landlord receives insurance proceeds for the at Tenant's expense may in its sole judgment perform all repairs or restoration of improvements from the insurance not required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17shall if it so chooses, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months ninety (90) days to repair such damage; provided. (b) If the Premises are destroyed or substantially damaged, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to 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 insurance proceeds are not available for such restorationany, provided that such unavailability of insurance proceeds is not the result within fifteen (15) days after presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17's invoice. Monthly Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except . Except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Sl Industries Inc)

Restoration. If, at any time during the Term, the Building Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building Project or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding . In the event the Premises are damages or destroyed and Landlord fails to timely provide such notice of Landlord’s election estimate of the Restoration Period, then Tenant may, in its sole and absolute discretion, terminate this Lease by at least sixty (60) days’ prior written notice to restoreLandlord given within 10 days after the expiration 321 Arsenal (AOTC) / Forma Therapeutics - Page 18 of the period for Landlord to give notice of the estimated Restoration Period (but such notice shall be null and void if Landlord delivers its estimate notice within such 60-day period). Additionally, in the event Landlord’s estimate notice indicates that the Restoration Period for damage or destruction to the Premises is expected to exceed the Maximum Restoration Period, then Tenant may elect shall also have the right to terminate this Lease by written notice to Landlord delivered within 5 business thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for following the Premises longer than the Maximum Restoration Perioddate Tenant receives Landlord’s restoration estimate notice. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises and/or the Building (with such changes as Landlord may desire), as applicable (excluding the improvements installed by Tenant or by Landlord and paid for solely by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restorationTenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if . If the repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord as extended by Force Majeure, Tenant may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may terminate this Lease by at least thirty (30) days’ prior written notice to Landlord delivered given within 10 business 15 days of the following expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of Period (and which events Landlord notice shall be relieved null and void if Landlord substantially completes the restoration within 30 days following Landlord’s receipt of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant’s termination notice). Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Material Clearances, all Alterations and other improvements installed by Tenant repairs or by Landlord and paid for by Tenant (except to the extent covered by insurance restoration not required to be maintained done by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, (i) Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year 18 months of the Term and Landlord reasonably estimates that it will take more than 2 the lesser of one half of the remaining Term or 3 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that damage or (ii) Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to may terminate this Lease if the Premises are damaged and insurance proceeds (plus any applicable deductible) are not available for such restoration. In the event any fire or other casualty renders any material portion of the Premises inaccessible or not reasonably usable for the Permitted Use, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained of such fire or other casualty until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant at no additional cost or expense beyond the Rent set forth in this Lease with other space during the period of repair that is suitable for the temporary conduct of TenantXxxxxx’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty lossloss except as expressly provided herein. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Forma Therapeutics Holdings, Inc.)

Restoration. If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualtyIf this Lease shall not be terminated pursuant to Section 8.2, Landlord shall notify Tenant within 60 days after discovery of such damage as thereafter use due diligence to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the Improvement Work and other alterations, additions or improvements made or installed by Tenant or by Landlord on Tenant's behalf, and paid Tenant's FF&E) to proper condition for by Tenant except Tenant's use and occupation, but Landlord's restoration obligation shall only be to the extent to which Landlord receives of available insurance proceeds for or taking award, as the restoration of improvements from case may be. Any mortgage encumbering the Premises shall permit insurance required proceeds to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant used for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms customary construction loan disbursement procedures of this Section 18)the mortgagee and further provided that such mortgage is not in default. Promptly upon Landlord's obligation to restore the substantial completion of Premises shall not include Tenant's personal property or the FF&E or any alterations, additions or improvements made or installed by Tenant or on Tenant's behalf, but such Alterations insurance proceeds may be used by Tenant to replace the Improvement Work and other improvementsalterations, additions or improvements made or installed by Tenant or on Tenant's behalf, but only to the extent of the availability of insurance proceeds for same after applying the insurance proceeds which are required for the restoration of the base Building. If such insurance proceeds are insufficient Tenant may, at its option, pay for the remainder of the restoration at its own sole cost and expense. If, for any reason, such restoration shall not be substantially completed within six (6) months (which six-month period shall be extended for such periods of time, not to exceed sixty (60) days in the aggregate, as Landlord is prevented from proceeding with or completing such restoration for any cause beyond Landlord's reasonable control) from the date of the casualty or the effective date of the taking, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this lease by giving written notice to Landlord thereof within thirty (30) days after the expiration of such period (as so extended). This Lease if insurance proceeds are not available for shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after the giving of such notice unless, within such 30-day period, Landlord substantially completes such restoration, provided that such unavailability . Such right of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent termination shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired Tenant's sole and restored, exclusive remedy at law or in the proportion which the area of the Premises, if any, which is not usable by Tenant bears equity for Landlord's failure so to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to complete such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersrestoration.

Appears in 1 contract

Samples: Sublease Agreement (Inktomi Corp)

Restoration. If, If at any time during the Lease Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant either party may terminate this Lease if the Premises are materially damaged during the last year of the Lease Term (as the same may have been extended) and Landlord reasonably estimates that it will take more than 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that . If Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right elects to terminate this Lease if insurance proceeds are not available for such restorationpursuant to the preceding sentence, provided that such unavailability Tenant shall have the right exercisable within ten (10) days of insurance proceeds is not the result receipt of Landlord’s failure 's notice to maintain terminate, to cause this Lease to not be terminated by electing to repair the insurance policies required to be maintained by Landlord under Section 17damage at Tenant's sole cost and expense, in which event Tenant shall promptly and continuously repair such damage at its sole cost and expense and this Lease shall remain in full force and effect. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Homegrocer Com Inc)

Restoration. If, If at any time tune during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 6 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)insuraxxx xxoceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Celerity Group Inc)

Restoration. If(a) If the Building is damaged as the result of an event of casualty, at any time 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 normal extended coverage policy should Landlord fail to carry that insurance); or (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 Building or “Casualty Notice” (as defined below), and this Lease shall terminate as of the Premises are damaged or destroyed by a fire or other insured casualtydate 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 in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days after discovery of such and if the damage is so extensive as to the amount reasonably prevent Tenant’s substantial use and enjoyment of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, then Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 ten (10) business days following delivery of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than Casualty Notice. (c) Provided that Tenant is not in default, the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible rental to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements this Lease shall be included as part of Landlord’s restoration), subject to delays arising from abated in the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore same proportion that the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration floor area of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after rendered unusable by the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right from time to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except time bears to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which 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 the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtySection 10.5, the rent abatement shall commence as cost of the date of discovery of the damage or destruction. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided in this Section 18Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives any right to terminate or its employees, subtenants, contractors, invitees or representatives. In addition, the Lease by reason of damage or casualty loss. The provisions of this LeaseSection shall not be deemed to require Landlord to repair any Tenant Installations, including this Section 18, constitute an express agreement between Landlord fixtures and other items that Tenant with respect is obligated to any and all damage to, or destruction of, all or any part of the Premises, insure pursuant to Exhibit D or any other portion provision of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLease.

Appears in 1 contract

Samples: Office Space Lease (Intercept Pharmaceuticals Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 0 xxxths or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Brightpoint Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re- enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord's insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord's invoice.

Appears in 1 contract

Samples: Lease Agreement

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 thirty (30) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 180 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding Tenant's personal property and trade fixtures, subject to delays arising from the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives collection of insurance proceeds or from Force Majeure events 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 restoration 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 improvements from the insurance required to be maintained under Section 17), in which case such improvements one hundred eighty (180) day period. Tenant at Tenant's expense shall be included as part promptly perform after completion of Landlord’s restoration)'s restoration and delivery of the Premises to Tenant, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events or as needed to obtain any licenseevents, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such all repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all not required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months thirty (30) days to repair such damage; provided, however, that such notice is delivered within 10 business days after . (b) If the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds Premises are destroyed or substantially damaged by any peril not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain covered by the insurance policies 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 Section 17Landlord's insurance policy within ten (10) days after presentment of Landlord's invoice. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Haights Cross Communications Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”Paragraph 33); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or . Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions Notwithstanding the terms and conditions of this LeaseParagraph 15, including this Section 18if the Premises are not restored by Landlord on, constitute an express agreement between Landlord and Tenant with respect to any and all damage or prior to, or destruction of, all or any part the date which is the later of 9 months of the Premises, or any other portion date of the Buildingcasualty 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), Property or ProjectTenant 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 any statute or regulation which is now or may hereafter be in effect shall have no application to void and this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding shall continue in full force and agreement with respect to such matterseffect.

Appears in 1 contract

Samples: Sublease (Atlas Crest Investment Corp.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are am damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 6 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after from the date of discovery of such damage damage, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estim tes that restoration will take 0 xxxths or is less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration 10 not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. 'Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Sterile Recoveries Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord’s insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Xfit Brands, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 45 days (provided Landlord shall use good faith efforts to provide notice earlier if reasonably practical under the circumstances) after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Section 34) events or to obtain Hazardous Materials ClearancesParagraph 33), all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the period of repair and restoration commencing on the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this LeaseNotwithstanding anything contained in the Lease to the contrary, including this Section 18to the extent the damage to the Project is attributable to Tenant, constitute an express agreement between Tenant shall pay to Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part to the Project an amount of the Premisescommercially reasonable deductible under Landlord's insurance policy, or any other portion not to exceed $10,000.00, within 30 days after presentment of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLandlord's invoice.

Appears in 1 contract

Samples: Lease Agreement (American Apparel, Inc)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months one hundred eighty (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180) days from the date that is 75 days after the date of discovery of such damage or destruction; providedLandlord receives all permits, howeverapprovals, that notwithstanding Landlord’s election and licenses required to restorebegin reconstruction, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business given no later than thirty (30) days of receipt of a after Landlord’s notice. If the restoration time is estimated to exceed two hundred seventy (270) days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, or the damage is uninsured and the restoration time is estimated to exceed thirty (30) days, Landlord may elect to terminate this Lease upon notice from Landlord estimating a Restoration Period for the Premises longer to Tenant given no later than the Maximum Restoration Periodthirty (30) days after Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take two hundred seventy (270) days or less (or the damage is uninsured and Landlord estimates that restoration will take thirty (30) days of less), then, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), shall promptly restore the Premises (excluding the Tenant-Made Alterations, the Tenant Improvements, and any other improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind events. Landlord shall not be required to enter into and restore expend more for the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete than the amount Landlord receives as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restorationinsurance proceeds from Landlord’s insurer, or Tenant may the amount Landlord would have received if Landlord had maintained the insurance required to be maintained by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and under this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of and had diligently pursued a claim against such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by insurer. Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoingBase Rent, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term Operating Expenses and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent Parking Fees shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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. Notwithstanding the foregoing, unless Landlord provides Tenant with either party may terminate this Lease upon thirty (30) days written notice to the other space if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than sixty (60) days (or such lesser period as is remaining in the Term) to repair such damage. Tenant shall pay to Landlord, within thirty (30) days following Landlord’s demand therefor accompanied by reasonable supporting documentation with respect thereto, the amount of the deductible under Landlord’s insurance policy. Notwithstanding the above, Landlord will not be entitled to terminate this Lease solely because there is less than one (1) year on the Lease Term if Tenant has an exercisable right to renew or extend the Lease Term and Tenant, within ten (10) days after receipt of Landlord’s notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within ninety (90) days after the expiration of the estimated period of repair time set forth in the Landlord’s estimate (except to the extent that substantial completion is suitable for the temporary conduct delayed as a result of events of Force Majeure or any acts or omission of Tenant or any agent, employee, contractor, licensee or invitee of Tenant), then Tenant may terminate this Lease by written notice to Landlord within ten (10) days after the expiration of such period (but prior to substantial completion of the restoration), as the same may be extended. (b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord, 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 businessmortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. In the event that no Hazardous Materials Clearances are required 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 obtained with respect proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such fire or other casualty, the rent abatement termination shall commence be effective as of the date of discovery the occurrence of the such damage or destruction. Such abatement . (c) Notwithstanding the foregoing, if the Premises are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct or omission of Tenant or any of Tenant’s Agents, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the sole remedy extent that insurance proceeds are collected by Landlord to repair such damage (or insurance proceeds would have been collected had Landlord maintained the insurance required to be maintained by Landlord under this Lease), although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant. In this regard, Landlord agrees to act diligently and except as provided in this Section 18, Tenant waives good faith in tendering any right claim(s) to terminate the Lease by reason of its insurance carrier(s) with respect to any insured damage or casualty loss. and expeditiously pursuing any such claim to obtain all available insurance proceeds. (d) The provisions of this Lease, including this Section 18, Paragraph 15 shall constitute an express agreement between Landlord Tenant’s sole and Tenant with respect to any and all exclusive remedy in the event of damage to, or destruction of, all or any part of to the Premises, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any other portion of the Buildingannoyance, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or arising from any damage or destruction to of all or any part portion of the Premises or any other portion of Notwithstanding the Buildingforegoing, Property or Project, Tenant shall have the parties hereto expressly agreeing that right to bring an action to enforce Landlord’s obligations to perform its restoration obligations under this Section 18 sets forth their entire understanding and agreement with respect to such mattersLease.

Appears in 1 contract

Samples: Lease Agreement (Ziprecruiter, Inc.)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”)6 months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will xxxx 0 months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business within 30 days after restoration in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . 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 business days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Select Comfort Corp)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than 30 days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither Party elects to terminate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, 's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided. 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, however, that such notice is delivered within 10 business days after Tenant shall pay the date that Landlord delivers notice to Tenant portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (ULURU Inc.)

Restoration. If, at any time during the Term, the Building or the Premises are Hotel is damaged or destroyed by a fire fire, casualty or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Leasecause, Landlord shall, subject at its cost and expense and with all reasonable diligence, comply with the requirements of each Mortgage, as such document pertains to receipt casualty and repair, and with Tenant’s directions so as to enable Tenant to comply with the requirements of sufficient insurance proceeds (with the Franchise Agreement, as such document pertains to casualty and repair. If the Leased Property, or any deductible to be treated as a current Operating Expense)material part thereof, promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued rendered untenantable by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery reason of such damage and such damage shall not be due to the fault of Tenant or destructionof Persons Within Tenant’s Control, then the Base Rent hereunder, or an amount thereof apportioned according to the area of the Leased Property so rendered untenantable (ii) if less than the entire Leased Property shall be so rendered untenantable), shall be abated for the period from the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right of such damage to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes when the Premises available to Tenant for Tenant’s repairs damage shall have been repaired as aforesaid. If all or restoration, shall promptly perform, subject to delays arising from any part of the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements Leased Property shall be included as part of Landlord’s restorationdamaged or destroyed by fire or other casualty such that the Hotel is closed and Landlord determines in its reasonable judgment that the damage cannot be fully restored within 365 days, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, then either Landlord or Tenant may terminate this Lease if by notice given to the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more other party not later than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business thirty (30) days after the date determination by Landlord that Landlord delivers notice to Tenant of the estimated Restoration PeriodLeased Property cannot be restored within such time period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate If this Lease if is terminated pursuant to this Section 9.1, all insurance proceeds are not available for such restoration, provided that such unavailability shall be paid to Landlord free of insurance proceeds any claim or interest therein whatsoever of Tenant. If this Lease is not terminated as the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such any fire or other casualty, then, subject to the rent abatement shall commence as rights of the date holder of discovery each Mortgage, the proceeds of any casualty insurance or the damage or destruction. Such abatement equivalent thereof shall be used by Landlord to pay for the sole remedy cost of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersrestoration.

Appears in 1 contract

Samples: Hotel Lease (Procaccianti Hotel Reit, Inc.)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 180 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months thirty (30) days to repair such damage; provided, however, . (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 such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything insurance proceeds be applied to the contrary contained in this Leaseindebtedness secured by its mortgage (defined hereinafter), Landlord shall also have the right to may terminate this Lease if 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 proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result policy within ten (10) days after presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17invoice. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18including, constitute an express agreement between Landlord without limitation, Sections 1932 and Tenant with respect to any and all damage to, or destruction of, all or any part 1933 of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersCalifornia Civil Code.

Appears in 1 contract

Samples: Lease Agreement (Garden Fresh Restaurant Corp /De/)

Restoration. If, (a) If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 forty-five (45) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of 180 days from the date that is 75 days after the date of discovery of such damage Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord’s notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take 180 days or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, expense shall promptly perform, subject to delays arising from (i) the collection of insurance proceeds, from (ii) Force Majeure events, or (as defined iii) delays in Section 34) events or to obtain Hazardous Materials ClearancesLandlord’s restoration obligations, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months thirty (30) days to repair such damage; provided, however, . (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 such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything insurance proceeds be applied to the contrary contained in this Leaseindebtedness secured by its mortgage (defined hereinafter), Landlord shall also have the right to may terminate this Lease if 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 proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result policy within ten (10) days after presentment of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17invoice. Base Rent shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides however, that Tenant with other space during the period shall not be entitled to any abatement of repair that is suitable for the temporary conduct of Tenant’s business. In Base Rent in the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destructiondestruction 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 in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. If, at any time during the Term, (a) If the Building or of which the Premises are a part is damaged as the result of an event of casualty, Landlord shall repair that damage as soon as reasonably possible unless: ( i) Landlord reasonably determines that the cost of repair would exceed ten percent (1O%) 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 destroyed by a fire normal extended coverage policy should Landlord fail to carry that insurance); or other insured 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 in writing ("Casualty Notice") of Landlord's election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days after discovery of such and if the damage is so extensive as to the amount reasonably prevent Tenant's substantial use and enjoyment of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, then Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business ten (10) days following delivery of receipt of a notice from Landlord estimating a Restoration Period the Casualty Notice. (c) To the extent and for the Premises longer than period that Landlord is entitled to reimbursement from the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt proceeds of sufficient rental interruption insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or carried by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Operating Expenses, subject the rental to delays arising from be paid under this Lease shall be abated in the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore same proportion that the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration floor area of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after rendered unusable by the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right from time to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except time bears to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the total floor area of the Premises. (d) Notwithstanding the provisions of subsections (a), if any, which is not usable by Tenant bears to the total area (b) and (c) of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualtythis Section, the rent abatement shall commence as cost of the date of discovery of the damage or destruction. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided in this Section 18Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives any right to terminate or its employees, subtenants, invitees or representatives. In addition, the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between shall not be deemed to require Landlord and to repair any improvements or fixtures that Tenant with respect is obligated to repair or insure pursuant to any and all damage to, or destruction of, all or any part other provision of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersLease.

Appears in 1 contract

Samples: Office Space Lease (Pharmaprint Inc)

Restoration. If, If at any time during the Term, the Building or Lease Term the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (the “Restoration Period”). If the Restoration Period restoration time is estimated to exceed 12 months six (the “Maximum Restoration Period”)6) months, either Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written upon notice to Landlord delivered within 5 business the other party given no later than thirty (30) days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Periodafter Landlord's notice. Unless Landlord or Tenant so If neither party elects to terminate this LeaseLease or if Landlord estimates that restoration will take six (6) months or less, Landlord shallthen, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense)proceeds, Landlord shall promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration)Tenant, subject to delays arising from the collection of insurance proceeds, proceeds or from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or events. Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or at Tenant. Tenant, at its 's expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs except if same is necessitated by Landlord's acts or restorationomissions, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearancesevents, all Alterations and other improvements installed by Tenant repairs or restoration not required to be done by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant 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 2 months one month to repair such damage; provided, however, that such notice is delivered . Tenant shall pay to Landlord with respect to any damage to the Premises the pro-rata amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 business ten (10) days after presentment of Landlord's invoice. If the date that Landlord delivers notice to damage involves the premises of other tenants, Tenant shall pay the portion of the estimated Restoration Period. Notwithstanding anything deductible that the cost of the restoration of the Premises bears to the contrary contained in this Lease, Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such total cost of restoration, provided that such unavailability of insurance proceeds is not the result of as determined by Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Base Rent and Operating Expenses shall be abated from for the date all required Hazardous Materials Clearances are obtained until the Premises are repaired period of repair and restored, 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, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Pharmanetics Inc)

Restoration. IfTenant shall, at any time during Tenant's sole cost and expense, remove the Antenna Equipment and restore the Building to its currently existing condition upon the termination or expiration of the Lease Term, and/or this Antenna License. Such removal and restoration work shall be completed by Tenant within thirty (30) days of the date on which the condition requiring such removal and restoration work occurs. In the event that Tenant fails to complete the removal of the Antenna Equipment and the restoration of the Building or the Premises are damaged or destroyed by a fire or other insured casualtywithin such thirty (30) day period, Landlord shall notify have the right (but without any obligation to do so) to remove the Antenna Equipment and restore the Building, in which event, Tenant within 60 days after discovery shall reimburse Landlord for all costs incurred by Landlord in performing such removal and restoration work on demand. In addition, any Antenna Equipment remaining at the Building subsequent to the expiration of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable thirty (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by 30) day period and upon prior written notice to Tenant's last known address, shall be deemed to have been abandoned by Tenant, so that in no event shall Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord have any duty to preserve or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding Antenna Equipment on Tenant's behalf. If Landlord does choose to store the improvements installed by Tenant or by Landlord and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17), in which case such improvements shall be included as part of Landlord’s restoration), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, Antenna Equipment on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longerTenant's behalf, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may cost of storage incurred by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable reimbursed by Tenant prior to on demand. In such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Leaseevent, Landlord shall also have the right to terminate sell such Antenna Equipment for salvage value and to apply the proceeds derived from such sale to sums owing by Tenant to Landlord under this Lease if insurance proceeds are not available for such restoration, provided that such unavailability of insurance proceeds is not the result of Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in (including this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty lossExhibit). The provisions of this Lease, including Paragraph 9 shall survive the expiration of this Section 18, constitute an express agreement between Landlord Antenna License and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such mattersTerm.

Appears in 1 contract

Samples: Lease Agreement (Focal Communications Corp)

Restoration. If, at any time during the Term, the Building or (1) If the Premises are only partially damaged (i.e., less than one-third (1/3) of the office portion of the Premises or destroyed less than fifty percent (50%) of storage area portion of the Premises are untenantable as a result of such damage), the facility is securable, and if the proceeds received by a fire or other insured casualtyLandlord from the insurance policies described in Section 4.04B are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall notify Tenant within 60 thirty (30) days after discovery notice of the occurrence of the damage whether Landlord shall repair the damage. In the event Landlord repairs the damage, Landlord shall use commercially reasonable efforts to complete such repairs promptly. (2) If the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or if the cause of the damage is not covered by the insurance policies which landlord maintains under Section 4.04B, or if any mortgagee or beneficiary under a deed of trust encumbering the Premises should require that proceeds payable as a result of said fire or casualty be used to the amount retire or reduce any debt secured by a deed of time Landlord reasonably estimates it will take to restore the Building or trust encumbering the Premises, Landlord may elect either to (i) repair the damage as applicable (the “Restoration Period”). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord maysoon as reasonably possible, in such noticewhich case this Lease shall remain in full force and effect, elect to or (ii) terminate this Lease lease as of the date that is 75 the damage occurred. Landlord shall notify Tenant within thirty (30) days after notice of the date occurrence of discovery of such the damage whether Landlord elects to repair the damage or destruction; providedterminate the Lease. If Landlord elects to repair the damage, however, that notwithstanding such repairs shall be substantially completed as soon as reasonably possible. Tenant shall pay Landlord the “deductible amount” (if any) up to $25,000 under Landlord’s election insurance policy and, if the damage was due to restorethe willful misconduct or negligence of Tenant or Tenant’s employees, agents, contractors or invitees, then Tenant may elect to terminate this Lease by written notice shall pay to Landlord delivered within 5 business days the difference between the actual cost of receipt of a notice from repair and any insurance proceeds received by Landlord. If Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject Tenant may elect to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord continue this Lease in full force and paid for by Tenant except to the extent to which Landlord receives insurance proceeds for the restoration of improvements from the insurance required to be maintained under Section 17)effect, in which case such improvements shall be included as part of Landlord’s restoration), subject Tenant may repair any damage to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by and any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined Building in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of which the Premises is not substantially complete as of located. Tenant shall pay the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period, or if longer, the Restoration Period, elect to terminate this Lease, in either of which events Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery cost of such damage or destructionrepairs, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date except that Landlord makes the Premises available to Tenant for Tenant’s repairs or restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all Alterations and other improvements installed by Tenant or by Landlord and paid for by Tenant (except to the extent covered by insurance required to be maintained by Landlord pursuant to Section 17, in which case such Improvements shall be included as part of Landlord’s restoration, subject to the terms of this Section 18). Promptly upon the substantial satisfactory completion of such Alterations and other improvements, Tenant shall reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers notice to Tenant of the estimated Restoration Period. Notwithstanding anything to the contrary contained in this Leaserepairs, Landlord shall also have the right deliver to terminate this Lease if Tenant any insurance proceeds are not available received by Landlord for the damage repaired by Tenant. Tenant shall give Landlord written notice of such restoration, provided that such unavailability of insurance proceeds is not the result of election within thirty (30) days after Landlord’s failure to maintain the insurance policies required to be maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Materials Clearances are required to be obtained with respect to such fire or other casualty, the rent abatement shall commence as of the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, Property or Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matterstermination notice.

Appears in 1 contract

Samples: Industrial Real Estate Lease (Network Engines Inc)

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