Substantial Destruction. Except as otherwise set forth in this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restore.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.), Master Lease and Security Agreement (Brookdale Senior Living Inc.)
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of Tenant's receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss "Casualty Insurance Proceeds”), (b") and Tenant shall immediately within five (5) Business Days pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyed” "substantially destroyed" means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units total units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.
Appears in 1 contract
Samples: Master Lease Agreement (Capital Senior Living Corp)
Substantial Destruction. Except as otherwise set forth in this LeaseIn the event the Leased Premises, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate while this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Losscontinues, which termination shall be effective as of the termination date specified destroyed by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible fire or other uninsured Losses in connection with casualty to the Property Loss, and (c) as extent of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value replacement cost of the Leased Premises, Landlord shall have the option to decide whether or not to rebuild. Landlord shall notify Tenant in writing of its decision to rebuild or not to rebuild within 45 days after the occurrence of such Facility damage or destruction. Tenant shall also have the right for a period of 30 days, in such event, to restoreelect to terminate this Lease and, if Tenant so elects, this Lease shall terminate. In the event that Landlord shall decide to rebuild, and Tenant shall not have elected to terminate, Landlord shall forthwith start and complete the repair, rebuilding or restoration of the Leased Premises as soon as commercially reasonable. The rent hereunder shall abate to the extent of the percentage of the Leased Premises which ix xxxenantable from the occurrence of such damage until said repair, rebuilding or restoration has been completed. After such repair, rebuilding or restoration has been completed, Tenant shall pay rent in accordance with the terms hereof, from the time the rebuilding is completed. If Landlord shall decide not to rebuild, or if Tenant shall elect to terminate, then in such event this Lease shall be cancelled and of no effect, except that Tenant shall pay the rent up to the date of the fire or other casualty, and the Landlord shall release any claim to Tenant's insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Advanta Corp)
Substantial Destruction. Except as otherwise set forth in this Lease, if a Facility If fifty percent (50%) or more of the Rentable Area of Premises is Substantially Destroyed made untenantable by fire or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Termother casualty, Landlord may elect to may, at its option, elect:
A. To terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such terminationthe fire or casualty by notice to Tenant within ninety (90) days after that date; or
B. To proceed with reasonable diligence to repair, restore or rehabilitate the applicable Facility shall be deleted from Building (excluding leasehold improvements paid for by Tenant), in which event this Lease and shall not terminate. Landlord shall, as soon as reasonably possible but no later than 90 days after said casualty, notify Tenant of its estimate of the provisions time necessary to repair, restore or rehabilitate the Building. If the repair of Section 7.4.12 governing a deletion the Building is estimated by Landlord to take more than one hundred eighty (180) days from the date of a Facility said casualty, then Tenant may, at its option, by written notice to Landlord delivered no later than thirty (30) days after Property Loss shall be applicablereceipt of said notice, terminate this Lease. If Landlord does not elect fails to repair, restore or rehabilitate the Building within said one hundred eighty (180) days, Tenant may terminate this Lease with respect to (which termination shall occur delivery of Tenant’s termination notice or surrender of the Premises, whichever is later) by serving notice on Landlord no later than thirty (30) days after the expiration of said one hundred eighty (180) day period. If Tenant timely serves such Facility, thennotice on Landlord, Tenant shall promptly rebuild surrender the Premises (if not previously surrendered) within said thirty (30) days. Each of Landlord and restore Tenant shall have the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available right to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% cancel this Lease if a casualty damaging or destroying more than twenty-five percent (25%) of the licensed Units at the affected Facility or that would cost more than 50% rentable area of the value Premises occurs during the last two (2) years of the Lease. A party shall exercise such Facility right if at all by written notice to restorethe other party given not later than thirty (30) days after such damage or destruction.
Appears in 1 contract
Samples: Single Tenant Net Lease (Childrens Place Retail Stores Inc)
Substantial Destruction. Except as otherwise set forth in this Lease(a) If the Leased Premises or any part thereof are damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord.
1) If the Leased Premises are totally destroyed by fire or other casualty, 2) if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant Leased Premises are damaged so that rebuilding cannot reasonably be completed within 90 one hundred eighty (180) days after the date upon which of written notification by Tenant notifies to Landlord of the Property Lossdestruction, 3) if the Leased Premises are part of a Building which termination shall is substantially destroyed (even though the Leased Premises are not totally or substantially destroyed), 4) if the Leased Premises or Building is damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such fire or casualty, 5) if any mortgagee requires the insurance proceeds payable as a result of such casualty to be effective as applied to the payment of the termination mortgage debt, 6) the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination casualty, or 7) the insurance proceeds are insufficient to Tenant. If reconstruct the Leased Premises or Building to substantially the same condition prior to such fire or casualty, Landlord elects to may at its option terminate this Lease with respect to by providing Tenant written notice thereof within sixty (60) days of such Facility, then (a) Landlord shall receive any casualty and all insurance proceeds payable by reason xxxxx Base Rent and Additional Rent for the unexpired portion of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) Term effective as of the date of the written notification.
(b) If the Leased Premises or any part thereof are damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord.
(1) If the Leased Premises are totally destroyed by fire or other casualty, (2) if the Leased Premises are damaged so that rebuilding cannot reasonably be completed within one hundred eighty (180) days after the date of written notification by Tenant to Landlord of the destruction, (3) if the Leased Premises are damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such terminationfire or casualty, (4) if the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date of such casualty, and in any of the foregoing situations, the applicable Facility shall be deleted from this Lease and damage is not the provisions result of Section 7.4.12 governing a deletion any act or omission of a Facility after Property Loss shall be applicable. If Landlord does not elect to Tenant, Tenant may at its option terminate this Lease with respect to by providing Landlord written notice thereof within thirty (30) days of such Facility, then, Tenant casualty and Base Rent and Additional Rent shall promptly rebuild and restore xxxxx for the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more unexpired portion of the licensed Units at the affected Facility or that would cost more than 50% Term effective as of the value date of such Facility to restorethe written notification.
Appears in 1 contract
Samples: Commercial Lease (INX Inc)
Substantial Destruction. Except as otherwise set forth Anything contained in the foregoing ----------------------- provisions of this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time section to the contrary notwithstanding:
(a) If during the TermTerm the Building is so damaged by fire or other casualty that (1) either the Premises or the Building are rendered substantially unfit for occupancy, as reasonably determined by the Landlord, or (2) the Building is damaged to the extent that the Landlord elects to demolish the Building, or if any mortgagee or leader requires that any or all of the insurance proceeds issued on account thereof be used to retire any or all of the debt secured by its mortgage, then in any such case the Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such terminationcasualty by giving written notice thereof to the Tenant within 60 days after such date so long as Landlord also terminates the leases of all other tenants affected by the casualty;
(b) In such event, (1) the applicable Facility Tenant shall be deleted from this Lease pay to the Landlord the Base Rent and any Additional Rent payable by the provisions Tenant hereunder and accrued through the date of Section 7.4.12 governing a deletion such casualty, (2) the Landlord shall repay to the Tenant any and all prepaid Rent for periods beyond such casualty, and (3) the Landlord may enter upon and repossess the Premises without further notice; and
(c) If such event as described in Subsection (A) hereof occurs during the final twelve (12) months of a Facility after Property Loss shall be applicable. If Landlord does not the ` Term, Tenant may elect to terminate this Lease with respect by giving thirty (30) days written notice thereof to such Facility, then, Tenant shall promptly rebuild and restore Landlord within thirty (30) days after the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restorecasualty.
Appears in 1 contract
Samples: Office Lease Agreement (American Pharmaceutical Partners Inc /Ca/)
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units beds or units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.
Appears in 1 contract
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.
Appears in 1 contract
Substantial Destruction. Except as otherwise set forth in this LeaseIf the then-existing Leased Premises shall be substantially damaged by fire, if a Facility is Substantially Destroyed windstorm, or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time other casualty during the Term, Landlord shall, within thirty (30) days after such casualty, deliver to Tenant a written good faith estimate of the time needed to repair the damage (giving due consideration to the extent of the damage, the availability of materials and the availability of qualified contractors to perform the work). If the then-existing Leased Premises can be repaired within two hundred seventy (270) days after the date of discovery of the damage (without payment of overtime or other premiums), Landlord will promptly begin to repair the damage and diligently pursue the completion of such repair. If the then-existing Leased Premises cannot be repaired within two hundred seventy (270) days after the date of discovery of the damage (without payment of overtime or other premiums), then (1) Landlord may elect to terminate this Lease with respect as to such Facility the affected then-existing Premises by providing giving written notice to Tenant within 90 thirty (30) days after the damage occurs, or (2) Tenant may terminate the Lease as to the affected then-existing Premises by delivering written notice to Landlord within thirty (30) days after receiving notice of the damage from Landlord. If neither party elects to terminate the Lease, Landlord shall diligently proceed to repair and restore the then-existing Leased Premises to the condition existing immediately prior to such change. Tenant, at its sole cost and expense, shall repair and restore whatever trade fixtures and equipment and other improvements (including Alterations) it had installed prior to the damage or destruction. The terms “substantially damaged” and “substantial damage,” as used in this Article 10, shall have reference to damage of such a character as cannot reasonably be expected to be repaired or such that the then-existing Leased Premises cannot be restored within two hundred seventy (270) days after the date upon which Tenant notifies Landlord of discovery of the Property Loss, which termination shall be effective as damage (without payment of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible overtime or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restorepremiums).
Appears in 1 contract
Samples: Office Lease Agreement (Roblox Corp)
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of Tenant's receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect terminate, then, subject to such Facilitythe requirements of any Facility Mortgage binding upon or secured by the Leased Property, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss "Casualty Insurance Proceeds”), (b") and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyed” "substantially destroyed" means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units beds at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
Substantial Destruction. Except as otherwise set forth in this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice shall deliver to Tenant within 90 sixty (60) days after the date upon of any fire or other casualty to the Premises, an estimate from an independent, qualified architect or general contractor, engaged by Landlord (subject to Tenant's approval, which Tenant notifies Landlord shall not be unreasonably withheld or delayed) as to the length of time required to repair, restore, or rehabilitate the damaged portions of the Property Loss, which termination shall be effective Premises to as good or better a condition and to the same or improved general appearance as existed immediately prior to the occurrence of such fire or other casualty (the "Restoration Work") or whether restoration is not feasible. If twenty percent (20%) or more of the termination date specified Area of the Premises is made untenantable by fire or other casualty, Landlord in shall, at its noticeoption, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to elect either:
A. To terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of the fire or casualty by written notice to Tenant given no later than ninety (90) days after the date of such terminationfire or other casualty; or B To proceed with reasonable diligence to complete the Restoration Work (excluding leasehold improvements paid for and installed by or for Tenant), the applicable Facility shall be deleted from in which event this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicablenot terminate. If twenty percent (20%) or more of the Area of the Premises is made inaccessible or unusable by fire or other casualty, or, due to the nature and extent of such fire or other casualty, Tenant is unable to conduct its business from the Premises, unless in any such event resulting from the negligence or willful misconduct of Tenant or any of Tenant's Representatives, and Landlord does not elect is unable to complete the Restoration Work (excluding leasehold improvements paid for by Tenant) within two hundred ten (210) days or one hundred eighty (180) days for a casualty in the last year of the Lease Term, subject to Force Majeure, Tenant shall have the right, exercisable by written notice to Landlord within fifteen (15) days following said 210th or 180th day, to terminate this Lease with respect and deliver up possession of the Premises effective on a date not more than fifteen (15) days following the date of said notice. Additionally, in the event the estimate for completing the Restoration Work delivered to such Facility, thenTenant by Landlord exceeds two hundred ten (210) days from the date of the fire or other casualty, Tenant shall promptly rebuild and restore have the Facility in accordance with Section 11.4 belowright, and exercisable by written notice to Landlord shall make within fifteen (15) days -following Tenant's receipt of said estimate to terminate this Lease effective the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value date of such Facility to restorefire or other casualty.
Appears in 1 contract
Substantial Destruction. Except as otherwise set forth If the Premises or the Building is made substantially untenantable by fire or other casualty (in whole or in part), Sublandlord shall repair and restore same unless this Lease, if a Facility Sublease is Substantially Destroyed terminated by Sublandlord or rendered Unsuitable For Its Primary Intended Use Subtenant pursuant to this Section 12. If the Premises are made substantially untenantable by a Property Loss at any time during fire or other casualty (in whole or in part) and the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant Casualty Estimate (defined below) estimates that the appropriate repairs or restoration will not be substantially completed within 90 three hundred sixty-five (365) days after the date upon which Tenant notifies Landlord of the Property Lossfire or other casualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to Sublandlord may either:(i) terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) Sublease as of the date of such termination, the applicable Facility shall be deleted from fire or other casualty by giving notice of termination to Subtenant within thirty (30) days after the date of the fire or other casualty; or (ii) without terminating this Lease Sublease (and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord so long as Subtenant does not elect to terminate this Lease Sublease as provided herein) proceed with respect reasonable diligence to restore the Premises and/or the Building, other than leasehold improvements, trade fixtures, furnishings, equipment, goods and inventory paid for by Subtenant or required to be insured by Subtenant pursuant to Section 11 above, at Sublandlord’s expense. If Sublandlord does not so terminate this Sublease pursuant to the foregoing sentence, within thirty (30) days of fire or casualty it shall provide a written estimate from a reputable and experienced contractor or construction manager (the “Casualty Estimate”) of the time that will be necessary to repair and restore the damage or destruction. If the Casualty Estimate shows that the appropriate repairs or restoration cannot be substantially completed within one hundred eighty (180) days after the date of the fire or other casualty, then Subtenant may, by giving written notice within thirty (30) days after receipt of the Casualty Estimate, terminate this Sublease, such Facilitytermination to be effective as of the date of the fire or other casualty. If such repair or restoration is begun by Sublandlord but is not substantially completed by the expiration of the one hundred eighty (180) day period, thenwhich period shall be extended by any delays caused by the insurance process (so long as Sublandlord provides written notice to Subtenant of said delay within three (3) business days of the commencement of such delay) or by other events beyond Sublandlord’s reasonable control (but in each case, for a period not to exceed sixty (60) additional days in the aggregate), then Subtenant may, upon ten (10) days’ written notice received by Sublandlord no later than thirty (30) days after the one hundred eighty (180) day period, as same may be extended, terminate this Sublease, such termination to be effective as of the date of Sublandlord’s receipt of said notice. If this Sublease is not terminated pursuant to this Section 12, Rent shall axxxx for all or that part of the Premises that are rendered untenantable on a per diem basis from and after the date of the fire or other casualty until the date the Premises and access thereto are substantially repaired or restored, provided, however, Tenant shall promptly rebuild and restore have up to one hundred eighty (180) days to complete its restoration obligations pursuant to Section 12(c) prior to the Facility in accordance with Section 11.4 belowrecommencement of the aforesaid Rent. If any damage by fire or other casualty occurs during the last twelve (12) months of the Term which renders the Building or Premises substantially untenantable, then either party may terminate this Sublease by providing written notice of termination to the other party within thirty (30) days after receipt of the Casualty Estimate if the Casualty Estimate indicates that restoration cannot be substantially completed within ninety (90) days after the date of the fire or other casualty, and Landlord this Sublease shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more terminate as of the licensed Units at the affected Facility or that would cost more than 50% of the value of date such Facility to restorenotice is received.
Appears in 1 contract
Substantial Destruction. Except as otherwise set forth in If a Substantial Destruction shall occur, then Lessor shall promptly restore the Building, at Lessor’s expense, to the condition which existed immediately prior to the occurrence of such damage, unless Lessor, within one hundred and twenty (120) days after the occurrence of such damage, shall give notice to Lessee of Lessor’s election to terminate this Lease. The Lessor shall have the right to make such election in the event of substantial damage to the Building whether or not such damage materially interferes with Lessee’s use of the Premises. If Lessor shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at such date were the date originally established as the expiration date hereof. If Lessor has not restored the Premises to the extent required under this Section 9.4 within twelve (12) months after Lessor’s receipt of all applicable insurance proceeds, such twelve (12) month period to be extended to the extent of any time during delays of the Termcompletion of such restoration due to matters beyond Lessor’s reasonable control, Landlord then Lessee may elect to terminate this Lease with respect by giving written notice of such election to Lessor within thirty (30) days after the end of such Facility by providing notice twelve (12) month period and before the substantial completion of such restoration. If Lessee so elects to Tenant within 90 terminate this Lease, then this Lease and the term hereof shall cease and come to an end on the date that is thirty (30) days after the date upon which Tenant notifies Landlord of the Property Loss, which that Lessor receives Lessee’s termination shall be effective as of the termination date specified by Landlord in its notice, which unless on or before such date shall be not later than 30 days after Landlord’s delivery of Lessor has substantially completed such notice of termination to Tenantrestoration. If Landlord elects the damage or destruction was caused by the gross negligence or willful misconduct of Lessee, Lessor shall have the right to terminate this Lease with respect to such Facilityrecover Lessor's damages from Lessee, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses except as provided in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restoreParagraph 8.6.
Appears in 1 contract
Samples: Lease
Substantial Destruction. Except as otherwise set forth in In the event the leased premises are totally damaged or destroyed or rendered wholly unfit for Tenant's business use, by fire, tornado, earthquake, or other casualty, then either party hereto shall have the right to terminate this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such casualty, by giving to the other party hereto, within thirty (30) days after the happening of such casualty, written notice of such termination. If such notice be given within said thirty (30) day period, the applicable Facility shall be deleted from this Lease shall terminate, as afore said, rent and other charges shall abate from the provisions happening of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 belowxxxx casualty, and Landlord shall make the Property Loss Insurance Proceeds available promptly repay to Tenant for any rent and other charges theretofore paid in advance which has not been earned as of the date of such restoration only pursuant tocasualty. In the even such notice is not given within said thirty (30) day period, this Lease shall not terminate, and Landlord shall, at Landlord's expense, promptly repair and rebuild said premises and restore the same to substantially the condition in accordance withwhich they were immediately prior to the happening of such casualty and rent shall abate from the date of such xxxxxlty until said premises are so repaired, Section 11.5rebuilt and restored. The term “Substantially Destroyed” means It is mutually understood and agreed that for the purposes of construing the provisions of this Article relating to partial and total destruction of the leased premises, that any Property Loss resulting damage or destruction of said premises which renders more than twenty-five percent (25%) of it unusable shall be deemed to have totally destroyed said premises and rendered same wholly unfit for its accustomed uses; that is to say, in the loss event of use any damage or destruction as a result of 50% or which more than twenty-five percent (25%) of the licensed Units at the affected Facility or that would cost more than 50% total area of the value leased premises should become unfit for its accustomed uses, then the provisions of such Facility to restorethis subparagraph (b) hereof shall apply as in the case of total destruction.
Appears in 1 contract
Samples: Warehouse Lease (PSC Inc)
Substantial Destruction. Except as otherwise set forth in this Lease(a) If the Leased Premises or any part thereof are damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord.
1) If the Leased Premises are totally destroyed by fire or other casualty, 2) if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant Leased Premises are damaged so that rebuilding cannot reasonably be completed within 90 one hundred eighty (180) days after the date upon which of written notification by Tenant notifies to Landlord of the Property Lossdestruction, 3) if the Leased Premises are part of a Building which termination shall is substantially destroyed (even though the Leased Premises are not totally or substantially destroyed), 4) if the Leased Premises or Building is damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such fire or casualty, 5) if any mortgagee requires the insurance proceeds payable as a result of such casualty to be effective as applied to the payment of the termination mortgage debt, 6) the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination casualty, or 7) the insurance proceeds are insufficient to Tenant. If reconstruct the Leased Premises or Building to substantially the same condition prior to such fire or casualty, Landlord elects to may at its option terminate this Lease with respect to by providing Tenant written notice thereof within sixty (60) days of such Facility, then (a) Landlord shall receive any casualty and all insurance proceeds payable by reason abate Base Rent and Additional Rent for the unexpired portion of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) Xxxx effective as of the date of the written notification.
(b) If the Leased Premises or any part thereof are damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord.
(1) If the Leased Premises are totally destroyed by fire or other casualty, (2) if the Leased Premises are damaged so that rebuilding cannot reasonably be completed within one hundred eighty (180) days after the date of written notification by Tenant to Landlord of the destruction, (3) if the Leased Premises are damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such terminationfire or casualty, (4) if the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date of such casualty, and in any of the foregoing situations, the applicable Facility shall be deleted from this Lease and damage is not the provisions result of Section 7.4.12 governing a deletion any act or omission of a Facility after Property Loss shall be applicable. If Landlord does not elect to Tenant, Tenant may at its option terminate this Lease with respect to by providing Landlord written notice thereof within thirty (30) days of such Facility, then, Tenant casualty and Base Rent and Additional Rent shall promptly rebuild and restore abate for the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more unexpired portion of the licensed Units at the affected Facility or that would cost more than 50% Term effective as of the value of such Facility to restoredate xx xhe written notification.
Appears in 1 contract
Substantial Destruction. Except as otherwise set forth in this LeaseIf the Premises are totally destroyed by fire or other casualty, or if a Facility is Substantially Destroyed the Premises are damaged so that rebuilding thereof cannot reasonably be completed within one hundred twenty (120) days after the date of the damage or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Termdestruction, Landlord may elect and Tenant each shall have the option to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 thirty (30) days after the date upon which Tenant notifies Landlord of the Property Lossdamage or destruction, which termination shall be effective as of the termination date specified by Landlord in its noticeof said damage or destruction, which date provided, however, that Landlord's right to terminate shall be not later than 30 days after Landlord’s delivery of such notice of termination subject to Tenant's right to exercise its option to purchase the Premises as set forth in Paragraph 31 below. In the event that this Lease is so terminated, Landlord shall be entitled to retain any insurance proceeds payable to Landlord under Paragraph 7 above provided, however, Landlord shall assign such proceeds (less the purchase price that may be established pursuant to Subparagraph 31.3 below) to Tenant if Tenant elects to exercise such option under Paragraph 31 below and closes the purchase of the Premises. If Landlord elects neither party exercises its right hereunder to terminate this Lease with respect to such FacilityLease, then (a) Landlord shall receive any forthwith commence and all insurance proceeds payable by reason thereafter diligently complete repair and restoration of the Property Loss (Leased Premises, subject to delays beyond Landlord's reasonable control and force majeure events, to substantially the “Property Loss Insurance Proceeds”)same operating condition in which they existed immediately prior to the damage or destruction, (b) Tenant in which event Base Rent and any additional rent shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of be abated from the date of such terminationdamage or destruction until the Premises are restored and Tenant can reopen for business therein. Landlord shall not be required to repair and reconstruct any fixtures, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicableadditions, or other improvements that Tenant is required to insure under Paragraph 7. If Landlord does not elect to complete such repair and restoration of the Premises within 270 days after the date of casualty or destruction, Tenant may, in its sole discretion, terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restoreLease.
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Samples: Lease Agreement (Electro Energy Inc)
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately within five (5) Business Days pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units total units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.
Appears in 1 contract
Samples: Master Lease Agreement (Capital Senior Living Corp)
Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 is 90 days after LandlordTenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of 50% or more of the licensed Units beds at the affected Facility located on the relevant Leased Property or that would cost require more than 50% of the value of such Facility the Leased Improvements to restorebe restored.
Appears in 1 contract
Samples: Master Lease Agreement (Assisted Living Concepts Inc)