Common use of SUBSTANTIAL UNTENANTABILITY Clause in Contracts

SUBSTANTIAL UNTENANTABILITY. If either the Premises or the Building is rendered substantially untenantable by fire or other casualty, Landlord may elect by giving Tenant written notice within one hundred twenty (120) days after the date of said fire or casualty, either to: (1) terminate this Lease as of the date of the fire or other casualty; or (2) proceed to repair or restore the Premises or the Building (other than leasehold improvements and personal property installed by or on behalf of Tenant) to substantially the same condition as existed immediately prior to such fire or casualty. If Landlord elects to proceed pursuant to subsection (2) above, Landlord’s notice shall contain Landlord’s reasonable estimate of the time required to substantially complete such repair or restoration. If such estimate indicates that the time so required will exceed one hundred eighty (180) days from the date of the fire or other casualty, then Tenant shall have the right to terminate this Lease as of the date of such casualty by giving written notice to Landlord not later than twenty (20) days after the date of the Landlord’s notice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenant’s notice of termination) to vacate the Premises (provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty, or if Tenant fails to exercise its said right to terminate this Lease, this Lease shall remain in force and effect.

Appears in 2 contracts

Samples: Deed of Lease (Xenith Bankshares, Inc.), Deed of Lease (Xenith Bankshares, Inc.)

AutoNDA by SimpleDocs

SUBSTANTIAL UNTENANTABILITY. If either the Premises or the Building is rendered substantially untenantable by fire or other casualty, Landlord may elect by giving Tenant written notice within one hundred twenty (120) 60 days after the date of said fire or casualty, either to: to (1) terminate this Lease as of the date of the fire or other casualty; or (2) proceed to repair or restore the Premises or the Building (Building, other than leasehold improvements (except those constructed by Tenant with the Tenant Improvements Allowance) and personal property installed by or on behalf of Tenant) , to substantially the same condition as existed immediately prior to such fire or casualty. For purposes of this Lease, the Building shall be deemed substantially untenantable if the amount of any loss or damage to the Building exceeds fifty percent (50%) of the value of the Building immediately prior to such damage or loss as determined by the Landlord or any mortgagee of the Building. If Landlord elects to proceed pursuant to subsection (2) above, Landlord’s 's notice shall contain Landlord’s 's reasonable estimate of the time required to substantially complete such repair or restoration. If such estimate indicates that the time so required will exceed one hundred eighty (180) 150 days from the date of the fire or other casualty, then Tenant shall have the right to terminate this Lease as of the date of such casualty by giving written notice to Landlord not later than twenty (20) 20 days after the date of the Landlord’s 's notice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenant’s notice of termination) to vacate the Premises (provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s 's estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty150 days, or if Tenant fails to exercise its said right to terminate this Lease, this Lease shall remain in force and effect. Notwithstanding any provision of this Article to the contrary, Tenant may, at its option, terminate this Lease, if Landlord elects to repair or restore as provided hereunder, and such repair or restoration is not completed within 150 days plus the number of days of delay attributable to an events of Force Majeure, as provided in Section 30.5 hereof (provided that the total number of days of delay attributable to an event of Force Majeure may not exceed thirty (30)), plus the number of days of delay, if any, as are attributable to the failure of Tenant to repair or restore any portion of the Building or Premises to be repaired or restored by Tenant.

Appears in 1 contract

Samples: National Auto Finance Co Inc

SUBSTANTIAL UNTENANTABILITY. If either the Premises or more than fifty percent (50%) of the Building or Premises is rendered substantially untenantable damaged or destroyed by fire or other casualtycasualty and, in Landlord's reasonable opinion, such damage will not permit Tenant to carry on its normal pre-existing business in the Premises, or remainder thereof, Landlord may elect by giving Tenant written notice within one hundred twenty (120) days after the date of said fire or casualty, either to: (1A) terminate this Lease as of the date of the fire or other casualtycasualty by giving Tenant written notice thereof within ninety (90) days after said date; or (2B) proceed to repair or restore the Premises Building or the Building (Premises, other than leasehold improvements and personal property paid for or installed by or on behalf of Tenant) to substantially the same condition as existed immediately prior to such fire or casualty, and this Lease shall remain in full force and effect. If Landlord elects to proceed pursuant to subsection (2B) above, Landlord’s Landlord shall notify Tenant thereof within forty-five (45) days after the date of such fire or other casualty, which notice shall contain Landlord’s 's reasonable estimate of the time required to substantially complete such repair or restoration. If In the event such estimate indicates that the time so required will exceed one hundred eighty (180) days from the date of the fire or other casualty, then Tenant shall have the right to terminate this Lease effective as of the date of such casualty by giving written notice thereof to Landlord not later than twenty (20) days after the date of the Landlord’s 's notice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenant’s notice of termination) to vacate the Premises (provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s 's estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualtydays, or if Tenant fails to exercise its said right to terminate this Lease, as aforesaid, this Lease shall remain in force and effect. In all cases relative to such repair or restoration pursuant to this Article XV, due allowance shall be made for reasonable delay caused by adjustment of insurance loss, strikes, governmental approvals, labor difficulties or any cause beyond Landlord's reasonable control.

Appears in 1 contract

Samples: Office Center (Hydron Technologies Inc)

SUBSTANTIAL UNTENANTABILITY. (a) If either any fire or other casualty (whether insured or uninsured) renders all or a substantial portion of the Premises or the Building is rendered substantially untenantable by fire or other casualtyuntenantable, Landlord may elect by giving Tenant written notice shall, within one hundred twenty sixty (12060) days after the date occurrence of said fire or casualtysuch damage, either to: estimate the length of time that will be required to Substantially Complete the repair and restoration (1the “Estimated Restoration Period”) terminate this Lease as and shall by notice within such sixty (60) day period advise Tenant of the date of the fire or other casualty; or such estimate (2) proceed to repair or restore the Premises or the Building (other than leasehold improvements and personal property installed by or on behalf of Tenant) to substantially the same condition as existed immediately prior to such fire or casualty“Landlord’s Notice”). If Landlord elects to proceed pursuant to subsection (2) above, Landlord’s notice shall contain Landlord’s reasonable estimate of the time required to substantially complete such repair or restoration. If such estimate indicates estimates that the time so required Estimated Restoration Period will exceed one hundred eighty (180) days from the date such damage occurred, and if all or a substantial portion of the fire or other casualtyPremises is rendered untenantable, then Tenant shall have the right to terminate this Lease upon giving written notice to Landlord at any time within twenty (20) days after delivery of Landlord’s Notice. In addition, if Landlord estimates that the Estimated Restoration Period will exceed three hundred sixty-five (365) days from the date such damage occurred, Landlord shall have the right to terminate this Lease as of the date of such casualty by damage upon giving written notice to Landlord not later than Tenant at any time within twenty (20) days after the date delivery of the Landlord’s notice, subject to Landlord’s covenants in which event Tenant shall have as much time as is practicable under the circumstances subparagraph (not to exceed thirty (30e) days from the date of Tenantbelow; provided that if Landlord so chooses, Landlord’s Notice may also constitute its notice of termination) to vacate the Premises (, and further provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty, or if Tenant fails to exercise its said right Landlord elects to terminate this LeaseLease pursuant to this sentence, Landlord shall be required to terminate the leases of any other tenants in the Building to the extent that Landlord has the discretion to terminate such leases pursuant to a similar casualty provision. In the event of a termination by either Landlord or Tenant pursuant to this Lease paragraph, the effective date of such termination shall remain in force be the earliest of the date that is ninety (90) days following the delivery of the applicable termination notice, the date Tenant vacates the Premises, and effectthe Expiration Date.

Appears in 1 contract

Samples: Letter Agreement (PBSJ Corp /Fl/)

SUBSTANTIAL UNTENANTABILITY. If either the Building or the Premises or the Building is rendered are made substantially untenantable by fire or other casualty, Landlord may elect by giving Tenant written notice within one hundred twenty (120) days after the date of said fire or casualty, either to: (1a) terminate this Lease as of the date of the fire or other casualtycasualty by giving Tenant written notice thereof within 90 days after said date; or (2b) proceed to repair or restore the Premises Building or the Building (Premises, other than leasehold improvements floor and wall treatment, and personal property paid for or installed by Tenant. Landlord shall not exercise its right to terminate this Lease pursuant to (a) above unless (i) the Premises are substantially destroyed, or on behalf (ii) the Premises are damaged to the extent of Tenant20% of its replacement cost by a casualty not insured against or required to be insured against, or (iii) if the Premises are damaged to substantially the same condition as existed immediately prior to such fire or casualtyextent of 20% of its replacement costs during the last 2 years of the Lease term. If Landlord elects to proceed pursuant to subsection (2b) above, Landlord’s Landlord shall notify Tenant thereof within 90 days after the date of such fire or other casualty, which notice shall contain Landlord’s 's reasonable estimate of the time required to substantially complete such repair or restoration. If In the event such estimate indicates that the time so required will exceed one hundred eighty (180) 270 days from the date of the fire or other casualty, then Tenant shall have the right to terminate this Lease as of the date of such casualty by giving written notice thereof to Landlord not later than twenty (20) 20 days after the date of the Landlord’s 's notice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenant’s notice of termination) to vacate the Premises (provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s 's estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty270 days, or if Tenant fails to exercise its said right to terminate this Lease, as aforesaid, this Lease shall remain in force and effect. If this Lease is not terminated Tenant shall restore all of the floor and wall covering, fixtures, carpeting, and personal property which it originally installed or paid for. Landlord, at its sole option, may elect to cause Tenant to make such repairs and restoration, in which event Tenant shall promptly complete the same and Landlord will make available to Tenant for the sole purpose of reconstruction of the Premises the insurance proceeds received by Landlord from its insurance carrier. In the event of any such reconstruction by Xxxxxx, an architect duly registered in Missouri shall be selected by Landlord and shall direct the payment of such insurance proceeds. Such insurance proceeds shall be payable to Tenant only upon receipt by Landlord of certificates of said architect stating that the payments specified therein are properly payable for the purpose of reimbursing Tenant for expenditures actually made by Xxxxxx in connection with such work. At the election of Landlord, direct payments may be made to material suppliers and laborers upon written certification by said architect that such payments are due and payable. Any such insurance proceeds in excess of Tenant's actual expenditures in restoring the damage or destruction shall belong to Landlord.

Appears in 1 contract

Samples: Panera Bread Co

AutoNDA by SimpleDocs

SUBSTANTIAL UNTENANTABILITY. (a) If either the Premises or the Building is rendered substantially untenantable by any fire or other casualtycasualty (whether insured or uninsured) renders all or a substantial portion of the Premises, the Building or the Project untenantable, Landlord may elect by giving Tenant written notice within one hundred twenty (120) days shall, with reasonable promptness after the date occurrence of said fire or casualtysuch damage, either to: (1) terminate this Lease as estimate the length of the date of the fire or other casualty; or (2) proceed to repair or restore the Premises or the Building (other than leasehold improvements and personal property installed by or on behalf of Tenant) time that will be required to substantially complete the same condition as existed immediately prior to repair and restoration and shall by notice advise Tenant of such fire or casualtyestimate (“Landlord’s Notice”). If Landlord elects to proceed pursuant to subsection (2) above, Landlord’s notice shall contain Landlord’s reasonable estimate estimates that the amount of the time required to substantially complete such repair or restoration. If such estimate indicates that the time so required and restoration will exceed one two hundred eighty forty (180240) days from the date such damage occurred, then Landlord, or Tenant, if all or a substantial portion of the fire or other casualtyPremises is rendered untenantable, then Tenant shall have the right to terminate this Lease as of the date of such casualty by damage upon giving written notice to Landlord not later than the other at any time within twenty (20) days after the date delivery of the Landlord’s noticeNotice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenantprovided that if Landlord so chooses, Landlord’s Notice may also constitute such notice of termination) to vacate the Premises (provided that all of Tenant’s obligations under this Lease, other than the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s estimate indicates that Landlord has the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty, or if Tenant fails to exercise its said right to terminate this Lease pursuant to this Section 14.01, Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on this Lease, this Lease shall remain time needed to repair and restore, costs of repair and restoration not covered by insurance proceeds, Landlord’s plans to repair and restore common areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other relevant factors of Landlord’s decision as long as they are applied to Tenant in force and effectthe same manner as other tenants.

Appears in 1 contract

Samples: Workletter Agreement (INSU Acquisition Corp. II)

SUBSTANTIAL UNTENANTABILITY. (a) If either any fire or other casualty (whether insured or uninsured) renders all or a substantial portion of the Premises or the Building is rendered substantially untenantable by fire or other casualtyuntenantable, Landlord may elect by giving Tenant written notice within one hundred twenty (120) days shall, with reasonable promptness after the date occurrence of said fire or casualtysuch damage, either to: reasonably estimate the length of time that will be required to Substantially Complete the repair and restoration and shall by notice advise Tenant of such estimate (1) terminate this Lease as of the date of the fire or other casualty; or (2) proceed to repair or restore the Premises or the Building (other than leasehold improvements and personal property installed by or on behalf of Tenant) to substantially the same condition as existed immediately prior to such fire or casualty“Landlord’s Notice”). If Landlord elects to proceed pursuant to subsection (2) above, Landlord’s notice shall contain Landlord’s reasonable estimate estimates that the amount of the time required to substantially complete such repair or restoration. If such estimate indicates that the time so required and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then Landlord, or Tenant if all or a substantial portion of the fire or other casualtyPremises is rendered untenantable, then Tenant shall have the right to terminate this Lease as of the date of such casualty by damage upon giving written notice to Landlord not later than the other at any time within twenty (20) days after the date delivery of the Landlord’s noticeNotice, in which event Tenant shall have as much time as is practicable under the circumstances (not to exceed thirty (30) days from the date of Tenantprovided that if Landlord so chooses, Landlord’s Notice may also constitute such notice of termination. Further, if Tenant is permitted and does properly terminate the PRI Lease in accordance with Article 14 (Damage by Fire or Other Casualty) to vacate of the Premises (provided that all of Tenant’s obligations under this PRI Lease, other than Tenant shall also have the obligation to pay Rent, shall remain in effect, notwithstanding such termination of the Lease, with respect to any such period during which Tenant is vacating the Premises). If Landlord’s estimate indicates that the repair or restoration can be substantially completed within one hundred eighty (180) days from the date of the fire or other casualty, or if Tenant fails to exercise its said right to terminate this Lease by giving Landlord written notice of such termination concurrently with its notice to terminate the PRI Lease, . Tenant’s notice to terminate this Lease pursuant to the preceding sentence shall remain in force and effectdesignate a termination date for this Lease; provided, however, such date may not be earlier than ninety (90) days following the date Tenant delivers its termination notice for this Lease.

Appears in 1 contract

Samples: Lease (Transcept Pharmaceuticals Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.