Tenant’s Right to Terminate. Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminate.
Appears in 3 contracts
Samples: Lease Agreement (St John Knits International Inc), Agreement for Purchase and Sale and Lease of Property (St John Knits International Inc), Lease Agreement (St John Knits International Inc)
Tenant’s Right to Terminate. If all or a substantial part of the Premises are rendered untenantable or inaccessible by damage to all or any part of the Property from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant shall have the right may elect to terminate this Lease following a Casualty if any (a) Landlord's estimate of the following occurs: time required to complete Landlord's repair obligations under this Lease is greater than one (i1) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after year from the date of such Landlord's Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the PremisesElection Notice, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (in which determination shall be made and forwarded to event Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects may elect to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give by giving Landlord written notice of its such election to terminate within thirty (30) days after the date of Landlord's Casualty Election Notice, or (b) Landlord (x) does not restore the Premises and the Property within one (1) year following date of Landlord's Casualty Election Notice, and (y) in addition, after the expiration of such one (1) year period, does not complete Landlord's repair obligations under this Lease within forty-five (45) days after Landlord's receipt of Landlord’s Architect’s determination written demand from Tenant to complete such repair obligations, or (c) the fire or within 30 days other casualty occurs during the last year of the applicable restoration period should Landlord fail Term, and would either (i) take longer than ninety (90) days to complete repairs during such period)following the date of the fire or other casualty, and or (ii) would not be completed at least ninety (90) days prior to the expiration of the Term, then Tenant may elect to terminate this Lease during the last year of the Term by giving Landlord written notice of such election to terminate within thirty (30) days following the determination of the time to repair or restore the Premises. In addition, if, following any fire or other casualty, any changes to the Premises and/or Property required by then applicable Law materially, adversely affect Tenant's use and occupancy of the Premises, then Tenant shall have the right to terminate as this Lease by written notice received by Landlord within thirty (30) days after Landlord notifies Tenant of such changes (and Landlord shall not be obligated, to the extent otherwise required under this Section 12, to commence repair and restoration of the Premises/and or the Building until the earlier of the date Tenant's right to terminate this Lease pursuant to the provisions of this sentence expires, or Landlord receives a written waiver of such notice of election to terminatetermination right signed by Tenant).
Appears in 2 contracts
Tenant’s Right to Terminate. Tenant shall have the right to terminate this Lease following a Casualty if (a) If any of the following occurs: (i) Landlord’s Architect determines (which determination , Tenant shall be made and forwarded to Tenant promptly after such Casualty) that have the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects option to terminate this Lease following Lease, which option may be exercised only by delivery to Landlord of a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination such occurrence:
(or i) The Leased Premises are damaged by any casualty and restoration cannot be substantially completed within 30 three hundred sixty (360) days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of after the date of such notice damage (as determined by an engineer selected by Tenant and approved by Landlord and any Lender, which approval shall not be unreasonably withheld); or
(ii) The Leased Premises are damaged by any casualty within twelve (12) months of election the last day of the Lease Term or any proper extension thereof and the restoration cannot be substantially completed within one hundred eighty (180) days after the date of such damage (as determined by an engineer selected by Tenant and approved by Landlord and any Lender, which approval shall not be unreasonably withheld).
(b) As a condition precedent to terminatetermination of the Lease pursuant to this Paragraph 11.2, all insurance proceeds available from insurance carried by Tenant which covers loss to property that is Landlord’s property or would become Landlord’s property on termination of this Lease shall be paid to and become the property of Landlord (subject to the terms of any first mortgage held by a Lender), and, if such insurance proceeds are insufficient to restore the Leased Premises, Tenant shall pay the amount of such deficiency to Landlord, subject to applicable provisions of the Existing Mortgage.
Appears in 2 contracts
Samples: Industrial Real Property Lease (Thermadyne Australia Pty Ltd.), Industrial Real Property Lease (Thermadyne Australia Pty Ltd.)
Tenant’s Right to Terminate. If the Improvements are damaged by any --------------------------- peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to paragraph 11.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: (i) Landlord’s Architect determines (, which determination shall right may be made and forwarded exercised only by delivery to Tenant promptly after such Casualty) that Landlord of a written notice of election to terminate on or before the Premises cannot, with reasonable diligence, be repaired by Landlord later to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because occur of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangersthirtieth (30) within 360 days day after the date of such Casualty and damage or Tenant receives from Landlord the Casualty materially adversely impacts Tenant’s use of a material portion estimate of the Premisestime needed to complete such restoration:
A. The Improvements are damaged by any peril and, in the reasonable opinion of Landlord's architect or construction consultant, the restoration of the Improvements under then-existing building codes to the condition existing immediately prior to the damage cannot be substantially completed within one (ii1) year after the Premises is destroyed date of such damage or materially the Improvements are not in fact restored to said condition within said one (1) year period; or
B. The Improvements are damaged during the last by any peril within twelve (12) months of the last day of the Lease Term and in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded 's architect or construction consultant the restoration of the Improvements under then-existing building codes to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed existing immediately prior to such Casualty the damage cannot be substantially completed within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty ninety (3090) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election damage or are not in fact restored to terminatesaid condition within said ninety (90) day period.
Appears in 2 contracts
Samples: Lease (Objective Systems Integrators Inc), Lease (Objective Systems Integrators Inc)
Tenant’s Right to Terminate. Subject to the later terms hereof, Tenant shall have the right to terminate this Lease following a Casualty the destruction of the Premises (or damage to the Premises so extensive as to reasonably prevent Tenant's substantial use and enjoyment of the Premises) if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be fully repaired by Landlord to a substantially similar condition within one hundred eighty (180) days after the date of the damage or destruction, as existed prior to such Casualty determined by Landlord's Architect; (or ii) the Premises cannot safely be safely repaired because of the presence of hazardous factors, including, but not limited to, including Hazardous Materials, earthquake faults faults, radiation, chemical waste and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, ; or (iiiii) the Premises is destroyed damage or materially damaged destruction occurs during the last twelve (12) months of the Lease Term and cannot, with reasonable diligence, be fully repaired by Landlord within ninety (90) days after the date of the destruction or damage, as determined by Landlord’s Architect determines 's Architect. Notwithstanding the foregoing, Tenant shall not have the right to terminate under this Section 12.3 if (which determination shall be made a) an Event of Default has occurred and forwarded to Tenant promptly after such Casualty) that is continuing at the time of such damage will require more than sixty (60) days or destruction or at the time of exercising the right to repairterminate, or (iiib) the Premises are not actually repaired damage or destruction was caused, in whole or in part, by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts act or omission of Tenant or Tenant’s use of a material portion of the Premises's Agents. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.312.3, Tenant shall give Landlord written notice Notice of its election to terminate within ten (10) days after the date of such damage or destruction, and this Lease shall terminate thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminateNotice.
Appears in 2 contracts
Samples: Master Lease Agreement (Adforce Inc), Master Lease Agreement (Adforce Inc)
Tenant’s Right to Terminate. Tenant shall have the right option to terminate this Lease following upon giving notice in writing of such election to Landlord within sixty (60) days after Tenant’s receipt of written notice that a Casualty if any portion of the following occurs: (i) Landlord’s Architect determines (which determination Premises has been or shall be made and forwarded to Tenant promptly after such Casualtyso taken if, (a) that there is a Taking of more than twenty-five percent (25%) of the rentable square feet of the Premises cannotand Tenant reasonably determines that such Taking will have a material adverse impact upon Tenant’s business, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty or (or cannot be safely repaired b) because of the presence laws then in force, the Premises may not be used for the same use being made before such Taking, whether or not restored. This Lease shall terminate effective as of hazardous factorsthe date Tenant is required to vacate the portion of the Premises taken. Notwithstanding anything to the contrary in this paragraph, includingif within 20 days after Landlord’s receipt of the Tenant’s termination notice under this paragraph, but not limited toLandlord notifies Tenant that Landlord at its cost will add to the remaining Premises so that the area of the Premises will be substantially the same after the Condemnation as they were before the Condemnation, Hazardous Materials, earthquake faults and other similar dangerssuch work will be completed within six (6) within 360 days months after the date of such Casualty taking, and further provided that Landlord commences the Casualty materially adversely impacts Tenant’s use restoration promptly after Landlord so notifies Tenant and completes the required work within such six (6) month period, then all obligations of a material portion Tenant under this Lease remain in effect, except that Monthly Rental and all Additional Rent will be abated or reduced during the period from the date of condemnation until the completion of such restoration by the ratio of (A) the area of the PremisesPremises taken to (B) the area of the Premises immediately before the Date of Condemnation, or (ii) if the remainder of the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination not usable by Tenant for its intended purposes hereunder, then rent shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminateentirely abated.
Appears in 2 contracts
Samples: Lease (Neurocrine Biosciences Inc), Lease (Neurocrine Biosciences Inc)
Tenant’s Right to Terminate. Notwithstanding anything to the contrary contained herein, Tenant shall have the right to terminate this Lease following a Casualty if any by delivering written notice of the following occurs: such termination to Landlord within thirty (i30) days of Tenant’s receipt of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) Repair Notice if Landlord’s Repair Notice states that the Premises cannot, with reasonable diligence, be repaired damage caused by Landlord to a substantially similar condition as existed prior to such Casualty (or casualty cannot be safely fully repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerswithin one hundred eighty (180) within 360 days after from the date of such Casualty casualty and the Casualty materially adversely impacts if Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during impaired by the last twelve damage. In addition, if, notwithstanding the time stated in Landlord’s Repair Notice, the damage is not in fact materially restored within two hundred ten (12210) months days of the Lease Term and Landlord’s Architect determines date of casualty (which determination shall be made and forwarded subject to Tenant promptly after such Casualtydelay) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion the Premises is materially impaired during such period, then Tenant may terminate this Lease by delivering written notice to Landlord within ten (10) days after the expiration of such period. Force Majeure shall not apply to extend the Premisestime periods for restoration set forth in this Section 16.5. If Tenant fails to elect to timely terminate this Lease pursuant to the preceding provisions, then such right shall lapse and be of no further force or effect. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3immediately as permitted herein, Tenant Base Rent and Additional Rent shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of xxxxx from the date of the occurrence of such notice casualty to the effective date of election to terminatetermination.
Appears in 2 contracts
Samples: Lease Agreement (Fisher Communications Inc), Purchase and Sale Agreement (Fisher Communications Inc)
Tenant’s Right to Terminate. If the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to ¶11.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: (i) , which right may be exercised only by delivery to Landlord of a written notice of election to terminate within 10 days after Tenant receives notice from Landlord that the estimated time needed to complete such restoration is more than the applicable period set for in paragraphs A or B below.
A. The Premises are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) substantially completed within 360 180 days after the date of such Casualty damage; or
B. The Premises are damaged by any peril within 12 months of the last day of the Lease Term and, in the reasonable opinion of Landlord’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within 120 days after the date of such damage. In addition, if Landlord provides notice that the restoration can be completed within said 180 or 120 days, as provided in paragraphs B or C above, and Landlord fails to substantially complete the Casualty materially adversely impacts restoration work within the applicable time period, as the same may be extended for any delay caused by Tenant or any of Tenant’s use Agents or a force majeure delay (as described in ¶15.14 hereof), then Tenant may terminate this Lease by providing written notice of a material portion such election to terminate within 10 days after the earlier of (i) the Premisesend of said 180 or 120 day time period, as the case may be, as such time period may be extended for any delay caused by Tenant or any of Tenant’s Agents, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months after receipt of written notice from Landlord of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded delay. Landlord agrees to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord provide written notice of any delay caused by Tenant or its election Agents or by any force majeure delay within a reasonable period of time not to terminate within exceed thirty (30) days after receipt Landlord knows of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during an event constituting and causing such period), and this Lease shall terminate as of the date of such notice of election to terminatea delay.
Appears in 2 contracts
Samples: Lease (Neophotonics Corp), Lease (Neophotonics Corp)
Tenant’s Right to Terminate. If (a) Tenant is not able to obtain a Building Permit for the Initial Alterations to the Premises within sixty (60) days of the Execution Date as a result of a failure of Landlord to reasonably cooperate with Tenant’s efforts to secure such Building Permit (provided, however, that Landlord’s obligation to cooperate shall be limited to executing a building permit application and related documentation that is consistent with the final plans approved by Landlord as provided herein), or (b) if Tenant is not able to secure an Occupancy Permit within (10) days after completion of the Initial Alterations to the Premises as a result of a condition of the Building or Premises, other than the Initial Alterations, for which Landlord is responsible, then, in either such case, Tenant at its option may, at any time after the applicable deadline has expired and before the applicable condition has been satisfied, elect to terminate this Lease by giving Landlord notice of such election, which notice shall specify in reasonable detail the reason(s) for such termination. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice to Landlord with the same force and effect as if such date were the last day of the term hereof, unless, on or before the expiration of such thirty-day period, Landlord cures the failure that was the ground of the termination, in which event Tenant’s election to terminate shall automatically become void. For purposes of this section, Landlord shall be deemed to have reasonably cooperated if Landlord responds to requests from Tenant within 5 days of the date of the request. Date Tenant Address Re: Commencement Letter with respect to that certain Lease dated as of the day of , , by and between , a , as Landlord, and , as Tenant, for rentable square feet on the floor of the Building located at , Massachusetts, . Dear : In accordance with the terms and conditions of the above referenced Lease, Tenant accepts possession of the Premises and agrees:
1. The Commencement Date of the Lease is ;
2. The Termination Date of the Lease is . Please acknowledge your acceptance of possession and agreement to the terms set forth above by signing all 3 counterparts of this Commencement Letter in the space provided and returning 2 fully executed counterparts to my attention. Sincerely, Authorized Signatory Agreed and Accepted: Tenant: By: Name: Title: Date: The following rules and regulations shall apply, where applicable, to the Premises, the Building, the parking facilities (if any), the Property and the appurtenances. In the event of a conflict between the following rules and regulations and the remainder of the terms of the Lease, the remainder of the terms of the Lease shall control. Capitalized terms have the same meaning as defined in the Lease.
1. Sidewalks, doorways, vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises. No rubbish, litter, trash, or material shall be placed, emptied, or thrown in those areas. At no time shall Tenant permit Tenant’s employees to loiter in Common Areas or elsewhere about the Building or Property.
2. Plumbing fixtures and appliances shall be used only for the purposes for which designed and no sweepings, rubbish, rags or other unsuitable material shall be thrown or placed in the fixtures or appliances. Damage resulting to fixtures or appliances by Tenant, its agents, employees or invitees shall be paid for by Tenant and Landlord shall not be responsible for the damage.
3. No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building, except those of such color, size, style and in such places as are first approved in writing by Landlord. Subject to Landlord’s approval for design and location, Tenant shall have the right to terminate this Lease following install a Casualty if any tenant identification and suite number on the left side of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded entrance door to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3All tenant identification and suite numbers shall be installed by Landlord, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of at Landlord’s Architect’s determination (cost and expense, using the standard graphics for the Building. Except in connection with the hanging of lightweight pictures and wall decorations, no nails, hooks or within 30 days screws shall be inserted into any part of the applicable restoration period should Landlord fail to complete repairs during such period)Premises or Building except by the Building maintenance personnel without Landlord’s prior approval, and this Lease which approval shall terminate as of the date of such notice of election to terminatenot be unreasonably withheld.
Appears in 2 contracts
Samples: Office Lease Agreement (Oxford Immunotec Global PLC), Office Lease Agreement (Oxford Immunotec Global PLC)
Tenant’s Right to Terminate. If the Premises or the Parking Structure are damaged by any peril and Landlord does not elect to terminate this Lease pursuant to a right granted in this Lease or is not entitled to terminate this Lease pursuant to Section 11.B, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written, reasonable opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if entirely, or as to the Premises so destroyed (in the case of partial destruction), in the event any of the following occurs: :
(i1) The Premises or the Parking Structure are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) substantially completed within 360 days after the date of such Casualty and damage; or
(2) The Premises or the Casualty materially adversely impacts Tenant’s use of a material portion Parking Structure are damaged by any peril within 12 months of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months day of the Lease Term and and, in the reasonable opinion of Landlord’s Architect determines (which determination shall architect or construction consultant, the restoration of the Premises cannot be made and forwarded to Tenant promptly substantially completed within 90 days after such Casualty) that the date of such damage will require and such damage renders unusable more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion 30% of the Premises. If Tenant elects to terminate Tenant’s termination notice shall specify the termination date of this Lease following a Casualty pursuant to this Section 7.3Lease, Tenant which date shall give Landlord written notice of its election to terminate within thirty (30) not be later than 180 days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice the notice. In the event of election to terminateany partial termination, Base Monthly Rent, Additional Rent, and Tenant’ Share shall be appropriately and equitably adjusted.
Appears in 2 contracts
Samples: Lease (Echelon Corp), Lease (Echelon Corp)
Tenant’s Right to Terminate. If MAC notifies Tenant shall have the that MAC is exercising its right to terminate unilaterally amend this Lease following to exclude a Casualty if any portion of the following occurs: Leased Property pursuant to Section 16.1 [Right to Terminate or Unilaterally Amend], Tenant may, within fourteen (14) days of receipt of the Notice of Termination, notify MAC that (i) Landlordthe remaining Leased Property is not sufficient to allow Tenant to continue to use the Leased Property in all material respects as Tenant used it immediately prior to MAC’s Architect determines delivery of the Notice of Termination (which determination shall use must be made and forwarded to Tenant promptly after such Casualtypermitted under Section 3 [Use of Leased Property] of this Lease) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months effect of the Lease Term amendment materially prevents a use as permitted under Section 3 [Use of Leased Property], and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) ask that such damage will require more than MAC terminate the Lease. If MAC does not, within sixty (60) days to repairof MAC’s receipt of such notice, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects agree to terminate this Lease following rather than unilaterally amend this Lease, Tenant may, within forty-five (45) days after the expiration of the sixty (60) day period, commence a Casualty district court action seeking to terminate this Lease and Tenant shall be entitled to a judgment terminating this Lease if, and only if, the Court determines that (i) the remaining Leased Property is not sufficient to allow Tenant to continue to use the Leased Property in all material respects as Tenant used it immediately prior to MAC’s delivery of the Notice of Termination (which use must be permitted under Section 3 [Use of Leased Property] of this Lease) or (ii) the effect of the amendment materially prevents a use as permitted under Section 3 [Use of Leased Property]. In any such action, the burden of proof shall be on Tenant. If Xxxxxx does not commence such an action within the 45 day period, Tenant may not, thereafter, contest the unilateral amendment of this Lease. If Xxxxxx does commence such an action within the 45 day period, the process for the determination of the compensation, as set forth in Section 16.6 [Payment of Compensation for Improvements] below, that MAC must pay Tenant will be stayed until the Court determines if the Lease is terminated in whole or in part. A termination pursuant to this Section 7.3, 16.3 shall be a termination that entitles Tenant shall give Landlord written notice to compensation under Section 16.6 [Payment of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminateCompensation for Improvements] below.
Appears in 2 contracts
Samples: Lease Agreement, Commercial Lease
Tenant’s Right to Terminate. If the Premises are damaged by fire or other casualty and the Landlord does not (1) elect by written notice to Tenant (which notice shall include Landlord’s estimate of the time needed to complete such repair or restoration) given no later than ninety (90) days after Landlord’s receipt of Tenant’s Casualty Notice (“Landlord’s Restoration Notice”), to substantially repair or restore the same to their former condition (but only as to portions existing on the Term Commencement Date for which Landlord has restoration obligations in this Lease), or (2) substantially complete Landlord’s required repair and restoration prior to the later of the estimated date of substantial completion set forth in Landlord’s Restoration Notice, or nine (9) months following Landlord’s receipt of Tenant’s Casualty Notice (which date in each case shall be extended one day for each day of delay caused by any act or omission of Tenant and for events of Force Majeure as contemplated in Section 10.22 hereof), then Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or canupon not be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more less than sixty (60) days prior written notice given to repair, or the Landlord within ten (iii10) business days after the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to expiration of such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion period (time being of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such periodessence), provided such cancellation shall be void and this Lease shall terminate continue in full force and effect in the event that substantial completion of Landlord’s required repair and restoration is achieved within such sixty (60) day period (which date shall be extended one day for each day of delay caused by any act or omission of Tenant and for events of Force Majeure as of the date of such notice of election to terminatecontemplated in Section 10.22 hereof).
Appears in 2 contracts
Tenant’s Right to Terminate. If the Leased Premises, the Building or the Outside Area are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be complete. Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs: , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within twenty-one (i21) Landlord’s Architect determines (which determination shall be made and forwarded to days after Tenant promptly after such Casualty) that receives from Landlord the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because estimate of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerstime needed to complete such restoration:
(a) within 360 days after If the time estimated to substantially complete the restoration exceeds twelve months from the date of such Casualty and damage or destruction; or
(b) If the Casualty materially adversely impacts Tenant’s use of a material portion damage occurred within twelve months of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months day of the Lease Term and Landlord’s Architect determines the time estimated to substantially complete the restoration exceeds one hundred eighty days from and after the date such restoration is commenced.
(which determination shall be made and forwarded c) If Landlord fails to Tenant promptly after such Casualty) that such Substantially Complete the repair or restoration within 12 months from the date of damage will require more or destruction, Tenant, upon not less than sixty 60 days’ prior written notice (60) days a “Termination Notice”), may elect to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premisesterminate this Lease. If Tenant elects to terminate this Lease following delivers a Casualty pursuant to this Section 7.3Termination Notice, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate be deemed to have terminated as of the date of the giving of the Termination Notice; provided, however, if within such notice 60-day period Landlord Substantially Completes such repair or restoration then such Termination Notice shall be void and of election to terminateno force or effect.
Appears in 2 contracts
Samples: Office Lease (Cortina Systems Inc), Office Lease (PMC Sierra Inc)
Tenant’s Right to Terminate. Notwithstanding anything contained herein to the contrary if (i) less than two (2) years remains in the term of the Lease as it may have been extended, (ii) more than twenty-five percent (25%) of the Floor Area of the Premises is damaged or destroyed by fire or other casualty, and (iii) the time to restore the damage or destruction (as reasonably estimated by Landlord) is greater than one hundred eighty (180) days. then Tenant or Landlord. shall have the right to terminate this Lease by giving the other written notice of such termination within thirty (30) days after the date of such casualty or Landlords notification to tenant of the estimated time for completion of restoration. whichever is later. specifying a termination date of at least thirty (30) and not more than ninety (90) days after the date of such notice 0f termination. whereupon this Lease and the tenancy hereby created shall cease as of the date of said termination. the rent to be adjusted and prorated as of such date (if . both Landlord and Tenant give notice, the first notice shall be determinative with regard to the effective date of termination).However, if Landlord gives such a notice and if Tenant then has an unexercised option to extend the Term pursuant to Section 3.1, Tenant may defeat Landlords notice by exercising such option within ten (10) days after delivery of Landlord's notice of termination, in which case this Lease will remain in full force and effect and Landlord will proceed to repair and restore the Premises. If Tenant or Landlord does not give notice of termination within such thirty (30) day period, each shall be deemed to have waived such right of termination and, except as otherwise provided herein, Landlord shall remain obligated to repair and restore the Premises in accordance with the terms hereof and shall commence construction of said repairs within one hundred eighty (180) days of said casualty. If Landlord does not substantially complete the repairs required to be made by Landlord pursuant to this Section 14 within three hundred sixty (360) days of the date of said casualty, then Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by giving Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such written notice of election termination following said three hundred sixty (360) day period. However, in the event that Landlord substantially completes said work during said thirty (30) day period, then said right to terminateterminate and termination notice shall be void and of no force or effect.
Appears in 2 contracts
Samples: Assignment and Assumption of Lease and Guaranty (AEI Income & Growth Fund 26 LLC), Assignment and Assumption of Lease and Guaranty (Aei Income & Growth Fund 25 LLC)
Tenant’s Right to Terminate. If the Leased Premises are damaged by any Peril not caused by Tenant, and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to section 11.2 of this Lease, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs: (i) , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within 30 days after Tenant’s receipt of Landlord’s Architect determines (which determination shall be made and forwarded contractor’s estimate of the time needed to Tenant promptly after complete such Casualty) that restoration:
11.3.1 The Leased Premises are damaged by any Peril and, in the reasonable opinion of Landlord’s architect or construction consultant, the restoration of the Leased Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) substantially completed within 360 180 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the damage; or
11.3.2 The Leased Premises is destroyed or materially are damaged during by any Peril within 12 months prior to the last twelve (12) months day of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repairand, or (iii) in the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt reasonable opinion of Landlord’s Architect’s determination (architect or within 30 days construction consultant, the restoration of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of Leased Premises cannot be substantially completed within 90 days after the date of such notice damage; provided, however, that if Tenant, at the time of such damage, has an express written option to further extend the term of this Lease, and Tenant exercises such option to so further extend the Lease Term within 15 days following the date of receipt of the opinion of Landlord’s consultant (provided any such election shall be at Tenant’s sole option), Tenant shall not exercise its termination right and Landlord shall restore the Premise as provided in this section 11.3. Neither party shall have any further obligations under this Lease after such termination, except for Landlord’s obligation to terminatereturn the Prepaid Rent (if applicable) and the Security Deposit (less any permitted deductions) to Tenant.
Appears in 2 contracts
Samples: Multi Tenant Space Lease (Nevro Corp), Multi Tenant Space Lease (Nevro Corp)
Tenant’s Right to Terminate. If all or a substantial portion of the Premises is rendered untenantable or inaccessible by damage from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant may elect to terminate this Lease if Landlord’s estimate of the time required to complete Landlord’s repair obligations under this Lease is greater than nine months, or if Landlord elects not to repair the Premises pursuant to the provisions of Section 12.2 (Landlord’s Right to Terminate), in which event Tenant may elect to terminate this Lease by giving Landlord notice of such election to terminate within 30 days after Landlord’s notice to Tenant pursuant to Section 12.2; provided, however, that Tenant’s right to terminate under this Section 12.3 shall not apply to any portion of the Premises that is not rendered untenantable or inaccessible from such fire or other casualty unless more than fifty percent (50%) of the total Premises is rendered untenantable or inaccessible from such fire or other casualty and Landlord estimates that the time required to complete Landlord’s repair obligations is greater than nine months). In addition, if, after 300 days following the date of the casualty, the repairs and restoration to the Premises or the Building are not substantially completed, then Tenant shall have the right to give Landlord a conditional termination notice (the “Conditional Termination Notice”) within ten Business Days following the expiration of such 300-day period. If the repairs and restoration to the Premises or the Building are not substantially completed within 45 days following the Conditional Termination Notice, then within ten Business Days following the expiration of such 45-day grace period Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminate.
Appears in 2 contracts
Samples: Lease Agreement (LendingClub Corp), Lease Agreement (LendingClub Corp)
Tenant’s Right to Terminate. If all or a substantial part of the Premises are rendered untenantable or inaccessible by damage to all or any part of the Property from fire or other casualty, then Tenant shall have the right may elect to terminate this Lease following a Casualty if any of under the following occurs: circumstances:
(a) Where Landlord either (i) Landlord’s Architect determines fails to apply for any permits required for such repair and restoration within thirty (which determination shall be made and forwarded to Tenant promptly after such Casualty30) that days following the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because expiration of the presence of hazardous factorsLease Status Period (without either party, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangersterminating this Lease) within 360 days after the date of or Landlord thereafter fails to proceed to diligently pursue reasonable efforts to obtain such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premisesperm its, or (ii) the Premises is destroyed has failed to commence such repair or materially damaged during the last twelve restoration within thirty (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (6030) days to repairafter issuance of required permits and approvals or, in any case, one hundred fifty (150) days after the damage or destruction, or (iii) has so commenced such repair or restoration and thereafter fails to diligently pursue reasonable efforts to complete such repair or restoration, which failure has continued for a continuous period of at least thirty (30) days or the Premises are aggregate of such failures exceed thirty (30) business days; provided, however, that if Landlord shall be delayed in pursing and completing such repair or restoration by reason of any Force Majeure Events, then such one hundred fifty (150) and thirty (30) day periods shall be extended for the period of time (not actually repaired by Landlord to a substantially similar condition as existed prior exceed in the aggregate three hundred (300) days) equal to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion period of the Premisesdelay. If In such an event, Tenant elects may elect to terminate this Lease following a Casualty by notice given to Landlord within twenty (20) Business Days after such one hundred fifty (150) or thirty (30) day periods as such periods may have been extended pursuant to the preceding sentence, effective as of the end of the next calendar month after Landlord’s receipt of such notice.
(b) In the circumstance described in Subsections 12.2(a), (b), and (c) above; in which event Tenant may elect to terminate this Section 7.3, Tenant shall give Lease by giving Landlord written notice of its such election to terminate within thirty (30) days after receipt of Landlord’s Architectnotice to Tenant pursuant to Section 12.2-Landlord’s determination (or within 30 days of the applicable restoration period should Landlord fail Right to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminateTerminate.
Appears in 1 contract
Samples: Sub Sublease Agreement (Enernoc Inc)
Tenant’s Right to Terminate. Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than Within sixty (60) days after the Casualty, the Authority shall deliver to repair, Tenant a written estimate from an engineering or (iii) consulting firm selected by the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and Authority stating the Casualty materially adversely impacts Tenant’s use of a material portion estimated date for substantial completion of the Premisesrepairs or restoration to the Facilities (the “Estimated Completion Date”). If all or a substantial part of the Leased Premises is rendered untenantable or inaccessible as a result of the Casualty, and if the Estimated Completion Date for the repairs and restoration is more than six (6) months after the date of the Casualty, Tenant may cancel and terminate this Lease Agreement with all Rental paid or refunded so as to adjust to the date of such Casualty. Tenant will notify the Authority, in writing, that Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate Agreement within thirty (30) days after receipt of Landlordfrom the date Tenant receives the Authority’s Architect’s determination (or within 30 days written estimate of the applicable restoration period should Landlord fail to complete repairs during such period)Estimated Completion Date. If Tenant does not terminate this Lease Agreement in accordance with the preceding sentence, and if the Authority does not terminate this Lease Agreement in accordance with subsection (B) above, the Authority shall proceed with reasonable diligence with respect to the repairs and restoration pursuant to this Section, but subject in all respects to subsections (A)(1) and (A)(2) above. Notwithstanding anything in this subsection (C) to the contrary, Tenant shall not have the right to cancel and terminate as this Lease Agreement if any fault or negligence of Tenant, its subtenants, or their respective agents, contractors, Employees, or Invitees substantially contributed to the date cause of such notice of election to terminateCasualty.
Appears in 1 contract
Samples: Lease Agreement (Aar Corp)
Tenant’s Right to Terminate. Tenant shall have the option to terminate this Lease in the event one or more of the following occurs:
(i) The Premises or the Project are damaged or destroyed and, in the reasonable opinion of Landlord's architect or engineer (which shall be binding), the repair or restoration of the same cannot be substantially completed within two hundred seventy (270) days after the date of casualty. If such determination is made, Landlord shall notify Tenant thereof within ninety (90) days after the date of such casualty and Tenant shall have fifteen (15) days from its receipt of such notice in which to deliver to Landlord written notice of termination specifying a termination date not more than thirty (30) days after the date Landlord's notice was delivered to Tenant. If Tenant does not elect to terminate this Lease as provided above, but Landlord, for any reason whatsoever, fails to commence construction to restore the Premises within two hundred (200) days after the date of the casualty, as and to the extent such date may be extended on account of Tenant Delays, Tenant shall have the right to terminate this Lease following a Casualty if by notice to Landlord thereof at any of time before Landlord commences construction to restore the following occurs: (i) Premises. If Tenant further does not elect to terminate this Lease as provided above, and Landlord’s Architect determines (which determination shall be made and forwarded , for whatever reason, does not deliver the Premises to Tenant promptly after such Casualty) that with the Premises cannotsubstantially restored, with reasonable diligencesubject only to "punch list" items, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty on or before that date which is two hundred seventy (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers270) within 360 days after the date of casualty, as and to the extent such Casualty and date may be extended on account of Tenant Delays, Tenant shall have the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects right to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord at any time thereafter upon forty-five (45) days prior written notice of its election to terminate Landlord provided that if Landlord restores the Premises as provided herein within thirty such forty-five (3045) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such day period), and this Lease shall terminate as of the date of such notice of election to terminate.this
Appears in 1 contract
Samples: Lease Agreement (O S I Corp)
Tenant’s Right to Terminate. Tenant shall have the right option to terminate this Lease following a Casualty if any the Premises or the Building is destroyed or damaged by fire or other casualty to an extent that materially and adversely impacts Tenant's use and enjoyment of the following occurs: (i) Landlord’s Architect Premises, regardless of whether the casualty is insured against under this Lease, and Landlord reasonably determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the repair or restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or the Building cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within three hundred (300) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use issuance of a material permits for the necessary repair or restoration of the portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premiseswas damaged. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within Within thirty (30) days after Landlord learns of the necessity for repairs as a result of the casualty, Landlord shall notify Tenant in writing ("REPAIR NOTICE") as to Landlord's determination of the number of days required to repair or restore the Premises after the receipt of Landlord’s Architect’s determination such permits. If Tenant elects to exercise its right to terminate this Lease as a result of a casualty, Tenant shall exercise the right by written notice to Landlord within fifteen (or within 30 15) days after delivery of the applicable restoration period should Landlord fail to complete repairs during such period)Repair Notice, and in which event this Lease shall terminate fifteen (15) days after the delivery of Tenant's termination notice. Except as otherwise expressly provided in this Section 14.3, Tenant waives all rights it may have to terminate this Lease as a result of damage to the date of such notice of election Premises or Building pursuant to terminaterights presently or hereafter accorded by law, equity or otherwise.
Appears in 1 contract
Samples: Office Lease (Allos Therapeutics)
Tenant’s Right to Terminate. If the Improvements are damaged by --------------------------- any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to Subparagraph 14.B., then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Tenant may be completed and the permits required for such work can be obtained. Tenant shall have the right option to terminate this Lease following a Casualty if in whole or in part as specified below in the event any of the following occurs: , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within fifteen (15) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:
(i) If any Building is damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after 's architect or construction consultant, the restoration of such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or Building cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred seventy (270) within 360 days after the date of the damage, then Tenant may terminate the Lease as to such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or damaged Building only.
(ii) If any Building is damaged by any peril and all permits required for the Premises commencement of restoration are not obtained within sixty (60) days beyond the time estimated by Landlord's architect or construction consultant, or if following receipt of such permits the restoration is destroyed not completed within sixty (60) days beyond the time estimated by Landlord's architect or materially construction consultant as the required restoration time (provided such time periods shall be extended by force majeure delays), then Tenant may terminate this Lease with respect only to such damaged during the last Building for which permits are not timely obtained or which are not timely restored.
(iii) If any Building is damaged by any peril within twelve (12) months of the last day of the Lease Term and Term, and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair's architect or construction consultant, or (iii) the restoration of the Premises are cannot actually repaired by Landlord to a be substantially similar condition as existed prior to such Casualty completed within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty ninety (3090) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice damage, then Tenant may term inate this Lease with respect only to such damaged Building.
(iv) If two (2) of election to terminatethe three (3) Buildings are damaged by any peril and, in the reasonable opinion of Landlord's architect or construction consultant, the restoration of all Buildings cannot be substantially completed within two hundred seventy (270) days after the date of the damage, Tenant may terminate the entire Lease.
Appears in 1 contract
Samples: Sublease Agreement (Covad Communications Group Inc)
Tenant’s Right to Terminate. If the Leased Premises or any portion of the Common Areas reasonably necessary for Tenant’s use of the Leased Premises, or any portion of the Parking Areas such that Tenant does not have access to the number of parking spaces contemplated by this Lease are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, following Xxxxxx’s written request for the same, Landlord shall furnish Tenant with the reasonable written opinion of Xxxxxxxx’s architect or construction consultant as to when the restoration work required of Landlord may be completed. Should the Leased Premises (or applicable portion of the Common Areas or Parking Areas) be materially damaged such that the Leased Premises (or applicable portion of the Common Areas or Parking Areas) are reasonably unsuitable for Tenant’s continued use of the same as a result of such damage, Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs, which option may be exercised only by delivery to Landlord of a written notice of election to terminate within thirty (30) days after Xxxxxx receives from Landlord the estimate of the time needed to complete such restoration: A. The Leased Premises (ior applicable portion of the Common Areas or Parking Areas) are materially damaged by any peril such that the Leased Premises (or applicable portion of the Common Areas or Parking Areas) are not reasonably suitable for Tenant’s continued use of the same as a result of such damage and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that architect or construction consultant, the restoration of the Leased Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or applicable portion of the Common Areas or Parking Areas) cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred twenty (220) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material damage, or B. The Leased Premises (or applicable portion of the Premises, Common Areas or (iiParking Areas) the Premises is destroyed or materially are damaged during by any peril within the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) as extended by the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminate.previous
Appears in 1 contract
Tenant’s Right to Terminate. If the Leased Premises, the Buildings or the Outside Area are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be complete. Tenant shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Landlord of a written notice of election to terminate within seven days after Tenant receives from Landlord the estimate of the time needed to complete such restoration: If the time estimated to substantially complete the restoration exceeds twelve months from and after the date the architect's or construction consultant's written opinion is delivered; or If the damage occurred within twelve months of the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds one hundred eighty days from and after the date such restoration is commenced. If Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article and Landlord fails to restore the improvements it is required to restore by this Article within fifteen (15) months of the date the architect's or construction consultant's written opinion is delivered, then Tenant also shall have the right to terminate this Lease following a Casualty if any of the following occurs: upon one hundred twenty (i120) Landlord’s Architect determines (which determination shall be made and forwarded days written notice to Tenant promptly Landlord delivered after such Casualtyfifteen (15) that month period whereupon the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of on the date one hundred twentieth day after Landlord's receipt of such notice of election notice; provided, however, that in the event Landlord does so restore pursuant to terminateits obligations under this Article within such one hundred twenty (120) day period, Tenant's termination right shall be void and without force and effect.
Appears in 1 contract
Samples: Lease Agreement (Cell Genesys Inc)
Tenant’s Right to Terminate. If the Premises or the Building shall be damaged or destroyed by fire, windstorm or any other insured casualty, the Tenant shall have the right immediately give written notice thereof to terminate Landlord and unless this Lease following a Casualty is terminated as hereinafter provided, the Landlord, at his own expense, shall repair or rebuild the same so as to restore the Premises to substantially the same condition they were in immediately prior to such damage or destruction, subject however, to zoning and building laws then in existence, provided that the Landlord shall not be responsible for any delay in such repair or reconstruction which may result from any cause beyond its reasonable control, and provided further that the Landlord shall not be required to expend more than the net amount of insurance proceeds, if any received, by Landlord for such purposes, plus the amount of any deductible, so long as the Landlord maintains the insurance required of it under this Lease and so long as the Landlord uses best commercial efforts to promptly get the maximum allowable proceeds related thereto. Notwithstanding the foregoing, the Landlord within 30 days after receipt of said written notice of damage, shall inform the Tenant whether or not said damage can be repaired within 120 days, based upon a reasonable estimate of the following occurs: Landlord's architect and engineer. If the Landlord notifies the Tenant it cannot repair or rebuild the Premises so as to restore the same to substantially the same condition they were in immediately prior to the destruction within said 120 days or (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that if the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or canis not be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) restored within 360 120 days after from the date the Landlord notifies the Tenant of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premisesits intent to restore, or (ii) if there is no notice at all from the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of from the date of loss, then in any such events, the Tenant may elect to cancel this Lease upon five days written notice of election to terminatethe Landlord.
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Tenant’s Right to Terminate. If all or a substantial part of the Premises are rendered untenantable or inaccessible by damage to all or any part of the Project from fire or other Casualty, and such Casualty is not the result of the willful misconduct or negligence of Tenant shall have the right to or Tenant’s Representatives, Tenant may terminate this Lease following a Casualty if any of Lease, subject to the following occurs: conditions:
(ia) If, in the reasonable judgment of Landlord’s Architect determines , the Restoration (which determination shall be when the same are made and forwarded to Tenant promptly after such Casualtywithout the payment of overtime or other premiums) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerscompleted within one (1) within 360 days year after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of if the Premises, or (ii) the Premises is destroyed or materially damaged during Casualty occurs within the last twelve (12) months of the Term of this Lease, Tenant may terminate this Lease Term and by notice to Landlord, provided that such notice is given within ten (10) days after receipt of Landlord’s Architect determines Casualty Notice; or
(which determination shall be made and forwarded b) If, within one hundred twenty (120) days after the date of the Casualty, Landlord neither terminates this Lease nor commences the Restoration, then Tenant may terminate this Lease by notice to Tenant promptly after such Casualty) Landlord, provided that such damage notice is given by Tenant before the earlier of (i) the date on which Landlord commences such Restoration or (ii) ten (1 0) days after the expiration of such 120-day period. If Tenant timely elects to terminate this Lease pursuant to this Section 14.3, such termination will require be effective as of the date specified in Tenant’s termination notice, which date shall not be less than thirty (30) days nor more than sixty (60) days to repair, or (iii) after the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts date Tenant’s use of a material portion of the Premises. If Tenant elects termination notice is delivered to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminate.
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Tenant’s Right to Terminate. If all or a substantial part of the --------------------------- Premises are rendered untenantable or inaccessible by damage to all or any part of the Property from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant shall have the right may elect to terminate this Lease following a Casualty if any (a) Landlord's estimate of the following occurs: time required to complete Landlord's repair obligations under this Lease is greater than two hundred seventy (i270) Landlord’s Architect determines (days, in which determination shall be made and forwarded to event Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects may elect to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give by giving Landlord written notice of its such election to terminate within thirty (30) days after receipt Landlord's notice to Tenant pursuant to Section 12.2 - Landlord's Right to Terminate, or (b) Landlord does not complete Landlord's repair obligations under this Lease within thirty (30) days after Tenant gives Landlord written notice of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Tenant's intention to terminate this Lease after Landlord fail has failed to complete repairs during such period), and Landlord's repair obligations under this Lease shall terminate as of within two hundred seventy (270) days following the date of such the fire or other casualty, or (c) the fire or other casualty occurs during the last year of the Term, and would take longer than ninety (90) days to repair, then Tenant may elect to terminate this Lease during the last year of the Term by giving Landlord written notice of such election to terminateterminate within thirty (30) days after it is determined that the repair would take longer than ninety (90) days.
Appears in 1 contract
Samples: Lease Agreement (Natus Medical Inc)
Tenant’s Right to Terminate. If the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to P. 11.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: (i) , which right may be exercised only by delivery to Landlord of a written notice of election to terminate within 7 days after Tenant receives from Landlord the estimate of the time needed to complete such restoration.
A. The Premises are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that 's architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) substantially completed within 360 180 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion damage; or
B. The Premises are damaged by any peril within 12 months of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months day of the Lease Term and and, in the reasonable opinion of Landlord’s Architect determines (which determination shall 's architect or construction consultant, the restoration of the Premises cannot be made and forwarded to Tenant promptly substantially completed within 90 days after such Casualty) that the date of such damage will require and such damage renders unusable more than sixty (60) days to repair, or (iii) 30% of the Premises; or
C. If Landlord's insurance proceeds for the restoration of the Premises are insufficient and the Premises are not actually repaired by Landlord restored to a substantially similar the same condition as existed prior to such Casualty within 380 days following such Casualty damage (except for Tenant's Alterations and Tenant's Fixtures) and the Casualty Premises as restored materially adversely impacts Tenant’s impair Tenants ability to use of a material portion of the Premises. If Tenant elects Premises for the permitted use, as reasonably determined prior to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date commencement of such notice of election to terminaterestoration work by Landlord.
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Tenant’s Right to Terminate. If all or a substantial part of the Premises are rendered untenantable or inaccessible by damage to all or any part of the Property from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant may elect to terminate this Lease if the reasonable estimate, by an independent general contractor engaged by Landlord, of the time required to complete Landlord’s repair obligations under this Lease is greater than 270 days from the date of the casualty, in which event Tenant may elect to terminate this Lease by giving Landlord notice of such election to terminate within fifteen (15) days after Landlord’s notice to Tenant pursuant to Section 12.2. If Tenant elects to terminate this Lease, the Lease shall terminate thirty (30) days after the date Landlord receives notice of Tenant’s election. Further, notwithstanding the foregoing, if Landlord elects, or is required to repair the Premises or the Building in accordance with the terms of this Lease and if the repairs are not completed within 270 days (regardless of the time estimated for completion of the repairs), subject to extension for any Force Majeure Delays (up to, but not in excess of, a total of ninety (90) days of any such Force Majeure Delays) or other delays caused by Tenant, Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord delivering written notice of its election thereof to terminate Landlord within thirty (30) days after receipt the expiration of Landlord’s Architect’s determination the 270-day period (or within 30 as the same may be extended by up to ninety (90) days of the applicable restoration period should Landlord fail to complete repairs during such periodForce Majeure Delays or delays caused by Tenant), and this Lease shall terminate as with any such termination effective thirty (30) days after delivery of the date of such notice of election to terminatetermination.
Appears in 1 contract
Samples: Lease Agreement (Verigy Ltd.)
Tenant’s Right to Terminate. If the Improvements are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to Subparagraph 14.B., then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Tenant may be completed and the permits required for such work can be obtained. Tenant shall have the right option to terminate this Lease following a Casualty if in whole or in part as specified below in the event any of the following occurs: , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within fifteen (15) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:
(i) If any Building is damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after 's architect or construction consultant, the restoration of such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or Building cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred seventy (270) within 360 days after the date of the damage, then Tenant may terminate the Lease as to such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or damaged Building only.
(ii) If any Building is damaged by any peril and all permits required for the Premises commencement of restoration are not obtained within sixty (60) days beyond the time estimated by Landlord's architect or construction consultant, or if following receipt of such permits the restoration is destroyed not completed within sixty (60) days beyond the time estimated by Landlord's architect or materially construction consultant as the required restoration time (provided such time periods shall be extended by force majeure delays), then Tenant may terminate this Lease with respect only to such damaged during the last Building for which permits are not timely obtained or which are not timely restored.
(iii) If any Building is damaged by any peril within twelve (12) months of the last day of the Lease Term and Term, and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair's architect or construction consultant, or (iii) the restoration of the Premises are cannot actually repaired by Landlord to a be substantially similar condition as existed prior to such Casualty completed within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty ninety (3090) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice damage, then Tenant may terminate this Lease with respect only to such damaged Building.
(iv) If two (2) of election to terminatethe three (3) Buildings are damaged by any peril and, in the reasonable opinion of Landlord's architect or construction consultant, the restoration of all Buildings cannot be substantially completed within two hundred seventy (270) days after the date of the damage, Tenant may terminate the entire Lease.
Appears in 1 contract
Samples: Lease Agreement (Auspex Systems Inc)
Tenant’s Right to Terminate. Tenant shall have If the right Leased Premises, the Buildings or the Outside Area are damaged by any peril and Landlord does not elect to terminate this Lease following a Casualty or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord with respect to the Leased Premises may be complete. Tenant shall 110015197v.8 have the option to terminate this Lease (if Tenant is not then in default or after such default is cured if within the cure period, if any, expressly provided for in this Lease) in the event any of the following occurs: (i) Landlord’s Architect determines (, which determination shall option may be made and forwarded exercised only by delivery to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days Tenant receives from Landlord the estimate of the applicable restoration period should Landlord fail time needed to complete repairs during such period)restoration, effective as of the date of the damage or destruction:
(a) If the time estimated to substantially complete the restoration exceeds twelve months from and after the date the architect’s or construction consultant’s written opinion is delivered; or
(b) If the damage occurred within twelve months of the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds ninety (90) days from and after the date such restoration is commenced. In addition to the rights set forth above, and notwithstanding Paragraph 10.3 above, if neither party terminates this Lease shall pursuant to this Paragraph 10 and the Leased Premises are not repaired or restored within eighteen (18) months after the date of such damage or destruction, then Tenant may terminate this Lease, effective as of the date of such damage or destruction, by written notice to Landlord given not later than thirty (30) days after the expiration of election said 18-month period, but prior to terminatesubstantial completion of such restoration.
Appears in 1 contract
Samples: Lease Agreement (Personalis, Inc.)
Tenant’s Right to Terminate. If the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to PARA 11.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: (i) , which right may be exercised only by delivery to Landlord of a written notice of election to terminate within 10 days after Tenant receives notice from Landlord that the estimated time needed to complete such restoration is more than the applicable period set for in paragraphs A or B below.
A. The Premises are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that 's architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) substantially completed within 360 180 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion damage; or
B. The Premises are damaged by any peril within 12 months of the Premiseslast day of the Lease Term and, in the reasonable opinion of Landlord's architect or construction consultant, the restoration of the Premises cannot be substantially completed within 120 days after the date of such damage. In addition, if Landlord provides notice that the restoration can be completed within said 180 or 120 days, as provided in paragraphs B or C above, and Landlord fails to substantially complete the restoration work within the applicable time period, as the same may be extended for any delay caused by Tenant or any of Tenant's Agents or a Force Majeure Delay (as such term is defined in Exhibit B attached), then Tenant may terminate this Lease by providing written notice of such election to terminate within 10 days after the earlier of (i) the end of said 180 or 120 day time period, as the case may be, as such time period may be extended for any delay caused by Tenant or any of Tenant's Agents, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months after receipt of written notice from Landlord of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded delay. Landlord agrees to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord provide written notice of any delay caused by Tenant or its election Agents or by any Force Majeure Delay within a reasonable period of time not to terminate within exceed thirty (30) days after receipt Landlord knows of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during an event constituting and causing such period), and this Lease shall terminate as of the date of such notice of election to terminatea delay.
Appears in 1 contract
Samples: Lease Addendum (Adac Laboratories)
Tenant’s Right to Terminate. If the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to Section 12.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: , which right may be exercised only by delivery to Landlord of a written notice of election to terminate within seven (i7) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:
A. The Premises are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred seventy (270) within 360 days after the date of such Casualty and damage; provided, however, Tenant shall not have the Casualty materially adversely impacts Tenant’s use right to terminate this Lease if such damage was caused by the gross or active negligence or willful misconduct of a material portion of the Premises, Tenant or (ii) the its Agents; or
B. The Premises is destroyed or materially are damaged during the last by any peril within twelve (12) months of the last day of the Lease Term and (as extended if Tenant previously exercised the Extension Option) and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repairarchitect or construction consultant, or (iii) the restoration of the Premises are cannot actually repaired by Landlord to a be substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate completed within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice damage; provided, however, Tenant shall not have the right to terminate this Lease if such damage was caused by the gross or active negligence or willful misconduct of election to terminateTenant or its Agents.
Appears in 1 contract
Tenant’s Right to Terminate. Tenant shall have In the right event that Landlord does not elect to terminate this Lease following pursuant to Section 13.3 hereof, Landlord shall deliver to Tenant a Casualty if any written determination of an engineering or architectural firm selected by Landlord stating the estimated time for substantial completion of the following occurs: (i) Landlord’s Architect determines (restoration of the damaged portion of the Building that will render the Premises accessible, which determination shall be made and forwarded sent to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more no later than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of the Casualty. The date that such engineering or architectural firm so concludes that substantial completion can be accomplished is hereinafter called the “Estimated Completion Date”. Tenant may elect to terminate this Lease under the following circumstances: (i) if the Casualty occurs during the last 24 months of the Term and if the Estimated Completion Date is more than one hundred fifty (150) days after the date of the engineering or architectural firm’s report of substantial completion, and provided that Tenant’s written notice of termination is received by Landlord no more than ten (10) days after Tenant’s receipt of the engineering or architectural firm’s written determination of substantial completion; (ii) if Landlord shall not commence, in good faith, repair and restoration work within ninety (90) days after the Casualty, provided, however, Tenant’s termination notice shall be deemed null, void and of no force or effect in the event Landlord commences, in good faith, the repair and restoration work prior to expiration of the aforesaid thirty (30) day period and provides written notice thereof to Tenant; or (iii) if Landlord shall fail with all due diligence to continue with such repair and restoration work to completion within 8-months after the date of the Casualty), then Tenant shall have the right in addition to all other rights and remedies available at law, in equity, or under this Lease, to terminate this Lease by giving 30-days prior written notice of its election so to terminatedo to Landlord, provided, however, Tenant’s termination notice shall be deemed null, void and of no force or effect in the event Landlord substantially completes such restoration at any time prior to the expiration of the aforesaid thirty (30) day period and provides written notice thereof to Tenant.
Appears in 1 contract
Tenant’s Right to Terminate. Tenant shall have In the right event of any Casualty and if Landlord does not elect to terminate this Lease following a Casualty if or is not entitled to terminate this Lease as provided above, Tenant may elect to terminate this Lease upon the occurrence of any of the following occurs: circumstances, in which event Tenant must make such election to terminate this Lease by giving Landlord written notice of such election not later than thirty (i30) days after Tenant’s receipt of Landlord’s Casualty Notice:
(a) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because good faith estimate of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerstime required to complete the Restoration as set forth in Landlord’s Casualty Notice is greater than one (1) within 360 days after year from the date of such the Casualty, or
(b) The Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged occurs during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts impairs Tenant’s use of a material the damaged portion of the Premises. If Tenant elects , or
(c) It is not reasonably practicable for Landlord to terminate this Lease Restore the Premises to substantially the same condition as existed before the Casualty and, as a result, the changes to the Premises would materially impair Tenant’s ability to use the Premises for Tenant’s business, or
(d) Modifications are required to be made to the Premises following a Casualty pursuant to this Section 7.3then applicable zoning or building codes or other Applicable Laws and such modifications to the Premises would materially impair Tenant’s ability to use the Premises for Tenant’s business. The effective date of any given termination shall be specified in Tenant’s termination notice, and shall not be earlier than the date of such notice, or later than one hundred twenty (120) days after the date of such notice. In addition, if the Restoration is not substantially complete as of the end of the later of (i) one (1) year following the date of the Casualty or (ii) the Estimated Restoration Period (“Restoration Deadline”), as extended for delays resulting from a failure to promptly receive insurance proceeds or other Force Majeure events described in Paragraph 28.21 below or delays caused by Tenant shall give Landlord or any Tenant Party, then Tenant may deliver written notice of its election to terminate within Landlord that Landlord has thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during the Restoration; provided, however, that the Restoration Deadline may not be extended for more than one hundred eighty (180) days by reason of a failure to promptly receive insurance proceeds or other Force Majeure events described in Paragraph 28.21 below. If after the expiration of such period)thirty (30) day period Landlord has not completed the Restoration, then Tenant may, in its sole and absolute discretion, elect to terminate this Lease shall terminate as of by delivering written notice to Landlord at any time thereafter until the date of such notice of election to terminateRestoration is substantially completed.
Appears in 1 contract
Samples: Lease Agreement (Harmonic Inc)
Tenant’s Right to Terminate. If the Premises are damaged by any --------------------------- peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to Section 11.2, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right to terminate this Lease following a Casualty if in the event any of the following occurs: , which right may be exercised only by delivery to Landlord of a written notice of election to terminate within seven (i7) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration.
A. The Premises (excluding the Storage Area) are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that 's architect or construction consultant, the restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed with twelve (12) within 360 days months after the date of such Casualty and damage; or
B. The Premises (excluding the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (iiStorage Area) the Premises is destroyed or materially are damaged during the last by any peril within twelve (12) months of the last day of the Lease Term and and, in the reasonable opinion of Landlord’s Architect determines 's architect or construction consultant, the restoration of the Premises (which determination shall excluding the Storage Area) cannot be made and forwarded to Tenant promptly substantially completed within ninety (90) days after such Casualty) that the date of such damage will require and such damage renders unusable more than sixty thirty percent (6030%) days to repair, or (iii) of the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and (excluding the Casualty materially adversely impacts Tenant’s use of a material portion of Storage Area). Tenant shall also have the Premises. If Tenant elects right to terminate this Lease in the event that Landlord's architect or construction consultant estimates that the restoration following damage by a Casualty pursuant peril can be completed within twelve (12) months of the date of damage and the restoration is not substantially completed within such twelve (12) month period. Such termination right may be exercised only by delivery to this Section 7.3, Tenant shall give Landlord of a written notice of its election to terminate within thirty seven (307) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date expiration of such notice of election to terminatetwelve (12) month period.
Appears in 1 contract
Samples: Lease (Borland Software Corp)
Tenant’s Right to Terminate. If Landlord does not elect to --------------------------- terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs of such damage cannot, in the reasonable judgment of the contractor selected by Landlord to complete such repairs, be completed to the standard set forth in Section 11.1, above, within two hundred forty (240) days after the Damage Date (which two hundred forty (240) day period shall not be subject to extension as a result of any "Force Majeure" as that term is defined in Article 21, below), Landlord shall, within sixty (60) days after the Damage Date, deliver notice of such fact to Tenant. Within thirty (30) days after Tenant's receipt of such notice, Tenant may elect to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant's notice, which date may be up to ninety (90) days following the date of the notice. Furthermore, if neither Landlord nor Tenant has terminated this Lease, and the repairs are not actually completed within such two hundred forty (240) day period, as such period is extended by Force Majeure delays and Tenant Delays, Tenant shall have the right to terminate this Lease following a Casualty if any within five (5) business days of the end of such period and thereafter during the first five (5) business days of each calendar month following occurs: the end of such period until such time as the repairs are complete, by notice to Landlord (i) Landlord’s Architect determines the "Damage Termination Notice"), effective as of a date set forth in the Damage Termination Notice (the "Damage Termination Date"), which determination Damage Termination Date shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because less than five (5) business days following the end of such period or each such month, as the case may be. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right, which may only be exercised once with respect to any specific event of damage or destruction, to suspend the occurrence of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangersDamage Termination Date for a period ending thirty (30) within 360 days after the date Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion Landlord's receipt of the PremisesDamage Termination Notice, or (ii) a certificate of Landlord's contractor responsible for the Premises is destroyed or materially damaged during the last twelve (12) months repair of the Lease Term and Landlord’s Architect determines (which determination damage certifying that it is such contractor's good faith judgment that the repairs shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate completed within thirty (30) days after receipt the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of Landlord’s Architect’s determination (such thirty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within 30 days of the applicable restoration period should Landlord fail to complete repairs during such thirty-day period), and then this Lease shall terminate as upon the expiration of such thirty-day period. At any time, from time to time, after the date occurring thirty (30) days after the Damage Date, Tenant may request that Landlord provide Tenant with a certificate from the or contractor described above setting forth such contractor's reasonable opinion of the date of completion of the repairs and Landlord shall respond to such notice of election to terminaterequest within five (5) business days.
Appears in 1 contract
Samples: Office Lease (Wells Real Estate Investment Trust Inc)
Tenant’s Right to Terminate. If the Leased Premises, the Building or the Common Area are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord’s architect or construction consultant as to when the restoration work required of Landlord may be complete. Landlord agrees to provide such opinion to Tenant within thirty (30) days after the date of damage if reasonably practicable; otherwise, Landlord will provide a written status report to Tenant within such 30-day period and shall subsequently issue a final opinion to Tenant within ten (10) days of the date on which Landlord determines the availability of permits to rebuild and the date on which Landlord determines the availability of insurance proceeds to rebuild, whichever is later. Will Tenant shall have the right option to terminate this Lease following a Casualty (if Tenant is not then in monetary or material non-monetary default) in the event any of the following occurs: (i) Landlord’s Architect determines (, which determination shall option may be made and forwarded exercised only by delivery to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days Tenant receives from Landlord the estimate of the applicable restoration period should Landlord fail time needed to complete repairs during such period)restoration:
(a) If the time estimated to substantially complete the restoration exceeds twelve months from and after the date the architect’s or construction consultant’s written opinion is delivered; or
(b) If the damage occurred within eighteen months of the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds one hundred eighty (180) days from and after the date such restoration is commenced.
(c) In addition, and if the damage was not caused by the actions or omissions of Tenant or any of Tenant’s Parties, Tenant may terminate this Lease shall terminate as if the Leased Premises or any portions of the Common Area providing access to or parking for the Leased Premises are damaged by a casualty to the extent that Tenant does not have reasonable access to or parking for the Leased Premises and Landlord has not within a reasonable time (not to exceed ninety (90) days from the date of such notice of election the casualty) provided a reasonable parking alternative for Tenant at the Project or in offsite areas within reasonable proximity to terminatethe Building and Tenant is not actually using the Leased Premises as a result thereof.
Appears in 1 contract
Tenant’s Right to Terminate. If all or a substantial part of the Premises are rendered untenantable or inaccessible by damage to all or any part of the Property from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant shall have the right may elect to terminate this Lease following a Casualty (a) if any Landlord's estimate of the following occurs: time required to complete Landlord's repair obligations under this Lease is greater than nine (i9) Landlord’s Architect determines (months, in which determination shall be made and forwarded to event Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects may elect to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give by giving Landlord written notice of its such election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination 's notice to Tenant pursuant to Section 12.2 - Landlord's Right to Terminate, or (or within 30 days b) if Landlord's estimate of the applicable restoration period should Landlord fail time required to complete repairs during such period), and Landlord's repair obligations under this Lease shall terminate as of is less than or equal to nine (9) months and Landlord fails to substantially complete Landlord's repair obligations within ten (10) months after the date of such the casualty, in which event Tenant may elect to terminate this Lease by giving Landlord notice of such election to terminate no later than the date thirty (30) days after the expiration of such ten (10) month period, provided, however, that such election to terminate shall be deemed ineffective and retroactively revoked if Landlord substantially completes Landlord's repair obligations within thirty (30) days after Landlord receives Tenant's notice of such election to terminate.
Appears in 1 contract
Samples: Lease Agreement (Imall Inc)
Tenant’s Right to Terminate. Tenant shall have In the right event that Landlord does not elect to terminate this Lease following pursuant to Section 13.3 hereof, Landlord shall deliver to Tenant a Casualty if any written determination of an engineering or architectural firm selected by Landlord stating the estimated time for substantial completion of the following occurs: (i) Landlord’s Architect determines (restoration of the damaged portion of the Premises or that part of the Building that will render the Premises accessible, which determination shall be made and forwarded sent to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more no later than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of the Casualty. The date that such engineering or architectural firm so concludes that substantial completion can be accomplished is hereinafter called the “Estimated Completion Date”. Tenant may elect to terminate this Lease under the following circumstances: (i) if the Casualty occurs during the last 24 months of the Term and if the Estimated Completion Date is more than one hundred fifty (150) days after the date of the engineering or architectural firm’s report of substantial completion, and provided that Tenant’s written notice of termination is received by Landlord no more than ten (10) days after Tenant’s receipt of the engineering or architectural firm’s written determination of substantial completion; (ii) if Landlord shall not commence, in good faith, repair and restoration work within ninety (90) days after the Casualty, provided, however, Tenant’s termination notice shall be deemed null, void and of no force or effect in the event Landlord commences, in good faith, the repair and restoration work prior to expiration of the aforesaid thirty (30) day period and provides written notice thereof to Tenant; or (iii) if Landlord shall fail with all due diligence to continue with such repair and restoration work to completion within 8-months after the date of the Casualty), then Tenant shall have the right in addition to all other rights and remedies available at law, in equity, or under this Lease, to terminate this Lease by giving 30-days prior written notice of its election so to terminatedo to Landlord, provided, however, Tenant’s termination notice shall be deemed null, void and of no force or effect in the event Landlord substantially completes such restoration at any time prior to the expiration of the aforesaid thirty (30) day period and provides written notice thereof to Tenant.
Appears in 1 contract
Tenant’s Right to Terminate. Tenant shall have the right option to terminate this Lease following a Casualty if any the Premises or the Building is destroyed or damaged by fire or other casualty to an extent that materially and adversely impacts Tenant's use and enjoyment of the following occurs: (i) Landlord’s Architect Premises, regardless of whether the casualty is insured against under this Lease, and Landlord reasonably determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the repair or restoration of the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or the Building cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within three hundred (300) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use issuance of a material permits for the necessary repair or restoration of the portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premiseswas damaged. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within Within thirty (30) days after Landlord learns of the necessity for repairs as a result of the casualty, Landlord shall notify Tenant in writing ("Repair Notice") as to Landlord's determination of the number of days required to repair or restore the Premises after the receipt of Landlord’s Architect’s determination such permits. If Tenant elects to exercise its right to terminate this Lease as a result of a casualty, Tenant shall exercise the right by written notice to Landlord within fifteen (or within 30 15) days after delivery of the applicable restoration period should Landlord fail to complete repairs during such period)Repair Notice, and in which event this Lease shall terminate fifteen (15) days after the delivery of Tenant's termination notice. Except as otherwise expressly provided in this Section 14.3, Tenant waives all rights it may have to terminate this Lease as a result of damage to the date of such notice of election Premises or Building pursuant to terminaterights presently or hereafter accorded by law, equity or otherwise.
Appears in 1 contract
Tenant’s Right to Terminate. If the Premises, the Building or the Common Areas are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article 10, then as soon as reasonably practicable under the circumstances, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs: (i) Landlord’s Architect determines (, which determination shall option may be made and forwarded exercised only by delivery to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within fifteen (15) business days after Tenant receives from Landlord such estimate of the time needed to complete such restoration (which termination shall be effective on the date specified in such notice from Tenant, which date cannot be less than five (5) nor more than thirty (30) days after receipt of the date Tenant delivers its termination notice to Landlord’s Architect’s determination ):
(or within 30 days of a) If the applicable time estimated to substantially complete the restoration period should Landlord fail to complete repairs during such period), exceeds fourteen (14) months from and this Lease shall terminate as of after the date of the casualty; or
(b) If the damage occurs within fourteen (14) months of the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds one hundred eighty (180) days from and after the date of the casualty. In addition, if within fourteen (14) months after the date of the casualty, the Premises shall not have been substantially restored as provided under Section 10.1 above, Tenant may terminate this Lease by written notice to Landlord given within sixty (60) days after the end of such fourteen (14) month period, unless Landlord shall substantially restore the Premises as provided under Section 10.1 above prior to the end of such sixty (60) day period and shall notify Tenant of the same during such sixty (60) day period. If Tenant terminates this Lease in accordance with the preceding sentence, such termination shall be effective on the date specified in Tenant's termination notice, which date cannot be less than five (5) nor more than thirty (30) days after the date Tenant delivers its termination notice of election to terminateLandlord.
Appears in 1 contract
Samples: Lease (Crawford & Co)
Tenant’s Right to Terminate. If the Leased Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, following Tenant’s written request for the same, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be completed. Should the Leased Premises be reasonably unsuitable for Tenant's continued use of the same as a result of such damage, Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs: , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within ten (i10) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:
A. The Leased Premises are damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that 's architect or construction consultant, the restoration of the Leased Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred seventy (270) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion damage, or
B. The Leased Premises are damaged by any peril within one hundred eighty (180) days of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months day of the Lease Term (and an option to extend, if any, has not been exercised), and, in the reasonable opinion of Landlord’s Architect determines (which determination shall 's architect or construction consultant, the restoration of the Leased Premises cannot be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than substantially completed within sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminatedamage.
Appears in 1 contract
Samples: Lease Agreement (Knightscope, Inc.)
Tenant’s Right to Terminate. Tenant shall have Notwithstanding the right to terminate this Lease following a Casualty foregoing, if at any time during the last five (5) years of the following occurs: Term there is a Casualty, and the insurance policies required to be maintained pursuant to Article 10 hereof are in full force and effect, then Tenant, (i) Landlord’s Architect if it reasonably determines (which determination shall be made and forwarded that it is not practicable to Tenant promptly after such Casualty) that restore the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) if it reasonably determines that it cannot restore the Premises is destroyed or materially damaged during the last twelve Intrepid, may advise Landlord, not later than ninety (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (6090) days to repairfrom the date of said Xxxxxxxx, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant that it elects to terminate this Lease following Lease. Such termination shall be made by (A) serving upon Landlord, at any time within said ninety (90) day period, a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt days’ written notice of LandlordTenant’s Architectelection to so terminate, and (B) assigning over to Landlord all of Tenant’s determination (or within 30 days right, title and interest in and to all available insurance and other proceeds payable on account of the Pier and the other Improvements due to such damage or destruction, in an amount equal to the greater of (x) the proceeds applicable restoration to the Pier and the other Improvements thereon (but excluding the Vessels) and (y) the proceeds required to restore the Pier and the other Improvements (but excluding the Vessels) thereon to the condition existing prior to such Casualty, but subject, nevertheless, to the continuing obligation of Tenant to reasonably assist (to the extent necessary) in the prosecution of all insurance and other claims relating to the Casualty. Upon the service of such notice and the making of such assignment and payment within the period should Landlord fail to complete repairs during such period)aforesaid, and this Lease shall terminate on the date specified in such notice with the same force and effect as if such date were the Expiration Date, and Tenant shall comply with the termination and surrender requirements of Article 28 hereof, but only to the extent reasonably feasible. Any amounts due and owing to Landlord up to and including the date of such notice of election to terminatetermination shall survive termination and shall be payable in accordance with this Lease.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Right to Terminate. If the Improvements are --------------------------- damaged by any peril and Landlord elects not to terminate this Lease pursuant to Section 20.3, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the Restoration work required of Landlord may be completed. Tenant shall have the right option to terminate this Lease following a Casualty if in the event any of the following occurs: (i) Landlord’s Architect determines (, which determination shall option. may be made and forwarded exercised only by delivery to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt Tenant receives from or delivers to Landlord, as applicable, the estimate of Landlord’s Architect’s determination the time needed to complete such Restoration with respect to (a) and (b) below, or within 30 ten (10) days after expiration of the applicable restoration time period should Landlord fail with respect to complete repairs during such period), (c) and this (d) below:
(a) The Improvements are damaged by any peril and the Restoration of the Improvements reasonably cannot be substantially completed within one hundred eighty (180) days after the date of damage or destruction.
(b) The Improvements are damaged by any peril within two (2) years of the last day of the Lease shall terminate as Term and the Restoration of the Improvements reasonably cannot be substantially completed within ninety (90) days after the date of such notice damage.
(c) If the Restoration of election to terminatethe Improvements is not substantially completed within two hundred forty (240) days after the date of the damage or destruction.
(d) If Landlord does not commence Restoration of the Improvements within thirty (30) days following the receipt of insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Tenant’s Right to Terminate. If the Improvements are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to Subparagraph 14.B., then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Tenant may be completed and the permits required for such work can be obtained. Tenant shall have the right option to terminate this Lease following a Casualty if in whole or in part as specified below in the event any of the following occurs: , which option may be exercised only by delivery to Landlord of a written notice of election to terminate within fifteen (15) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:
(i) If the Building is damaged by any peril and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that 's architect or construction consultant, the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or restoration of the Building cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangerssubstantially completed within two hundred seventy (270) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premisesdamage, or then Tenant may terminate this Lease.
(ii) If the Premises Building is destroyed damaged by any peril and all permits required for the commencement of restoration are not obtained within sixty (60) days beyond the time estimated by Landlord's architect or materially construction consultant, or if following receipt of such permits the restoration is not completed within sixty (60) days beyond the time estimated by Landlord's architect or construction consultant as the required restoration time (provided such time periods shall be extended by force majeure delays), then Tenant may terminate this Lease.
(iii) If the Building is damaged during the last by any peril within twelve (12) months of the last day of the Lease Term and Term, and, in the reasonable opinion of Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair's architect or construction consultant, or (iii) the restoration of the Premises are cannot actually repaired by Landlord to a be substantially similar condition as existed prior to such Casualty completed within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty ninety (3090) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminatedamage, then Tenant may terminate this Lease.
Appears in 1 contract
Samples: Lease Agreement (Auspex Systems Inc)
Tenant’s Right to Terminate. If all or a substantial part of the Premises is rendered untenantable or inaccessible by damage from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant shall have the right may elect to terminate this Lease following a Casualty if any Landlord’s estimate of the following occurs: (i) time required to complete Landlord’s Architect determines repair obligations under this Lease is greater than nine (which determination shall be made and forwarded 9) months, or if Landlord elects not to Tenant promptly after such Casualty) that repair the Premises cannot, with reasonable diligence, be repaired by Landlord pursuant to a substantially similar condition as existed prior to such Casualty the provisions of Section 12.2 (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (Right to Terminate), in which determination shall be made and forwarded to event Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects may elect to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give by giving Landlord written notice of its such election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination notice to Tenant pursuant to Section 12.2. In addition, if, after three hundred (or within 30 300) days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of following the date of the casualty, the repairs and restoration to the Premises or the Building are not substantially completed, then Tenant shall have the right to give Landlord a conditional termination notice (the “Conditional Termination Notice”) within thirty (30) days following the expiration of such three hundred (300) day period. If the repairs and restoration to the Premise or the Building are not substantially completed within thirty (30) days following Landlord’s receipt of the Conditional Termination Notice, then within ten (10) Business Days following the expiration of such thirty (30) day grace period Tenant shall have the right to terminate this Lease by written notice of election to terminateLandlord.
Appears in 1 contract
Samples: Sublease (LendingClub Corp)
Tenant’s Right to Terminate. lf all or a substantial part of the Premises is rendered untenantable or inaccessible by damage from fire or other casualty, and Landlord does not elect to terminate as provided above, then Tenant shall have the right may elect to terminate this Lease following a Casualty if any Landlord’s estimate of the following occurs: (i) time required to complete Landlord’s Architect determines repair obligations under this Lease is greater than nine (which determination shall be made and forwarded 9) months, or if Landlord elects not to Tenant promptly after such Casualty) that repair the Premises cannot, with reasonable diligence, be repaired by Landlord pursuant to a substantially similar condition as existed prior to such Casualty the provisions of Section 12.2 (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (Right to Terminate), in which determination shall be made and forwarded to event Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects may elect to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give by giving Landlord written notice of its such election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination notice to Tenant pursuant to Section 12.2. In addition, if, after three hundred (or within 30 300) days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of following the date of the casualty, the repairs and restoration to the Premises or the Building are not substantially completed, then Tenant shall have the right to give Landlord a conditional termination notice (the “Conditional Termination Notice”) within ten (10) Business Days following the expiration of such 300 day period. If the repairs and restoration to the Premise or the Building are not substantially completed within thirty (30) days following Landlord’s receipt of the Conditional Termination Notice, then within ten (10) Business Days following the expiration of such 30-day grace period Tenant shall have the right to terminate this Lease by written notice of election to terminateLandlord. Notwithstanding anything to the contrary contained herein, Tenant shall have no right under this Section to terminate this Lease as to any Floor that is not rendered untenantable or inaccessible from fire or other casualty. For example, if the 19th Floor is untenantable or inaccessible from fire or other casualty but the 20th Floor is not, then Tenant shall have no right to terminate the Lease as to the 20th Floor.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (LendingClub Corp)