Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 4 contracts
Samples: Business Lease (Asset Acceptance Capital Corp), Industrial Building Lease (Vascular Solutions Inc), Industrial Building Lease (Research Inc /Mn/)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 4 contracts
Samples: Industrial Lease (Middleton Doll Co), Industrial Building Lease (Liquidity Services Inc), Industrial Building Lease (Liquidity Services Inc)
Total Destruction. If the Property or the Premises shall building should be totally destroyed by fire fire, tornado, or other casualty, so that rebuilding or if repairs cannot reasonably be completed within 180 working days from the Property earlier of the date of Tenant's delivery of written notification to Landlord of the happening of the damage or the date Landlord has actual knowledge of the damage, this Lease shall terminate and rent shall be so damaged by fire or other casualty that (in abated for the reasonable opinion unexpired portion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) abovethis Lease, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon the space becomes uninhabitable, except Tenant shall be liable for all Fixed Minimum Rent and all additional rent due hereunder through such date. C. Partial Damage: If this Lease is not terminated pursuant to Paragraph B. above, Landlord shall, if the casualty has occurred prior to the final eighteen (18) months of the Lease Term, at its sole cost and risk proceed forthwith to rebuild or repair the building and other improvements substantially to the condition in which either they existed prior to such damage, provided that Landlord shall not be obligated to expend for such rebuilding or repair an amount in excess of the insurance proceeds recovered as a result of such damage and in no event shall Landlord be required to repair or replace Tenant's stock in trade, as fixtures, furnishings floor coverings or equipment. If the case may becasualty occurs during the final eighteen (18) months of the Lease Term, receives timely written notice Landlord shall not be required to rebuild or repair such damage unless the Lease is Renewed Pursuant to the Renewal Term (if any is contained herein) within thirty (30) days from the other terminating this date of Tenant's delivery of Tenant's written notification of the happening of the damage or within thirty (30) days from the date Landlord has actual knowledge of the damage, whichever comes first. Whereupon, Landlord shall, at its sole cost and risk, proceed forthwith to rebuild or repair such damage, provided that Landlord shall not be obligated to expend for such rebuilding or repair an amount in excess of the insurance proceeds recovered as a result of such damage and in no event shall Landlord be required to repair or replace Tenant's stock in trade, fixtures, furnishings floor coverings or equipment. If the casualty has occurred during the final eighteen (18) months of the Lease Term and if the Lease is not renewed pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination noticeRenewal Term (if any is contained herein), within said thirty (30) day time frame, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord mayterminate, at the option of Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from and rent shall be abated for the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination unexpired portion of this Lease shall be Lease, effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, the Leased Premises becomes uninhabitable and Tenant shall not be entitled liable for all Fixed Minimum Rent and all additional rent due hereunder through such date. If the Leased Premises and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably based on the portions of the space that are tenantable and untenantable. In the event that Landlord should fail to substantially complete such rebuilding or repairs within one hundred eighty (180) days from the date of written notification by Tenant to Landlord of the happening of the damage or one hundred eighty (180) days from the date Landlord has actual knowledge of the damage, whichever comes first, Tenant may at its option terminate this Lease by virtue written notification at such time to Landlord, whereupon all rights and obligations hereunder shall cease except that Tenant shall be liable for all Fixed Minimum Rent and all additional rent due hereunder through the date of any delays in completion of repairs and restorationtermination. For purposes of this SECTION 18.3 onlyDuring the period when the Leased Premises are untenantable, "FULL INSURABLE VALUE" rent shall mean replacement cost, less the cost of footings, foundations and other structures below gradexxxxx for such period.
Appears in 2 contracts
Samples: Land Lease Agreement, Land Lease Agreement (Ace Hardware Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage ([x) ] is less than the amount stated in (ii) above, but more than 1025% of the full insurable value of the Property; and ([y) ] occurs during the last two years of Lease Term, then in any such event, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. If Landlord does not exercise such right of termination, Landlord shall, subject to Section 18.4, repair the Premises and Property (excluding Tenant’s Property) to the condition existing immediately prior to such casualty. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Industrial Building Lease (Wornick CO Right Away Division, L.P.), Industrial Building Lease (TWC Holding Corp.)
Total Destruction. If the Property Leased Premises is damaged or destroyed by fire, earthquake or any other casualty to such an extent as to render the Premises same untenantable in whole or in substantial part, Tenant shall give Landlord immediate notice of the occurrence of such casualty. Unless Landlord notifies Tenant within (60) days after receipt of such notice of its election to repair or to restore the Leased Premises, this Lease shall terminate at the end of such sixty day period. If Tenant shall not be in default under this Lease; then Tenant's liability for rent shall cease as of the day following the casualty and any rent paid by Tenant in advance and not yet earned as of the date of termination shall be totally destroyed refunded to Tenant. If Landlord elects to so repair or restore the Leased Premises, Landlord shall do so within one hundred eighty (180) days with due allowance given to landlord for any reasonable delays caused by fire adjustment of insurance loss, strikes, labor difficulties or other casualty, or if the Property any cause beyond Landlord's control provided Landlord is diligently pursuing such restoration. The rent shall be so damaged by fire or other casualty that (in abated during the reasonable opinion period of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) in the same proportion as the untenantable portion of the Leased Premises bears to the former leasable area of the Leased Premises. If such repair or restoration requires is not completed within 180 days with aforementioned due allowances, then either Landlord or Tenant at its option, may terminate this Lease upon notice to the expenditure of other. If more than 5025% of the full insurable value of leasable square feet in the Property immediately prior to the casualty Building are damaged or (iii) the damage (x) is less than the amount stated in (ii) abovedestroyed by fire, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termearthquake or any other casualty, Landlord and Tenant shall each have the option to then Landlord, at its sole option, may terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written upon notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Lease (America Service Group Inc /De), Lease Agreement (America Service Group Inc /De)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than (a) seventy-five percent (75%) of the full insurable value of the Premises on file with Landlord’s insurer immediately prior to the casualty or (b) fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord or Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then either Landlord may, at Landlord's sole option, shall immediately notify Tenant of same and Landlord or Tenant may terminate this Lease by giving Tenant the other party written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant the receiving party receives written notice from Landlord the other party of Landlord's that party’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.– 15 –
Appears in 2 contracts
Samples: Industrial Building Lease (ArcherDX, Inc.), Industrial Building Lease (ArcherDX, Inc.)
Total Destruction. If the Property Leased Premises is damaged or destroyed by fire, earthquake or any other casualty to such an extent as to render the same untenantable in whole or in substantial part, Tenant shall give Landlord immediate notice of the occurrence of such casualty. Unless Landlord notifies Tenant within thirty (30) days after receipt of such notice of its election to repair or to restore the Leased Premises, this Lease shall terminate at the end of such thirty day period and Tenant shall vacate and surrender the Leased Premises within thirty (30) days thereafter. Unless Tenant is in default under this Lease and the rent accelerated at the time of such casualty, unless such casualty is caused by a wrongful or negligent act of Tenant; then Tenant's liability for rent shall cease as of the day following the casualty and any rent paid by Tenant in advance and not yet earned as of the date of termination shall be totally refunded to Tenant. If Landlord elects to so repair or restore the Lease Premises, Landlord shall restore the Leased Premises to a condition comparable to that which existed immediately prior to such damage within one hundred eighty (180) days of Landlord's notice of its intent to repair with due allowance given to Landlord for any reasonable delays caused by adjustment of insurance loss, strikes, labor difficulties or any cause beyond Landlord's control provided Landlord is diligently pursuing such restoration. The rent shall be abated during the period of repair or restoration from the day following the casualty in the same proportion as the untenantable portion of the Leased Premises bears to the former leasable area of the Leased Premises. If more than 25% of the leasable square feet in the Building are damaged or destroyed by fire fire, earthquake or any other casualty, or if the Property shall be so damaged by fire or other casualty that then Landlord, at its sole option, may terminate this Lease upon thirty (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i30) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of written notice to Tenant. If more than 50% of the full insurable value usable square feet in the Building are damaged or destroyed by fire, earthquake or any other casualty not resulting from wrongful or negligent act of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) aboveTenant, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termthen Tenant, Landlord and Tenant shall each have the option to at its sole option, may terminate this Lease upon thirty (by so advising the other, in writing30) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In the event of such eventtermination by Landlord or Tenant, provided that Tenant shall not be in default under this Lease and the rent accelerated at the time of such casualty, the termination Tenant's liability for rent shall be effective cease as of the day following the casualty and any rent paid by Tenant in advance and not yet earned as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a of termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability refunded to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Lease Agreement (American Homepatient Inc), Lease (American Homepatient Inc)
Total Destruction. If the Property Building or the Premises shall be totally destroyed by fire or other casualty, or if the Property Building shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property Building immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease within five (by so advising the other, in writing5) within 10 days after said contractor or architect delivers has given written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property Building by Landlord. In such event, the termination shall be effective as of the 180th date upon after the date on which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencecasualty occurs. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") Superior Party or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease Lease, effective as of the one hundred eightieth (180th) day after such casualty, by giving Tenant written notice to such effect within 30 one hundred eighty (180) days after the date of the casualty. The provisions of the prior sentence notwithstanding, within one hundred twenty (120) days after Landlord receives learns that either (A) or (B) will occur (whichever is later), Landlord will notify Tenant thereof, which notice from shall specify the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as amount of the date deficiency in proceeds available for restoration along with a detailed explanation of all cost components used in establishing the amounts available vs. amounts needed for restoration. Tenant receives written notice from Landlord shall have ten (10) business days after receipt of Landlord's election notice to determine whether to advance funds sufficient to eliminate the deficiency. If Tenant decides to advance the funds, it shall notify Landlord within the said ten (10) business days. Upon Landlord's receipt of Tenant's notice, Landlord's option to terminate the lease because of (A) or (B) shall be extinguished. The amount of funds advanced by Tenant under this Lease. Landlord paragraph shall have no liability be a credit against the purchase price payable by Tenant for the Property under Article 26 ("Option to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationPurchase"). For the purposes of this SECTION 18.3 Section 18.4 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Sublease Agreement (United Industries Corp), Industrial Building Lease (United Industries Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Premises; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Industrial Building Lease (United Natural Foods Inc), Industrial Building Lease (United Natural Foods Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): that: (i) its repair or restoration requires more than 180 90 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10I 0% of the full insurable value of the Property; and (y) occurs during the last two years six months of Lease the Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the otherTenant, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord). In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, Tenant receives timely written notice from Landlord that Landlord will not restore the other terminating this Lease pursuant to Premises within the preceding sentence. If neither Landlord nor Tenant timely delivers a termination noticenumber of days specified above, this and the Lease shall remain in full force and effectbe terminated as of the date of the casualty or the date Tenant's use of the Premises is impaired, whichever is first. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlordthe casualty or the date Tenant's election to terminate this Lease. Landlord shall have no liability to Tenantuse of the Premises is impaired, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationwhichever is first. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 2 contracts
Samples: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.), Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in in. the reasonable opinion of a reputable contractor or architect designated by LandlordLandlord within 14 days after such loss occurrence): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyProperty , then Landlord may, at Landlord's ' s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the ~e date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.'s
Appears in 2 contracts
Samples: Industrial Building Lease (Natural Golf Corp), Industrial Building Lease (Natural Golf Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the PropertyPremises; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord (for any reason other than Landlord's failure to timely pay requisite premiums) sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (ia) its repair or restoration requires more than 180 days one hundred eighty (180) days, or (iib) such repair or restoration the damage (i) requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Propertycasualty; and (yii) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after Landlord delivers to Tenant written notice of the opinion of said contractor or architect delivers written notice of its opinion to Landlord and Tenantarchitect, but in all events prior to the commencement of any a restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoingProvided, however, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of of, the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 17.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If In the Property or event during the Term of this Lease, the Premises shall be totally are fully destroyed or rendered unfit for their accustomed use (hereinafter "destruction") by fire or other casualty, the duties of both parties shall be as follows: LESSOR shall commence repair of the Premises within sixty (60) days after such casualty and, within one hundred eighty (180) days after commencement of such repair, restore the Premises to substantially the same condition in which the Premises were immediately prior to the occurrence of the casualty. From the date of such casualty, until the Premises is so repaired and restored, Rent and all other charges and items payable hereunder shall xxxxx in such proportion as the part of the Premises thus destroyed or rendered untenantable bears to the total Premises. However, if the Property shall be so damaged Premises is destroyed or rendered untenantable by fire or other casualty that (in to the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure extent of more than 50% thirty percent (30%) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs its replacement cost during the last two (2) years of Lease the Primary Term, Landlord and Tenant or any Extension Term of this Lease, then LESSOR or LESSEE shall each have the option right to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenantof the casualty, as the case may be, receives timely by giving written notice from of termination to the other terminating within thirty (30) days of such casualty; provided, however, LESSEE shall have the right to nullify any LESSOR termination by exercising an option to extend this Lease pursuant to the preceding sentence. (if available) within fifteen (15) days after LESSEE'S receipt of LESSOR'S termination notice If neither Landlord nor Tenant timely delivers a said notice of termination noticeis given within this thirty-day period, this Lease shall remain in full force terminate and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or rent and all other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice charges shall xxxxx as aforesaid from the Superior Party or insurance companydate of such casualty, as the case may be, that such proceeds and LESSOR shall promptly repay to LESSEE any Rent paid in advance which has not be made available, in which event the termination of this Lease shall be effective been earned as of the date Tenant receives written notice from Landlord of Landlord's election such casualty. In the event that the insurance proceeds are inadequate to fully repair the Premises then LESSOR, in its discretion, shall have the right to terminate this Lease. Landlord ; provided, however, LESSEE shall have no liability the right to Tenant, and Tenant shall not nullify any such termination by agreeing to repairs which would be entitled to terminate this Lease covered by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below gradeinsurance proceeds.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 days or one hundred eighty (ii180) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termdays, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 thirty (30) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage occurs during the last year of Lease Term, then Landlord and Tenant shall each have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as of the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencedestruction. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord Landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyProperty to the condition existing immediately prior to such fire or other casualty, then Landlord shall promptly notify Tenant of such facts and Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date of destruction; provided, however, if Landlord has not terminated this Lease pursuant to the immediately preceding clause within ninety (90) days after the date of destruction, then Tenant receives written notice from Landlord shall have the option of Landlord's election terminating this Lease on or before the date which is one hundred twenty (120) days after the date of destruction, such termination being effective as of the date of destruction. In the event Tenant fails to terminate this Lease pursuant to the immediately preceding sentence on or prior to the date which is one hundred twenty (120) days after the date of destruction, Tenant shall be deemed to have waived such right to terminate the Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration; provided, however, in the event Landlord fails to complete such repairs and restoration (for any reason other than as set forth in Section 17.4 or due to the acts or omissions of Tenant) within thirty (30) days of the originally scheduled date for completion of such (the “Outside Restoration Date”), Tenant shall have the right to terminate this Lease by written notice to Landlord given not later than the first to occur of that date (i) that is five (5) days following the Outside Restoration Date or (ii) on which Landlord completes such repairs and restoration, whereupon any such timely termination neither Landlord nor Tenant shall have any liability to the other under this Lease except as otherwise provided herein. For purposes In the event Tenant fails to timely deliver any such notice of termination, Tenant shall forever have waived any right to terminate this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations Lease due to Landlord’s failure to timely complete such repairs and other structures below graderestoration.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred twenty (120) days or (ii) such repair or restoration requires the expenditure of more than (a) eighty percent (80%) of the full insurable value of the Premises immediately prior to the casualty or (b) fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last one (1) year of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Lease Agreement (Water Now, Inc.)
Total Destruction. If If, after the Property or Commencement Date, the Premises shall be totally destroyed by fire or other casualty, or or, after the Commencement Date, if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Premises; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration, provided if restoration is delayed for a period of 90 days beyond the date established by Landlord for completion, subject to extension for any force majeure delays or Tenant-caused delays,, Tenant may terminate this Lease upon notice to Landlord given within thirty (30) days after ninety (90) day period, unless Landlord completes the restoration within 60 days following Tenant’s notice of termination. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Industrial Building Lease (Cybex International Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): , to be provided to Tenant within thirty (i30) days following such fire or casualty) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term120 days, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes Insurance Proceeds. Landlord shall not be obligated to expend in repairs and restoration an amount in excess of this SECTION 18.3 onlythe proceeds of insurance recovered with respect to any casualty. Tenant acknowledges that Landlord shall be entitled to the full proceeds of any insurance coverage, "FULL INSURABLE VALUE" whether carried by Landlord or Tenant, for damage to either or both of the Premises and the Property (excluding any proceeds for damage to Tenant's Property). In the event that either or both of the Premises and the Property are not repaired or reconstructed, all proceeds of insurance (excluding any proceeds covering Tenant's Property), whether carried by Landlord or Tenant, shall mean replacement cost, less be payable to Landlord. Landlord's duty to repair the cost of footings, foundations Premises and the Property (excluding Tenant's Property) is limited to repairing the Premises to the condition existing immediately prior to such fire or other structures below gradecasualty.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than (a) eighty percent (80%) of the full insurable value of the Premises on file with Landlord’s insurer immediately prior to the casualty or (b) fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade. This Section is referred to as the “Total Destruction”.
Appears in 1 contract
Samples: Industrial Building Lease (NANOPHASE TECHNOLOGIES Corp)
Total Destruction. If at any time during the Property or Term the Premises shall be totally ----------------- are destroyed to the extent that the Estimated Restoration Time is more than one hundred eighty (180) days from any cause whether or not covered by fire or other casualtythe insurance maintained by Landlord pursuant to Paragraph 14.3(a), or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% if, regardless of the full insurable value extent of the Property immediately damage, Landlord is not permitted under all applicable Laws to restore the Premises to the condition which existed prior to the casualty or (iii) casualty, this Lease shall at the damage (x) is less than the amount stated in (ii) above, but more than 10% option of Landlord terminate as of the full insurable value date of the Property; and (y) occurs during the last two years of Lease Term, such destruction. Landlord and Tenant shall each have the option exercise its right to terminate this Lease by delivery of notice of termination to Tenant within thirty (by so advising the other, in writing30) within 10 days after said contractor or architect delivers written the date that Tenant notifies Landlord of the occurrence of such damage. If Landlord does not terminate this Lease pursuant to the foregoing provisions of this Paragraph 15.3, then at Landlord's sole expense Landlord shall commence the repair of such damage as soon as reasonably possible after expiration of the thirty (30) day period of time during which Landlord can terminate this Lease pursuant to the foregoing provisions of this Paragraph 15.3, and thereafter diligently continue such repair work until completion thereof, and this Lease shall continue in full force and effect. Landlord shall have no further obligation to repair such damage from and after the date of any such notice of its opinion to Landlord and termination by Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the event Landlord gives notice of termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor provisions of this Paragraph 15.3, and restoration of the Premises to the condition existing prior to the casualty is permitted under all applicable Laws, then notwithstanding such notice of termination, Tenant timely delivers a termination shall have the right, within twenty (20) days after receipt of such notice, to agree in writing on a basis satisfactory to Landlord to pay for the entire cost of repairing such damage less only the amount of insurance proceeds, if any, received by Landlord, in which event (i) the notice of termination from Landlord shall be ineffective, (ii) this Lease shall remain continue in full force and effect. Notwithstanding the foregoing, if and (Aiii) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails Landlord shall proceed to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or repairs as soon as reasonably possible. If Tenant does not give such notice within such twenty (B20) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of day period this Lease shall be effective as terminated pursuant to such notice of the date Tenant receives written notice from Landlord of termination by Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Lease (Rambus Inc)
Total Destruction. If the Property Premises or the Building shall be so damaged or destroyed as to render the Premises, in the reasonable judgment of Landlord, wholly untenantable by reason of such occurrence as aforesaid (hereinafter, “substantially damaged”), Landlord shall, in accordance with and subject to the provisions of this Lease, at its own expense, cause such damage or destruction to be repaired, reconstructed or replaced, as necessary, at least to the extent of the value and as nearly as practicable to the character thereof immediately prior to such occurrence, subject, however to any changes required by zoning, building and other laws then in existence. Rent shall be abated or reduced proportionately during any period in which by reason of such damage or destruction there is interference with the operation of Tenant’s business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with (a) the completion by Landlord of such repair and/or restoration work as such party is obligated to do under this Lease and (b) the expiration of a period of two hundred forty (240) days thereafter to enable Tenant to refixture the Premises and to reopen for business, but said two hundred forty (240) day period shall be deemed to have ended if Tenant shall reopen for business prior to the expiration thereof. The foregoing notwithstanding: (i) if the Premises shall be totally substantially damaged or destroyed by fire within the last two (2) years of the Lease Term, either party shall have the right to terminate this Lease, provided that notice thereof is given to the other party not later than sixty (60) days after such damage or other casualtydestruction (provided, however, that, if Landlord shall exercise said right of termination and at that time Tenant shall have the right to extend the Lease Term, Tenant may render Landlord’s notice of termination null, provided that Tenant, within fifteen (15) days of receipt of the notice, shall elect to extend the term of this Lease); and (ii) if Landlord shall not commence, in good faith, repair and restoration work within sixty (60) days after any damage which such party is required to repair pursuant to the terms hereof, or if the Property Landlord shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) fail with all due diligence to continue with such repair or and restoration requires work to completion (which completion shall in no event exceed two hundred forty (240) days from the expenditure of more than 50% date of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) abovecasualty), but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and then Tenant shall each have the option to terminate this Lease (by so advising the otherright, in writing) within 10 days after said contractor addition to all other rights and remedies available at law, in equity or architect delivers written notice of its opinion under this Lease, to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice of its election so to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of do to Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If at any time during the Property term hereof either the premises or the Premises shall be totally Building is destroyed to the extent of fifty percent (50%) or more of the then replacement value thereof (excluding excavations and foundations with respect to the Building), from any cause whether or not covered by fire or other casualtythe insurance maintained by Landlord pursuant to Paragraph 14.3(a), or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% if, regardless of the full insurable value extent of the Property immediately damage, Landlord is not permitted under all applicable laws to restore the premises and/or the Building to the condition which existed prior to the casualty or (iii) casualty, this Lease shall at the damage (x) is less than the amount stated in (ii) above, but more than 10% option of Landlord terminate as of the full insurable value date of the Property; and (y) occurs during the last two years of Lease Term, such destruction. Landlord and Tenant shall each have the option exercise its right to terminate this Lease by delivery of notice of termination to Tenant within thirty (by so advising the other, in writing30) within 10 days after said contractor or architect delivers written notice of its opinion to the date that Tenant notifies Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlordoccurrence of such damage. In the event Landlord does not elect to terminate this Lease, Landlord shall at Landlord's expense repair such eventdamage as soon as reasonably possible, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, and this Lease shall remain continue in full force and effect. Notwithstanding In the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord event Landlord terminates this Lease pursuant to the provisions of this Paragraph 15.3, Tenant shall have the right, within thirty (30) days after Tenant's receipt of such notice of termination, to agree in writing on a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available basis reasonably satisfactory to Landlord in an amount sufficient to pay for the entire cost of repair or restoration of the Premises premises or Building, less only the Property, or (B) the issuer amount of any casualty insurance policies on the Property fails to make proceeds available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made availablerestoration, in which event the notice of termination of shall be ineffective and this Lease shall continue in full force and effect and Landlord shall restore the premises and/or the Building as soon as reasonably possible. If Tenant does not give such notice with such thirty (30) day period, this Lease shall be effective as terminated pursuant to such notice of the date Tenant receives written notice from Landlord of termination delivered by Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Sublease and Lease Agreement (Inhale Therapeutic Systems)
Total Destruction. If the Property or the a Premises shall be totally destroyed Total Destruction (including any destruction required by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (iany authorized public authority) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately occurs prior to the casualty or last five (iii5) the damage (x) is less than the amount stated in (ii) above, but more than 10% years of the full insurable value term of the Property; this Lease, Lessor shall repair such damage as soon as reasonably possible and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain continue in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage the required insurance was not in force or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails are not sufficient to make effect such repairs, Lessee shall promptly contribute the shortage in proceeds available necessary to Landlord complete said repairs; provided, however, that Lessee shall not be required to contribute the shortage in an amount sufficient for restoration proceeds where such shortage was due to the fact that, by reason of the unique nature of the improvements, full replacement cost insurance coverage was not commercially reasonable or available. If Lessee does not provide the shortage in proceeds attributable to the unique aspects of the improvements within thirty (30) days following receipt of written notice and request therefor, Lessor shall not be required to fully restore the unique aspects of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails and Lessor may terminate this Lease as to make available to Landlord sufficient proceeds for restoration such unique aspects of the Premises or sixty (60) days following the Propertyoccurrence of the destruction. Notwithstanding any other provision of this Lease, then Landlord if a Premises Total Destruction occurs (including any destruction required by any authorized public authority) during the last five (5) years of the term of this Lease, Lessor may, at LandlordLessor's sole option, either: (i) repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect (subject to Lessee's right to terminate this Lease by giving Tenant pursuant to paragraph 9.4A of this Lease) or (ii) give written notice to such effect Lessee within 30 ten (10) days after Landlord receives notice from of the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination Premises Total Destruction of Lessor's desire to terminate this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below gradesuch damage or destruction.
Appears in 1 contract
Samples: Lease Addendum (Cerprobe Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease the Term, Landlord and either Landlord, or Tenant in the case of (i) above, shall each have the option to terminate this Lease (by so advising giving written notice to the other, in writing) other within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, other party receives timely written notice from the other party terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely party delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Landlord shall cause such opinion to be rendered within forty-five (45) days of the casualty. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Building shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated mutually selected by Landlord): (i) its repair or restoration requires more than 180 365 days or (ii) such repair or restoration requires the expenditure of more than 50% seventy-five (75%) of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the otherLandlord, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than twenty-five percent (25%) of the full insurable value of the Premises; and (y) occurs during the last two (2) years of Lease Term, then Landlord and Tenant shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence; provided, however, that if Landlord elects to terminate this Lease pursuant to subclause (y) above, Tenant may nullify such termination by exercising its next Renewal Option (as hereinafter defined) by delivering written notice to Landlord within twenty (20) days after receipt of Landlord’s termination notice. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effecteffect and Landlord shall promptly begin the repairs to the Premises in accordance with the terms of Section 18.1 above. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to Premises (a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Party”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property(subsections (A) and (B) each referred to as “Insufficient Proceeds”), then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Notwithstanding the foregoing, Tenant may nullify Landlord’s termination if provided in accordance with the immediately preceding sentence by delivering written notice to Landlord shall have no liability within twenty (20) days after receipt of Landlord’s termination notice that Tenant elects to Tenant, pay either the amounts the difference between the Insufficient Proceeds and the actual cost of restoration and repairs resulting from the fire or other casualty and provides evidence reasonable acceptable to Landlord of its ability to pay such amounts. Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationrestoration except that if Landlord fails to complete the restoration within ninety (90) days after the expiration of the Restoration Period (as extended by Excused Delays or delays caused by Tenant or any Tenant Parties), then Tenant may terminate this Lease be delivery of written notice to Landlord within ten (10) business days after the expiration of such sixty (60) day period. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade. 19.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in that(in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Premises; and (y) occurs during the last 18 months of Lease Term, subject to Tenant exe rcising its renewal option to extend the Term, then Landlord,but not Tenant,shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effecteffect and Landlord shall commenceand diligently proceed with any necessary repairs or restoration of the Premises. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to t o make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. .Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other othe r structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be ------------------ totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR Superior PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or Tenant shall immediately give written notice to Landlord of any damage to the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty (“Casualty”). If the Premises, the Building or the Project are damaged by a Casualty, Landlord shall, within 30 days after the date of Landlord’s actual knowledge of the Casualty, deliver to Tenant a good faith estimate (“Damage Notice”) of the time needed to repair the damage caused by such Casualty; provided, however, if a material portion of the Premises, the Building or the Project are destroyed by a Casualty or so damaged by a Casualty that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements that Tenant makes) within 180 days after the date of Landlord’s actual knowledge of the Casualty, then Landlord may elect, in Landlord’s sole discretion to either (a) terminate this Lease by delivering to Tenant a written notice of termination within 30 days after the damage and provided further that Landlord shall be responsible, at its sole cost and expense, for any costs incurred by Landlord or (b) relocate Tenant to office space reasonably comparable to the Premises, provided that Landlord notifies Tenant of its intention to do so in a written notice delivered to Tenant within thirty (30) days after the damage. Any such relocation may be for a portion of the remaining Term or the entire Term, and Landlord shall complete any such relocation within ninety (90) days after Landlord has delivered such written notice to Tenant If a material portion of the Premises, the Building or the Project are destroyed or damaged by a Casualty such that Tenant is prevented from conducting its business in the reasonable opinion of Premises in a reputable contractor or architect designated by Landlord): manner reasonably comparable to that conducted immediately before such Casualty and, (i) its repair in Landlord’s estimation, rebuilding or restoration requires more than repairs cannot be substantially completed (exclusive of leasehold improvements that Tenant makes) within 180 days or after the date of Landlord’s delivery of the Damage Notice, (ii) Landlord does not elect to relocate Tenant following such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior damage to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property Building (iii) a Tenant Party did not cause such damage, then Tenant may terminate this Lease by delivering to Landlord written notice of termination within 15 days following Landlord’s delivery of the Damage Notice. In such event, the event of a termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to this Section 17.1, the preceding sentenceRent shall be abated during the unexpired portion of this Lease, effective upon the date the damage occurred. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding Time is of the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled essence with respect to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration delivery of the Premises or the Propertyall notices of damage, or (B) the issuer estimates of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration completion and notices of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below gradetermination.
Appears in 1 contract
Samples: Lease Agreement (Inogen Inc)
Total Destruction. (a) If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 270 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; Premises and (y) occurs during the last two years of Lease the Demised Term, Landlord and or Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 30 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, one party receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers either party does not deliver a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord Landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"a “Superior Party”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 9.04 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade. In the event Landlord has not completed restoration of the Premises within twelve (12) months from the date of the casualty, Tenant may terminate the Lease by written notice to Landlord within thirty (30) days following the expiration of such twelve month period unless, within thirty (30) days following Landlord’s receipt of such notice, Landlord has substantially completed such restoration sufficient for a certificate of occupancy to be issued.
Appears in 1 contract
Samples: Agreement of Sale (Blonder Tongue Laboratories Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease the Initial Term or Renewal Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Building Lease (Datalink Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease the Initial Term or Renewal Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Building Lease (Datalink Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade. For purposes of this Section 18, Landlord's insurance proceeds shall include Landlord's deductible or self-insurance retention levels.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the PropertyPremises; and (y) occurs during the last two years of Lease Term, . Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord (for any reason other than Landlord’s failure to timely pay requisite premiums) sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. 19.1.1 If the Property or the Premises shall be are totally destroyed or rendered substantially or wholly untenantable by fire or other casualtycause and the Lessor shall decide not to rebuild or restore the Premises, or if the Property shall be Building is so damaged by that the Lessor shall decide not to rebuild or restore same (whether or not the Premises are damaged), the Lessor shall have the right within ninety (90) days after such fire or other casualty that (cause of destruction, to cancel this Lease by written notice to the Lessee. If the Lessee is not then in default or otherwise liable towards the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires Lessor hereunder, the expenditure of more than 50% Lessee’s liability for Minimum Rent and Additional Rent shall cease as of the full insurable value day following the casualty.
19.1.2 If the Lessor elects to restore or rebuild the Premises, the Lessor shall so notify the Lessee within ninety (90) days after such fire or other cause of destruction.
19.1.3 If the Lessor notifies the Lessee that a period longer than one hundred and eighty (180) days from the date of the Property immediately prior casualty is required to the casualty effect such restoration or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% rebuilding of the full insurable value of Premises, then either the Property; and (y) occurs during Lessor, or the last two years of Lease TermLessee if it is not then in default hereunder, Landlord and Tenant shall each have the option right to terminate cancel this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord of damage or Tenantdestruction, as the case may be, receives timely by means of a written notice to that effect to the other party within fifteen (15) days of receipt by the Lessee of said notice by the Lessor of the estimated period of restoration or rebuilding.
19.1.4 The Lessor’s notice of cancellation of this Lease may, however, be included in the Lessor’s notification to the Lessee that it has estimated that a period longer than one hundred and eighty (180) days from the other terminating this Lease pursuant date of the casualty will be required to effect such restoration or rebuilding.
19.1.5 If the Lessor notifies the Lessee that it estimates that the period required to effect restoration or rebuilding of the Premises will be longer than one hundred and eighty (180) days from the date of the casualty and that it does not intend to proceed therewith, it shall be deemed to have given to the preceding sentence. Lessee notice of cancellation of this Lease.
19.1.6 If neither Landlord the Lessor nor Tenant timely delivers a termination noticethe Lessee exercises its right to cancel the Lease as aforesaid, this the Lease shall shall, subject to section 19.2 below, remain in full force and effect. Notwithstanding , and the foregoing, if (A) any holder of a mortgage Lessor shall proceed diligently with the necessary restoration or deed of trust encumbering rebuilding.
19.1.7 In the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration event of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination cancellation of this Lease shall be effective as pursuant to any of the date Tenant receives written notice from Landlord provisions of Landlord's election this section 19.1, the Term shall expire and the Lessee shall immediately vacate the Premises and deliver same to terminate this Lease. Landlord shall have no liability to Tenantthe Lessor upon such cancellation, and Tenant the Lessee shall not be entitled pay all Minimum Rent and Additional Rent up to terminate this Lease by virtue the date of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and fire or other structures below grade.cause of
Appears in 1 contract
Total Destruction. Tenant immediately shall give written notice to Landlord of any damage to the Premises, the Building, or the Land. If the Property Premises, the Building, or the Premises shall be Land are totally destroyed by fire or other casualtyan insured peril, or if the Property shall be so damaged by fire an insured peril that, in Landlord’s insurance appraiser’s estimation, rebuilding or other casualty that repairs cannot be substantially completed (in exclusive of leasehold improvements Tenant makes) within one-hundred and eighty (180) days after the reasonable opinion date of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% ’s actual knowledge of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) abovedamage, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord and Tenant shall each have the option to may terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers delivering to Tenant written notice of its opinion to Landlord termination within thirty (30) days after the damage. If the Premises, the Building, or the Land are totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord’s appraiser’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within one-hundred and Tenant, but in all events prior to eighty (180) days after the commencement date of any restoration Landlord’s actual knowledge of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Propertydamage, then Landlord may, at its expense, relocate Tenant to space reasonably comparable to the Premises, at no increased financial obligation to the Tenant, provided that Landlord notifies Tenant of its intention to do so in a written notice delivered to Tenant within thirty (30) days after the damage. Such relocation may be for a portion of the remaining Term or the entire Term. Landlord shall complete any such relocation within ninety (90) days after Landlord has delivered such written notice to Tenant. If the Premises, the Building, or the Land are totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord's sole option’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within one-hundred and eighty (180) after the date of Landlord’s actual knowledge of the damage, and if Landlord does not elect to relocate Tenant following such damage to the Premises or the Building, and a Tenant Party did not cause such damage, then Tenant may terminate this Lease by giving Tenant delivering to Landlord written notice of termination within fifteen (15) days following the date on which Landlord notifies Tenant in writing of the estimated time for the restoration. Notwithstanding the foregoing, Tenant may not terminate the Lease if a Tenant Party caused the damage. In either event, the Rent shall be abated during the unexpired portion of this Lease, effective upon the date the damage occurred. Time is of the essence with respect to such effect within 30 days after Landlord receives notice from the Superior Party or insurance companydelivery of all notices of damage and termination. Notwithstanding the foregoing, as the case may be, that such proceeds Rent shall not be made availableabated if a Tenant Party caused the damage or if Tenant falls to keep in force the insurance describes in Section 9 above, in which event except to the termination of this Lease shall be effective as of the date Tenant extent that Landlord actually receives written notice proceeds from Landlord of Landlord's election to terminate rental interruption insurance applicable this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Commercial Industrial Lease Agreement (Everspin Technologies Inc)
Total Destruction. If the Property or the Premises shall be totally ----------------- destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% fifteen percent (15%) of the full insurable value of the Property; and (y) occurs during the last two years eighteen (18) months of Lease the Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case ease may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Premises; and (y) occurs during the last two years of Lease Term, then either party, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence; provided, however, that Landlord shall not have the right to terminate if Tenant shall have previously timely and properly exercised its renewal option under Section 25.18. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 19.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Office Facility Lease (I Trax Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a an independent, reputable contractor or architect designated by Landlord): (iLandlord and retained by Landlord promptly after the fire or casualty) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term150 days, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property Superior Interest (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord (for any reason other than on account of Landlord's acts or omissions) sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs repairs, and restoration, unless Landlord shall not have completed the restoration within 180 days after the casualty, in which event Tenant shall have the right to terminate this Lease. In the event that this Lease is terminated as contemplated in this Section 18, Tenant shall be responsible for payment of rent only up to the date of the casualty. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; : and (y) occurs during the last two (2) years of Lease Term, . Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Industrial Building Lease (Sed International Holdings Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Premises; and (y) occurs during the last two years of Lease Term (unless Tenant then exercises its next applicable Option to Renew), then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty commercial property insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property a Premises Total Destruction occurs that is an Insured Loss, then, except as provided in Paragraph 9.5 of this Lease, Lessor shall, at Lessor’s expense, repair such damage (but not Lessee’s Trade Fixtures or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that Lessee Owned Alterations and Utility Installations) as soon as reasonably possible (but in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires no case more than 180 days or six (ii6) such repair or restoration requires months after the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) abovedamage), but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain continue in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage the required insurance was not in force or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails are not sufficient to make such proceeds available to Landlord in an amount sufficient for effect the repair and restoration of the Premises, the Insuring Party shall promptly contribute the shortfall in the proceeds as and when required to complete such repairs and restoration. In the event however such shortage was due to the fact that by reason of the unique nature of the improvements, full replacement cost insurance was not commercially reasonable or available, Lessor shall have no obligation to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises unless Lessee provides to Lessor funds to cover same, or adequate assurance thereof, within twenty (20) days following receipt of written notice of such shortage and request therefore. If Lessor receives such funds or adequate assurances thereof within said twenty (20) day period, the Propertyparty responsible for making the repairs shall complete them, and this Lease shall remain in full force and effect. If such funds or assurances are not received, Lessor may nevertheless elect by written notice to Lessee within ten (10) days thereafter to: (i) make such restoration and repair as is commercially reasonable with Lessor paying any shortage in proceeds, in which case, this Lease shall remain in full force and effect, or (Bii) have this Lease terminated within thirty (30) days thereafter. In any case of Premises Total Destruction, should the issuer of any casualty insurance policies on repairs not be completed within six (6) months after the Property fails to make available to Landlord sufficient proceeds for restoration date of the Premises or the Propertycasualty, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord Lessee shall have no liability to Tenant, and Tenant shall not be entitled the right to terminate this Lease by virtue delivering written notice to Lessor. Should the repairs not be completed within fifteen (15) days after the delivery of any delays in completion of repairs and restoration. For purposes of such notice, this SECTION 18.3 only, "FULL INSURABLE VALUE" Lease shall mean replacement cost, less the cost of footings, foundations and other structures below gradeterminate on such fifteenth (15th) day.
Appears in 1 contract
Samples: Industrial/Commercial Lease (Entorian Technologies Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property or the Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effecteffect and Landlord shall undertake to repair or restore the Property and/or the Premises in accordance herewith. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord Landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 days one (1) year, or (ii) such repair or restoration requires the expenditure of more than 50% eighty percent (80%) of the full insurable value of the Property Premises on file with Landlord’s insurer immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence; provided that if the damage is less than the amount stated in (ii) above but more than ten percent of the full insurable value of the Property and occurs during the last year of the Lease Term, then Tenant shall also have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade. 19.
Appears in 1 contract
Samples: Industrial Building Lease
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than 50% (a) eighty percent (80%) of the full insurable value of the Property Premises on file with Landlord’s insurer immediately prior to the casualty or (iiib) the damage fifty percent (x50%) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during Premises immediately prior to the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Premises; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property Premises are totally damaged or the Premises shall be totally destroyed are rendered wholly untenantable by fire or other casualtycause, and if Landlord shall decide not to restore or rebuild the same, or if the Property shall Project shall, in Landlord's judgment, be so damaged by that Landlord shall decide to demolish it, then in any of such events Landlord may, within ninety (90) days after such fire or other casualty that cause, give Tenant notice of whether it shall restore or rebuild or terminate the Lease and if such decision is to terminate the Lease thereupon the Term shall expire by lapse of time upon the third (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i3rd) its repair or restoration requires more than 180 days or (ii) day after such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) notice is less than the amount stated in (ii) abovegiven, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of vacate the Premises or and surrender the Property by same to Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder Landlord notifies Tenant that it will restore or rebuild the Premises, it shall provide Tenant with notice of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to time period estimated by Landlord in an amount sufficient good faith as being necessary for restoring or rebuilding the Premises. In the event that based upon such notice, the restoration or rebuilding of the Premises or is estimated to take more than one year from the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration date of the Premises casualty to restore or the Propertyrebuild, then Landlord may, at Landlord's sole option, Tenant may terminate this Lease by giving Tenant providing Landlord with written notice to such effect thereof within 30 thirty days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written (30) following notice from Landlord of such estimate. Base Annual Rent and Tenant's Share of Taxes and Operating Costs shall be abated until the Premises are restored or rebuilt, if Landlord decides to restore or rebuild the Premises, or until three (3) days after Landlord's election notice of its decision not to restore or rebuild. Regardless of the estimate of time to complete restoration of the Premises, if the Premises are not restored within 365 days after the date of the casualty, Tenant may terminate this Leasethe Lease upon not less than 30 days' prior written notice. Landlord shall have no liability to Tenant, and Tenant Such 365 day period shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below gradeextended for force majeure events.
Appears in 1 contract
Samples: Sublease (HNC Software Inc/De)
Total Destruction. If the Property or the Premises shall be totally destroyed ----------------- by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): , or in the event the Landlord does not act in a reasonable period of time, in the opinion of a reputable contractor or architect designated by Tenant) (i) its repair or restoration requires more than 180 ninety (90) days to complete from and after Landlord receives insurance proceeds attributable to such damage, or (ii) such repair or restoration requires the expenditure of more than 50% thirty percent (30%) of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease within five (by so advising the other, in writing5) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon on which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencecasualty occurs. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") Superior Party or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's sole option, terminate this Lease Lease, effective as of the date of such casualty, by giving Tenant written notice to such effect within 30 one hundred eighty (180) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as date of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationcasualty. For purposes of this SECTION 18.3 Section 17.4 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the tho cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Industrial Building Lease (Lasermaster Technologies Inc)
Total Destruction. If the Property Any property insurance proceeds actually received by Landlord or the Premises shall be totally destroyed Trust (or any other Landlord lender with senior lien rights to this Lease) under insurance policies carried by fire or other casualtyLandlord pursuant to Section 7(b) of the Lease allocable to damaged Tenant Improvements and which Landlord is required to reimburse to Tenant pursuant to Sections 12(a)(iv) TOTAL DESTRUCTION, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or and (ii) such repair any condemnation award actually received by Landlord or restoration requires the expenditure of more than 50% Trust to which Tenant is entitled under Section 13(c) AWARD or Section 13(d) TEMPORARY CONDEMNATION of the full insurable value Lease, shall be collectively referred to herein as the "TI Proceeds". As a pre-condition of the Property immediately prior effectiveness of any termination notice given by Landlord under this subsection 12(a)(iv), Landlord shall pay to Tenant an amount equal to the casualty or (iii) the damage (x) is less TI Proceeds, such payment to be made no later than the amount stated in later of ninety (ii90) abovedays after the date of destruction or ten (10) business days after the TI Proceeds are paid by the insurer or to the party entitled thereto (the "TI Proceeds Payment Date"). If Landlord is unable to pay the TI Proceeds to Tenant on or before the TI Proceeds Payment Date, but more than 10% Tenant shall thereupon have the right, upon written notice to Landlord given with thirty (30) days after the TI Proceeds Payment Date, to elect to cause Landlord to repair the Premises, provided that if the date of such damage or destruction is after the expiration of the full insurable value of the Property; and (y) occurs during the last two years of fifth Lease TermYear, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails 's right to make such proceeds available election shall be conditioned upon Tenant's simultaneous election to Landlord in an amount sufficient renew the Lease Term for restoration a minimum of ten (10) years from the date of the Premises or damage and destruction under the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration same terms and conditions as an extension of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination Term under Section 40 of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease.
13. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.Section 15(a)
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): Landlord or Tenant) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two (2) years of Lease the Initial Term or Renewal Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 thirty (30) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Building Lease (Qumu Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in iii the reasonable opinion of a reputable contractor or architect designated by Landlord): (i1) its repair or restoration of the Premises requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than (a) 80% of the full insurable value of the Premises immediately prior to the casualty or (b) 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally are completely destroyed by fire or other casualty, or if the Property shall be so they are damaged by fire uninsured casualty, or other by insured casualty to such an extent that the damage cannot be repaired within sixty (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i60) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termoccurrence, Landlord and Tenant shall each have the option to restore the Premises or to terminate this Lease on thirty (by so advising the other30) days written notice, in writingeffective as of any date not more than sixty (60) within 10 days after said contractor or architect delivers written notice of its opinion the occurrence. If this Section becomes applicable, Landlord shall advise Tenant within thirty (30) days after such casualty whether Landlord elects to Landlord and Tenant, but in all events prior to the commencement of any restoration of restore the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. If Landlord elects to restore the Premises, it shall commence and prosecute the restoration work with diligence. For the period from the date of the casualty until completion of the repairs (or the date of termination of this Lease, if Landlord elects not to restore the Premises), the monthly minimum rent shall be abated in the same proportion that the untenantable portion of the Premises bears to the whole thereof, unless the casualty results from Tenant's negligence or its breach of its obligations under this Lease. If the Premises are totally damaged or destroyed, and the repairs to the Premises have not been completed within nine (9) months after the damage or destruction (subject to delays such as force majeure delays which are beyond Landlord's control), Tenant shall have no liability to Tenant, and Tenant shall not be entitled the right to terminate this Lease by virtue written notice given to Landlord within thirty (30) days after the end of any delays in completion of the foregoing nine (9) month period, provided Landlord does not complete the repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less prior to the cost of footings, foundations and other structures below gradedate Tenant delivers its termination notice to Landlord.
Appears in 1 contract
Samples: Lease (Photoworks Inc /Wa)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, company that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord form landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.,
Appears in 1 contract
Total Destruction. If In the Property or event during the Term of this Lease, the Premises shall be totally are fully destroyed or rendered unfit for their accustomed use (hereinafter “destruction”) by fire or other casualty, the duties of both parties shall be as follows: • LESSOR shall commence repair of the Premises within sixty (60) days after such casualty and, within one hundred eighty (180) days after commencement of such repair, restore the Premises to substantially the same condition in which the Premises were immediately prior to the occurrence of the casualty. From the date of such casualty, until the Premises is so repaired and restored, Rent and all other charges and items payable hereunder shall xxxxx in such proportion as the part of the Premises thus destroyed or rendered untenantable bears to the total Premises. However, if the Property shall be so damaged Premises is destroyed or rendered untenantable by fire or other casualty that (in to the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure extent of more than 50% thirty percent (30%) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs its replacement cost during the last two (2) years of Lease the Primary Term, Landlord and Tenant or any Extension Term of this Lease, then LESSOR or LESSEE shall each have the option right to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenantof the casualty, as the case may be, receives timely by giving written notice from of termination to the other terminating within thirty (30) days of such casualty; provided, however, LESSEE shall have the right to nullify any LESSOR termination by exercising an option to extend this Lease pursuant to the preceding sentence. (if available) within fifteen (15) days after LESSEE’S receipt of LESSOR’S termination notice If neither Landlord nor Tenant timely delivers a said notice of termination noticeis given within this thirty-day period, this Lease shall remain in full force terminate and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or rent and all other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice charges shall xxxxx as aforesaid from the Superior Party or insurance companydate of such casualty, as the case may be, that such proceeds and LESSOR shall promptly repay to LESSEE any Rent paid in advance which has not be made available, in which event the termination of this Lease shall be effective been earned as of the date Tenant receives written notice from Landlord of Landlord's election such casualty. In the event that the insurance proceeds are inadequate to fully repair the Premises then LESSOR, in its discretion, shall have the right to terminate this Lease. Landlord ; provided, however, LESSEE shall have no liability the right to Tenant, and Tenant shall not nullify any such termination by agreeing to repairs which would be entitled to terminate this Lease covered by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below gradeinsurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Affinity Group Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in in. the reasonable opinion of a reputable contractor or architect designated by LandlordLandlord within 14 days after such loss occurrence): (i) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyProperty , then Landlord may, at Landlord's ' s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the ~e date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Lease Agreement (Wentworth Ii Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 days one (1) year, or (ii) such repair or restoration requires the expenditure of more than 50% eighty percent (80%) of the full insurable value of the Property Premises on file with Landlord’s insurer immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence; provided that if the damage is less than the amount stated in (ii) above but more than ten percent of the full insurable value of the Property and occurs during the last year of the Lease Term, then Tenant shall also have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 thirty (30) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than fifty percent (50% %) of the full insurable value of the Property Premises immediately prior to the casualty or (iii) except as hereinafter provided, the damage (x) is less than the amount stated in (i) and (ii) above, above but is reasonably anticipated to require in excess of three months to repair or cost more than 10% twenty-five percent (25%) of the full insurable value of the Property; and (y) Premises to repair, but occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease within five (by so advising the other, in writing5) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Notwithstanding item (iii) of the preceding sentence, except as otherwise provided in this Section 17.4, if and to the extent a casualty occurs in the final two (2) years of the Initial Term or the first Renewal Term, as the case may be, Landlord shall be obligated to restore the Premises if and to the extent that Tenant either has previously delivered or timely delivers an Extension Notice with respect to the first Renewal Term or the second Renewal Term, as the case may be, with its notice to Landlord of such casualty. Nothing in the preceding sentence shall be construed to relieve Tenant of its obligation to provide to Landlord a timely Extension Notice pursuant to Section 2.2 of this Lease to properly extend the Term of this Lease. In such eventthe event either party elects to terminate this Lease pursuant to this Section 17.4, the termination shall be effective as of the 120th date upon after the date on which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencecasualty occurs. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") Superior Party or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises (except to the extent that Tenant unconditionally agrees to pay the entire shortfall) then Landlord may not later than thirty (30) days after Landlord receives written notice of a final determination that such proceeds will not be made available from Superior Party or the Propertyissuer of any casualty insurance policy, then Landlord mayas the case may be, at Landlord's sole option, terminate this Lease Lease, effective as of the one hundred twentieth (120th) day after such casualty, by giving Tenant written notice to such effect within 30 one hundred twenty (120) days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as date of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationcasualty. For purposes of this SECTION 18.3 Section 17.4 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below gradegrade to the extent undamaged.
Appears in 1 contract
Samples: Industrial Building Lease (Golden Books Family Entertainment Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than (a) 80% of the full insurable value of the Premises immediately prior to the casualty or (b) 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Industrial Building Lease (GlenRose Instruments Inc.)
Total Destruction. If (a) the Property or the Premises shall be totally destroyed by fire or other casualty, or if (b) the Property shall be Premises are so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (iLandlord and approved by Tenant) its their repair or restoration requires more than 180 days or (iii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty such casualty; (ii) will require more than one hundred twenty (120) days, or (iii) the damage (x) is less than the amount stated in (iii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease the Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease Landlord encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty special perils property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 5 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to Tenant; provided, and however that if any portion of the Premises is tenantable, then Tenant shall be permitted to remain thereon until such time as Tenant can arrange for alternate rental property, such time not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restorationexceed sixty (60) days. For purposes of this SECTION Section 18.3 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally are completely destroyed by fire or other casualty, or if the Property shall be so they are damaged by fire uninsured casualty, or other by insured casualty to such an extent that the damage cannot be repaired within sixty (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i60) its repair or restoration requires more than 180 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termoccurrence, Landlord and Tenant shall each have the option to restore the premises or to terminate this Lease on thirty (by so advising the other30) days written notice, in writingeffective as of any date not more than sixty (60) within 10 days after said contractor the occurrence. If this Section becomes applicable, Landlord shall advise Tenant within thirty (30) days after such casualty whether Landlord elects to restore the Premises or architect delivers written notice to terminate this Lease. If Landlord elects to restore the Premises, it shall commence and prosecute the restoration work with diligence. For the period from the date of its opinion the casualty until completion of the repairs (or the date of termination of this Lease, if Landlord elects not to Landlord restore the Premises), the monthly minimum rent and Tenant, but additional rent shall be abated in all events prior to the commencement of any restoration same proportion that the untenantable portion of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant bears to the preceding sentencewhole thereof, unless the casualty results from Tenant's negligence or its breach of its obligations under this Lease. If neither Landlord nor Tenant timely delivers a termination noticethe Premises are totally damaged or destroyed, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES") or other party entitled repairs to the insurance proceeds fails Premises have not been completed within nine (9) months after the damage or destruction (subject to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (Bforce majeure and Tenant delays) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Propertydespite Landlord's diligent efforts, then Landlord may, at Landlord's sole option, Tenant shall have the right to terminate this Lease by giving Tenant Landlord written notice to such effect thereof within 30 thirty (30) days after Landlord receives the end of the foregoing nine (9) month period, which notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall will be effective as of if Landlord does not complete the date repairs within thirty (30) days after Tenant receives written delivers its termination notice from Landlord of to Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Samples: Lease Agreement (Tcsi Corp)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than (a) eighty percent (80%) of the full insurable value of the Premises on file with Landlord’s insurer immediately prior to the casualty or (b) fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, but not Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such event, the event of a termination pursuant to either of the preceding two (2) sentences,the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 19.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. (a) If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property Premises shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than 180 270 days or (ii) such repair or restoration requires the expenditure of more than 50% of the full insurable value of the Property Premises immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; Premises and (y) occurs during the last two years of Lease the Demised Term, Landlord and or Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, one party receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers either party does not deliver a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property Premises or landlord Landlord pursuant to a ground lease encumbering the Property Premises (collectively, "SUPERIOR PARTIESSuperior Parties") or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the PropertyPremises, or (B) the issuer of any casualty insurance policies on the Property Premises fails to make available to Landlord sufficient proceeds for restoration of the Premises or the PropertyPremises, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 9.04 only, "FULL INSURABLE VALUEfull insurable value" shall mean replacement cost, less the cost of footings, foundations and other structures below grade. Notwithstanding the foregoing, in the event Tenant is responsible for the aforesaid casualty, Tenant shall not have the right to terminate this Lease if Landlord is willing to rebuild and restore the Premises. In the event Landlord has not completed restoration of the Premises within twelve (12) months from the date of casualty, Tenant may terminate this Lease by written notice to Landlord within thirty (30) days following the expiration of such 12 month period unless, within thirty (30) days following receipt of such notice, Landlord has substantially completed such restoration and delivered the Leased Premises to Tenant for occupancy. In the event of total destruction, provided that the Lease is not terminated as provided above, Tenant may withhold payment of the Base Rent and all Additional Rent and other charges payable by Tenant hereunder until such time reconstruction is completed, a Certificate of Occupancy has been issued and possession of the Leased Premises is given to Tenant.
Appears in 1 contract
Samples: Agreement of Sale (Blonder Tongue Laboratories Inc)
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration of the Premises requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than (a) eighty percent (80%) of the full insurable value of the Premises on file with Landlord’s insurer immediately prior to the casualty or (b) fifty percent (50% %) of the full insurable value of the Property immediately prior to the casualty or (iii) the damage (x) is less than the amount stated in (ii) above, but more than 10% of the full insurable value of the Property; and (y) occurs during the last two years of Lease Termcasualty, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. Additionally, if the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, then Landlord, and Tenant, shall have the option to terminate this Lease pursuant to the notice and within the time period established pursuant to the immediately preceding sentence. In such eventthe event of a termination pursuant to either of the preceding two (2) sentences, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentencetwo (2) sentences. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty commercial property insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's ’s sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's ’s election to terminate this Lease. Landlord shall have no liability to TenantTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of of, any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 Section 18.2 only, "FULL INSURABLE VALUE" “full insurable value” shall mean replacement cost, less the cost of footings, foundations and other structures below grade.
Appears in 1 contract
Total Destruction. If the Property or the Premises shall be totally destroyed by fire or other casualty, or if the Property shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): ) (i) its repair or restoration requires more than 180 one hundred eighty (180) days or (ii) such repair or restoration requires the expenditure of more than 50% twenty percent (20%) of the full insurable value of the Property immediately prior to the casualty if such casualty occurs during the last Lease Year or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10% %) of the full insurable value of the Property; and (y) occurs during the last two years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within 10 ten (10) days after said contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Property by Landlord. In such event, the termination shall be effective as of the date upon which either Landlord or Tenant, as the case may be, receives timely written notice from the other terminating this Lease pursuant to the preceding sentence. If neither Landlord nor Tenant timely delivers a termination notice, this Lease shall remain in full force and effect. Notwithstanding the foregoing, if If (A) any holder of a mortgage or deed of trust encumbering the Property or landlord pursuant to a ground lease encumbering the Property (collectively, "SUPERIOR PARTIES"“Superior Parties”) or other party entitled to the insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises or the Property, or (B) the issuer of any casualty insurance policies on the Property fails to make available to Landlord sufficient proceeds for restoration of the Premises or the Property, then Landlord may, at Landlord's sole option, terminate this Lease by giving Tenant written notice to such effect within 30 days after Landlord receives notice from the Superior Party or insurance company, as the case may be, that such proceeds shall not be made available, in which event the termination of this Lease shall be effective as of the date Tenant receives written notice from Landlord of Landlord's election to terminate this Lease. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of repairs and restoration. For purposes of this SECTION 18.3 only, "FULL INSURABLE VALUE" shall mean replacement cost, less the cost of footings, foundations and other structures below grade.or
Appears in 1 contract
Samples: Lease Agreement