TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after commencement of repairs to the Building, Landlord may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within sixty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten (10) days after being advised by Landlord that the repairs cannot be completed within such one hundred eighty (180) day period. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty (180) days after the commencement of repairs to the Building or Premises, as applicable, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of such damage, commence (and thereafter pursue with reasonable diligence) repairing the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairs, to substantially the same condition which existed immediately prior to the happening of the casualty. In no event shall Landlord be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements to the extent set forth in the preceding sentence), which may have been placed by Tenant within the Building or at the Premises. If more than fifty percent (50%) of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunder; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
Appears in 1 contract
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. Tenant covenants and agrees to immediately give Landlord telephonic and written notice of any fire or other casualty affecting the Premises or the Building. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one two hundred eighty seventy (180270) days after commencement of repairs to Landlord's becoming aware of the Buildingapplicable fire or casualty, either Landlord or Tenant may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant by written notice to the preceding sentenceother, if at all, by delivering written with Tenant's notice of termination to Tenant within sixty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord given within ten (10) days after being advised by Landlord that the rebuilding or repairs cannot be completed within such one two hundred eighty seventy (180270) day perioddays. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty two hundred seventy (180270) days after of Landlord's becoming aware of the commencement of repairs to the Building applicable fire or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of receipt of notice of such damage, commence (and thereafter pursue with reasonable diligence) repairing to rebuild or repair the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairsthe repair of Tenant's Improvements), and shall pursue with reasonable diligence the repair and restoration of the Building and the Premises to substantially the same condition which existed immediately prior to the happening of the casualty. In no event casualty , except that Landlord shall Landlord not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (( except Tenant's Improvements Improvements, but only to the extent set forth in of insurance proceeds actually received by Landlord for the preceding sentence), repair of Tenant's Improvements which shall be first utilized by Landlord before any proceeds of Landlord's insurance) which may have been placed by Tenant or other tenants within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a proportionate diminution of Base Rent and Additional Rent as may be fair and reasonable under the circumstances during any period of reconstruction or repair of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs due to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated an occurrence contemplated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderthis Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Base Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Base Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Upon termination of the Lease pursuant to this Section, Base Rent and Additional Rent shall be abated from the date of the fire or casualty.
Appears in 1 contract
Samples: Commercial Lease Agreement (Natural Health Trends Corp)
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. Tenant covenants and agrees to immediately give Landlord telephonic and written notice of any fire or other casualty affecting the Premises or the Building. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one two hundred eighty seventy (180270) days after commencement of repairs to Landlord's becoming aware of the Buildingapplicable fire or casualty, either Landlord or Tenant may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant by written notice to the preceding sentenceother, if at all, by delivering written with Tenant's notice of termination to Tenant within sixty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord given within ten (10) days after being advised by Landlord that the rebuilding or repairs cannot be completed within such one two hundred eighty seventy (180270) day perioddays. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty two hundred seventy (180270) days after of Landlord's becoming aware of the commencement of repairs to the Building applicable fire or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of receipt of notice of such damage, commence (and thereafter pursue with reasonable diligence) repairing to rebuild or repair the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairsthe repair of Tenant's Improvements), and shall pursue with reasonable diligence the repair and restoration of the Building and the Premises to substantially the same condition which existed immediately prior to the happening of the casualty. In no event , except that Landlord shall Landlord not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements Improvements, but only to the extent set forth in of insurance proceeds actually received by Landlord for the preceding sentence), repair of Tenant's Improvements which shall be first utilized by Landlord before any proceeds of Landlord's insurance) which may have been placed by Tenant or other tenants within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a proportionate diminution of Base Rent and Additional Rent as may be fair and reasonable under the circumstances during any period of reconstruction or repair of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs due to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated an occurrence contemplated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderthis Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Base Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.-------------------------------------------------------------------------------- COMMERCIAL LEASE AGREEMENT
Appears in 1 contract
Samples: Commercial Lease Agreement (Medstone International Inc/)
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. Tenant covenants and agrees to immediately give Landlord telephonic and written notice of any fire or other casualty affecting the Premises or the Building. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one two hundred eighty seventy (180270) days after commencement of repairs to Landlord's becoming aware of the Buildingapplicable fire or casualty, either Landlord or Tenant may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant by written notice to the preceding sentenceother, if at all, by delivering written with Tenant's notice of termination to Tenant be given within sixty twenty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten (1020) days after being advised by Landlord that the rebuilding or repairs cannot be completed within such one two hundred eighty seventy (180270) day perioddays. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty two hundred seventy (180270) days after of the commencement date of repairs to the Building applicable fire or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of receipt of notice of such damage, commence (and thereafter pursue with reasonable diligence) repairing to rebuild or repair the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairsthe repair of Tenant's Improvements), and shall pursue with reasonable diligence the repair and restoration of the Building and the Premises to substantially the same condition which existed immediately prior to the happening of the casualty. In no event , except that Landlord shall Landlord not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements Improvements, but only to the extent set forth in of insurance proceeds actually received by Landlord for the preceding sentence), repair of Tenant's Improvements which shall be first utilized by Landlord before any proceeds of Landlord's insurance) which may have been placed by Tenant or other tenants within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a proportionate diminution of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunder; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Base Rent and Additional Rent shall as may be abated only fair and reasonable under the circumstances during any period of reconstruction or repair of the Premises due to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if anyan occurrence contemplated in this Section 8.1. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Upon termination of the Lease pursuant to this Section, Base Rent and Additional Rent shall be abated from the date of the fire or casualty.
Appears in 1 contract
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event the Building or the Premises should be damaged by fire or other casualty, then within ninety (90) days of the date of such casualty, Landlord shall deliver written notice of its determination of whether repairs can or cannot be completed within two hundred forty (240) days of the date of such casualty. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, within one such two hundred eighty forty (180240) days after commencement of repairs to the Buildingday period, Landlord may, at its option, terminate this LeaseLease (so long as Landlord likewise terminates the leases for all other similarly affected tenants in the Building, to the extent contractually permitted), in which event Tenant’s obligation to pay Basic Annual Rent and Additional Rent shall be abated during with respect to the unexpired portion of this Lease shall be terminated effective with as of the date of such damagecasualty. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within sixty ninety (6090) days after the casualtycasualty at issue. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, within one two hundred eighty forty (180240) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Tenant’s obligation to pay Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED Rent during the unexpired portion of this LeaseLease shall be terminated, effective as of the date of such damagecasualty. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten twenty (1020) days after being advised by Landlord receiving a copy of Landlord’s determination that the repairs cannot be completed within such one two hundred eighty forty (180240) day period. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's ’s reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty two hundred forty (180240) days after the commencement of repairs to the Building or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty ninety (6090) days after the date of such damagethe casualty, commence (and thereafter pursue with reasonable diligence) repairing the Building and the Premises (including Tenant's Improvements)Premises, but only to the extent of insurance proceeds actually received by Landlord for such repairs, to substantially the same condition which existed immediately prior to the happening of the casualty. In no event shall Landlord be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements to the extent set forth in the preceding sentence)interior tenant-finish improvements, which may have been placed by Tenant within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a prorated diminution of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated in proportion to Basic Annual Rent and Additional Rent based upon the portion of the Premises, if any, which Premises that is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderUntenantable; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Rent and Additional Rent shall be abated only to the Renaissance Tower/ Priority Fulfillment Services, Inc. extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's ’s restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's ’s fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be deliveredTenant. Subject to the provisions of subsection 7.201(c) below, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. Any any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Notwithstanding anything in this Lease to the contrary, if Tenant shall not have the right to terminate this Lease because Landlord determined that the necessary repairs and restoration could be completed within two hundred forty (240) days of the date of the casualty, but the necessary repairs and restoration are not substantially completed within such two hundred forty (240) day period, then until Landlord delivers the Premises to Tenant with all necessary repairs and restoration substantially completed, Tenant shall have the right and option to terminate this Lease upon sixty (60) days notice to Landlord and, unless Landlord shall substantially complete the required repairs and restoration within such sixty (60) day period, this Lease shall automatically terminate upon the expiration of such sixty (60) day period. Upon any termination of this Lease pursuant to this Section 7.1, the parties shall be relieved from further obligation or liability to the other, except for such indemnity and other obligations which expressly survive the expiration or sooner termination of the Term.
Appears in 1 contract
Samples: Office Lease Agreement (Pfsweb Inc)
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. Tenant covenants and agrees to immediately give Landlord telephonic and written notice of any fire or other casualty affecting the Premises or Building. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, within one two hundred eighty seventy (180270) days after commencement of repairs to Landlord’s becoming aware of the Buildingapplicable fire or casualty, either Landlord or Tenant may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant by written notice to the preceding sentenceother, if at all, by delivering written with Tenant’s notice of termination to Tenant within sixty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord given within ten (10) days after being advised by Landlord that the rebuilding or repairs cannot be completed within such one two hundred eighty seventy (180270) day period. In days of Landlord’s becoming aware of the event the Building or the Premises should be damaged by applicable fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. eighty (180) days after the commencement of repairs to the Building or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, shall within sixty (60) days after the date of receipt of notice of such damage, commence (and thereafter pursue with reasonable diligence) repairing to rebuild or repair the Building and the Premises (including Tenant's ’s Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairsthe repair of Tenant’s Improvements), and shall pursue with reasonable diligence the repair and restoration of the Building and the Premises to substantially the same condition which existed immediately prior to the happening of the casualty. In no event , except that Landlord shall Landlord not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements ’s Improvements, but only to the extent set forth in of insurance proceeds actually received by Landlord for the preceding sentence), repair of Tenant’s Improvements which shall be first utilized by Landlord before any proceeds of Landlord’s insurance) which may have been placed by Tenant or other tenants within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a proportionate diminution of Base Rent and Additional Rent as may be fair and reasonable under the circumstances during any period of reconstruction or repair of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs due to the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated an occurrence contemplated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderthis Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Base Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Base Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's ’s restoration obligation, in the event any mortgagee mortgage under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's ’s fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Upon termination of the Lease pursuant to this Section, Base Rent and Additional Rent shall be abated from the date of the fire or casualty. Landlord and Tenant agree that the foregoing provisions of this Section 8.1 are to govern their respective rights and obligations in the event of any damage or destruction and supersede and are in lieu of the provisions of any applicable law, statute, ordinance, rule, regulation, order or ruling mow or hereafter in force which provide remedies for damage or destruction of leased premises (including, without limitation, the provisions of California Civil code Section 1932, Subsection 2, and Section 1933, Subsection 4 and any successor statute or laws of a similar nature).
Appears in 1 contract
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, within one hundred eighty (180) days after commencement the date of repairs to the Buildingcasualty, Landlord may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within sixty thirty (6030) days after the date of the casualty. In the event that the Premises or any element of the Building which is essential to Tenant’s operations in the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, within one hundred eighty (180) days after the commencement date of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED Rent shall be abated during the unexpired portion of this Lease, effective the date of such damagetermination. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten thirty (1030) days after being advised by Landlord that the repairs cannot be completed within such one hundred eighty (180) day perioddate of the casualty. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's ’s reasonable opinion, the rebuilding or repairs can be completed within one hundred. hundred eighty (180) days after the commencement date of repairs to the Building or Premises, as applicablecasualty, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of such damagecasualty, commence (and thereafter pursue with reasonable diligence) repairing the Building and the Premises (including Tenant's ’s Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairs, to substantially the same condition which existed immediately prior to the happening of the casualty. In no event shall Landlord be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's ’s Improvements to the extent set forth in the preceding sentence), which may have been placed by Tenant within the Building or at the PRESCIENT APPLIED INTELLIGENCE, INC. Office Lease - One Galleria Tower Premises. If more than fifty percent (50%) Notwithstanding the above sentences of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to the Premises are completed; providedthis Section, however, (a) if less than fifty percent (50%) of the Building or the Premises is rendered untenantable by fire or other casualty, the Refit required to should be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable damaged by fire or other casualty hereunder until and, in Landlord’s reasonable opinion, the rebuilding or repairs can be completed within one hundred eighty (180) days after the date of the casualty, but (b) if such rebuilding or repairs are not in fact substantially completed within one hundred fifty (150) days from the date of the casualty, and (c) if such repairs are subsequently not substantially completed within thirty (30) days after Tenant’s delivery of written notice to Landlord (which written notice may not be delivered prior to the expiration of such 150-day period) describing with reasonable specificity what remains incomplete, then after the 30-day notice period Tenant may terminate this Lease by delivering a written termination notice to Landlord at any time prior to the substantial completion of such repairs. Landlord shall allow Tenant a fair diminution of Basic Annual Rent and Additional Rent during the time the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderunfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's ’s restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's ’s fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be deliveredTenant. Subject to the provisions of subsection 7.201(c) below, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. Any any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
Appears in 1 contract
Samples: Office Lease Agreement (Prescient Applied Intelligence, Inc.)
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after commencement the date of repairs to the Buildingsuch damage, Landlord may, at its option, terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within sixty ten (6010) days after determining that the casualtyrepairs cannot be completed within such one hundred eighty (180) day period. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement date of repairs to the Premisessuch damage, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED Rent shall be abated during the unexpired portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten fifteen (1015) days after being advised by Landlord that the repairs cannot be completed within such one hundred eighty (180) day period. In the event the Building or the Premises should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs can be completed within one hundred. hundred eighty (180) days after the commencement date of repairs to the Building or Premises, as applicablesuch damage, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of such damage, commence (and thereafter pursue with reasonable diligence) repairing to rebuild or repair the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairsthe repair of Tenant's Improvements), and shall pursue with reasonable diligence the repair and restoration of the Building and the Premises to substantially the same condition which existed immediately prior to the happening of the casualty. In no event , except that Landlord shall Landlord not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements Improvements, but only to the extent set forth in of insurance proceeds actually received by Landlord for the preceding sentence), repair of Tenant's Improvements) which may have been placed by Tenant or other tenants within the Building or at the Premises. If more than fifty percent (50%) Landlord shall allow Tenant a fair diminution of Basic Annual Rent and Additional Rent during the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to time the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderunfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Annual Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
Appears in 1 contract
Samples: Standard Office Lease Agreement (Networks Associates Inc/)
TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building should be is totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) should be is so damaged that rebuilding or repairs cannot be completedthe Premises will be, in Landlord's reasonable opinion, within unfit for occupancy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180) days after commencement the date of repairs to the Buildingsuch damage, Landlord may, at its option, or Tenant may terminate this Lease, in which event Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord or Tenant shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within sixty (60) days after the casualty. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Landlord shall notify Tenant within 60 days after the casualty, and Tenant may, at its option terminate this Lease, in which event Basic Annual Rent and Additional RENT SHALL BE ABATED DURING THE UNEXPIRED portion of this Lease, effective the date of such damage. Tenant shall exercise the TERMINATION RIGHT PURSUANT TO the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten (10) days after being advised by Landlord Landlord's determination given to Tenant in writing that the repairs cannot be completed within such one hundred eighty (180) day period. In the event the Building or the Premises should be are damaged by fire or other casualty and, in Landlord's reasonable opinion, the rebuilding or repairs Premises can be completed made tenantable within one hundred. hundred eighty (180) days after the commencement date of repairs to the Building or Premises, as applicablesuch damage, or if the damage should be is more serious but neither Landlord nor Tenant elect elects to terminate this Lease pursuant to this Section, in either such event Landlord shall, within sixty (60) days after the date of such damage, commence (and thereafter pursue with reasonable diligence) rebuilding or repairing the Building and the Premises (including Tenant's Improvements), but only to the extent of insurance proceeds actually received by Landlord for such repairs, to substantially the same condition which existed immediately prior to the happening of the casualty. In no event Landlord shall Landlord be required to rebuild, repair or replace any part allow Tenant a fair diminution of Basic Annual Rent and Additional Rent during the furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements (except Tenant's Improvements to the extent set forth in the preceding sentence), which may have been placed by Tenant within the Building or at the Premises. If more than fifty percent (50%) of the Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to time the Premises are completed; provided, however, if less than fifty percent (50%) of the Premises is rendered untenantable by fire or other casualty, the Refit required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunderunfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or inviteescontractors, Basic Annual Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Basic Annual Rent and Additional Rent by loss of rents insurance, if any. Notwithstanding any provision or inference herein to the contrary, Landlord's restoration obligationobligation to restore the Building and the Premises is expressly limited to the amount of casualty insurance proceeds actually received by Landlord. Without limiting the preceding sentence, in the event Tenant understands and agrees that if any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant which notice must be delivered, if at all, within 10 days after Landlord is notified by its mortgagee, and if the Lease is so terminated, all Basic Annual Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)