Common use of TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES Clause in Contracts

TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building is totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is so damaged that the Premises will be, in Landlord's reasonable opinion, unfit for occupancy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180) days after the date of such damage, Landlord 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 within ten (10) days after 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 are damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises can be made tenantable within one hundred eighty (180) days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant 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 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. Landlord shall allow Tenant a fair diminution of Basic Annual Rent and Additional Rent during the time the Premises are unfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, or contractors, 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 obligation 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, 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. 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 Lease Agreement (Interliant Inc)

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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 is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's reasonable opinion, unfit for occupancy within two hundred seventy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180270) days after of Landlord's becoming aware of the date of such damageapplicable fire or casualty, either Landlord or Tenant may 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 or Tenant 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 be given within ten (10) days after Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one two hundred eighty seventy (180270) days after of Landlord's becoming aware of the date of such damageapplicable fire or casualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding to rebuild or repairing 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, except that Landlord shall 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, but only to the extent of insurance proceeds actually received by Landlord for the 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. Landlord shall allow Tenant a fair proportionate diminution of Basic Annual Base Rent and Additional Rent as may be fair and reasonable under the circumstances during the time any period of reconstruction or repair of the Premises are unfit for occupancydue to an occurrence contemplated in this Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, or contractors, 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 any provision or inference herein to the contrary, Landlord's obligation 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, 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. 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 is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's reasonable opinion, unfit for occupancy within two hundred seventy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180270) days after of Landlord's becoming aware of the date of such damageapplicable fire or casualty, either Landlord or Tenant may 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 or Tenant 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 be given within ten twenty (1020) days after Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one two hundred eighty seventy (180270) days after of the date of such damagethe applicable fire or casualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding to rebuild or repairing 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, except that Landlord shall 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, but only to the extent of insurance proceeds actually received by Landlord for the 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. Landlord shall allow Tenant a fair proportionate diminution of Basic Annual Base Rent and Additional Rent as may be fair and reasonable under the circumstances during the time any period of reconstruction or repair of the Premises are unfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, or contractors, Basic Annual Rent and Additional Rent shall be abated only 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 any provision or inference herein to the contrary, Landlord's obligation to restore restoration obligation, in the Building and the Premises is expressly limited to the amount of casualty insurance proceeds actually received by Landlord. Without limiting the preceding sentence, Tenant understands and agrees that if 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. 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 (Tm Century Inc)

TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's reasonable opinion, unfit for occupancy (as defined in Section 5.202 hereof) for a period exceeding within one hundred eighty (180) days after commencement of repairs to the date of such damageBuilding, Landlord or Tenant may 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 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 Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one hundred hundred. eighty (180) days after the date commencement of such damagerepairs to the Building or Premises, as applicable, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding or (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 shall allow 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 a fair diminution within the Building or at the Premises. If more than fifty percent (50%) of Basic Annual Rent and Additional Rent during the time Premises is rendered untenantable by fire or other CASUALTY, ALL RENT SHALL be abated until repairs to the Premises are unfit for occupancycompleted; 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 contractorsinvitees, 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 obligation to restore restoration obligation, in the Building and the Premises is expressly limited to the amount of casualty insurance proceeds actually received by Landlord. Without limiting the preceding sentence, Tenant understands and agrees that if 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 TenantTenant 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

Samples: Office Lease Agreement (Ixc Communications Inc)

TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, unfit for occupancy (as defined in Section 5.202 hereof) for a period exceeding within one hundred eighty (180) days after the date of such damagethe casualty, Landlord or Tenant may 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 thirty (30) 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 reasonable opinion, within one hundred eighty (180) days after the date of the casualty, 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 termination. Tenant shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten thirty (1030) days after Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's ’s reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one hundred eighty (180) days after the date of such damagethe casualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding or (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 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. Notwithstanding the above sentences of this Section, however, (a) if 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 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 unfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or contractorsinvitees, 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 Landlord’s restoration obligation, in the contrary, Landlord's obligation 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, Tenant understands and agrees that if 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. Any Subject to the provisions of subsection 7.201(c) below, 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. 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 is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, unfit for occupancy within two hundred seventy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180270) days after of Landlord’s becoming aware of the date of such damageapplicable fire or casualty, either Landlord or Tenant may 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 or Tenant 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 be given within ten (10) days after Landlord's determination given to Tenant in writing 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 are damaged by applicable fire or other casualty and, in Landlord's reasonable opinion, the Premises can be made tenantable within one hundred eighty (180) days after the date of such damagecasualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding to rebuild or repairing 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, except that Landlord shall 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, but only to the extent of insurance proceeds actually received by Landlord for the 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. Landlord shall allow Tenant a fair proportionate diminution of Basic Annual Base Rent and Additional Rent as may be fair and reasonable under the circumstances during the time any period of reconstruction or repair of the Premises are unfit for occupancydue to an occurrence contemplated in this Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, or contractors, 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 provision or inference herein to the contrary, Landlord's obligation 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, Tenant understands and agrees that if 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. 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

Samples: Commercial Lease Agreement (RxSight, Inc.)

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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 is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's ’s reasonable opinion, unfit within such two hundred forty (240) day period, Landlord may, at its option, terminate this Lease (so long as Landlord likewise terminates the leases for occupancy 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 with respect to the unexpired portion of this Lease shall be terminated effective as of the date of such casualty. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within ninety (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (18090) days after the date of such damagecasualty at issue. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, Landlord or in Landlord’s reasonable opinion, within two hundred forty (240) days after the casualty, Tenant may 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 portion of this Lease shall be terminated, effective with as of the date of such damagecasualty. Landlord or Tenant shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten twenty (1020) days after receiving a copy of Landlord's ’s determination given to Tenant in writing that the repairs cannot be completed within such one two hundred eighty forty (180240) day period. In the event the Building or the Premises are should be damaged by fire or other casualty and, in Landlord's ’s reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one two hundred eighty forty (180240) days after the date of such damagecasualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding or (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 interior tenant-finish improvements, which may have been placed by Tenant within the Building or at the Premises. Landlord shall allow Tenant a fair prorated diminution of Basic Annual Rent and Additional Rent during based upon the time portion of the Premises are unfit for occupancythat is Untenantable; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or contractorsinvitees, 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 any provision or inference herein to Landlord’s restoration obligation, in the contrary, Landlord's obligation 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, Tenant understands and agrees that if 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. Any Subject to the provisions of subsection 7.201(c) below, 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: Renaissance Tower (Pfsweb Inc)

TOTAL OR PARTIAL DESTRUCTION OF THE BUILDING OR THE PREMISES. In the event that the Building is should be totally destroyed by fire or other casualty or in the event the Building (or any portion thereof) is should be so damaged that the Premises will berebuilding or repairs cannot be completed, in Landlord's reasonable opinion, unfit for occupancy (as defined in Section 5.202 hereof) for a period exceeding within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may 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 ten (10) days after determining that the repairs 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 date of such damage, 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 fifteen (1015) days after Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one hundred eighty (180) days after the date of such damage, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding to rebuild or repairing 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, except that Landlord shall 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, but only to the extent of insurance proceeds actually received by Landlord for the repair of Tenant's Improvements) which may have been placed by Tenant or other tenants within the Building or at the Premises. Landlord shall allow Tenant a fair diminution of Basic Annual Rent and Additional Rent during the time the Premises are unfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or contractorsinvitees, 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 obligation to restore restoration obligation, in the Building and the Premises is expressly limited to the amount of casualty insurance proceeds actually received by Landlord. Without limiting the preceding sentence, Tenant understands and agrees that if 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. 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 (Networks Associates 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 is should be totally destroyed by fire rebuilding or other casualty or in the event the Building (or any portion thereof) is so damaged that the Premises will berepairs cannot be completed, in Landlord's reasonable opinion, unfit for occupancy within two hundred seventy (as defined in Section 5.202 hereof) for a period exceeding one hundred eighty (180270) days after of Landlord's becoming aware of the date of such damageapplicable fire or casualty, either Landlord or Tenant may 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 or Tenant 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 be given within ten (10) days after Landlord's determination given to Tenant in writing 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 are should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Premises rebuilding or repairs can be made tenantable completed within one two hundred eighty seventy (180270) days after of Landlord's becoming aware of the date of such damageapplicable fire or casualty, or if the damage is should be more serious but neither Landlord nor Tenant elects 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 rebuilding to rebuild or repairing 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 casualtycasualty , except that Landlord shall 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, but only to the extent of insurance proceeds actually received by Landlord for the 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. Landlord shall allow Tenant a fair proportionate diminution of Basic Annual Base Rent and Additional Rent as may be fair and reasonable under the circumstances during the time any period of reconstruction or repair of the Premises are unfit for occupancydue to an occurrence contemplated in this Section 8.1; provided, that if such casualty was caused by Tenant, its agents, employees, or contractors, 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 any provision or inference herein to the contrary, Landlord's obligation to restore restoration obligation, in the Building and the Premises is expressly limited to the amount of casualty insurance proceeds actually received by Landlord. Without limiting the preceding sentence, Tenant understands and agrees that if 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. 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)

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