Total or Partial Destruction. (a) In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall: (i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction. (ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction. (b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid. (c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45. (d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease. (e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate (f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 3 contracts
Samples: Office Lease Agreement (Federal Home Loan Bank of Seattle), Office Lease Agreement (Federal Home Loan Bank of Seattle), Office Lease Agreement (Federal Home Loan Bank of Seattle)
Total or Partial Destruction. (a) In the event the improvements on the Real Property (including any Building and/or the Premises is Systems) are damaged or destroyed by fire or other perils covered by Landlordperil (a “Casualty”), Tenant shall give Landlord notice of such Casualty as soon as reasonably possible after the Casualty. Landlord shall have the right to elect whether to have such improvements rebuilt or restored. In the event that Landlord elects not to have the improvements rebuilt or restored, and the nature of the Casualty is such as would, absent such rebuilding or restoration, materially impair Tenant’s insuranceability to use and occupy such Leased Premises in substantially the same manner as they were used prior to the Casualty, this Lease shall terminate effective as of the date of the Casualty. In the event that Landlord shallelects to have the improvements rebuilt or restored, this Lease shall remain in effect without reduction or abatement of Rent, and the following provisions shall apply:
(i) In Landlord shall, with reasonable promptness rebuild or restore such improvements to at least substantially the same condition, quality, and class as existed prior to the Casualty, using the proceeds of insurance covering such improvements, provided, however, that in no event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and shall Landlord be obligated to expend for any such rebuilding or restoration an amount in excess of the Building and/or insurance proceeds actually collected by Landlord on account of the Premises Casualty, less the costs and prosecute expenses (including reasonable attorneys’ fees) incurred by Landlord in collecting such proceeds.
(ii) Notwithstanding the same diligently preceding clause (i), Landlord shall have the right to completionelect, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damageby giving written notice to Tenant, elect not to so repair, reconstruct have Tenant rebuild or restore the building and/or the Leased Premises, in which event this Lease shall terminate. In either eventTenant shall, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereofwith reasonable promptness, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored in all events within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term date of Landlord’s election notice, rebuild or restore such improvements to at least substantially the same condition, quality, and class as existed prior to the Casualty, using the proceeds of insurance covering such improvements. The selection of all engineers, architects, and contractors engaged in connection with such rebuilding or restoration and all plans and specifications for such rebuilding or restoration, shall be subject to review and approval by Landlord. In the event that Landlord makes the election to have Tenant rebuild or restore as provided in this clause (ii), all proceeds payable by reason of any Casualty under all applicable policies of insurance (whether Tenant is carrying such insurance, or Landlord has elected to do so as provided in this Lease) shall be paid to Landlord or its mortgagee, and such proceeds will be held by Landlord or its mortgagee in an interest-bearing account and, provided Tenant is not in breach of this Lease Lease, shall be made available for rebuilding or any extension hereofrestoring the improvements, and shall be paid by Landlord (or such mortgagee) from time- to-time during the progress of construction for the costs of such reconstruction or repair, all subject to and in accordance with reasonable terms, conditions, and construction disbursement procedures specified by Landlord and/or such mortgagee. Any excess proceeds of insurance (and accrued interest) remaining after the completion of the restoration or reconstruction of the Leased Premises shall be paid to Landlord.
Appears in 3 contracts
Samples: Lease Agreement (ATRM Holdings, Inc.), Lease Agreement (Digirad Corp), Lease Agreement (Digirad Corp)
Total or Partial Destruction. (a) In It the event the Building and/or the Leased Premises is shall be damaged by fire fire, the elements, unavoidable accident or other perils covered by Landlord’s insurancecasualty, without the fault of Tenant, but are not thereby rendered untenable in whole or in part, Landlord shall:
(i) In the event of total destruction, shall at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after its own expense cause such damage, elect except to Tenant's equipment and trade fixtures, to be repaired, and the rent and other charges shall not to so repairbe abated. If, reconstruct or restore by reason of such occurrence, the building and/or the Premises, premises shall be rendered untenable only in which event this Lease shall terminate. In either eventpart, Landlord shall give Tenant written notice of at its intention within said sixty (60) day period. In own expense cause the event Landlord elects not damage, except to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the PremisesTenants equipment and trade fixtures, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period but only to the extent of ninety (90) days from the date of the happening of such casualtyLandlord's original obligation to construct pursuant to Section 3.01, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease fixed minimum rent meanwhile shall be abated proportionately with as to the degree to which Tenant’s use portion of the Premises is impaired premises rendered untenable; provided however, If such damage shall occur during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use last two (2) years of the whole or any part term of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01(or of any renewal term). Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall have the right, to be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered exercised by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration said occurrence, to elect not to repair such damage and to cancel and terminate this Lease effective as of a date stipulated in Landlord's notice, which shall not be earlier than thirty (30) days nor later than sixty (60) days after the giving of such one notice, If the premises shall be rendered wholly untenable by reason of such occurrence, the Landlord shall at Its own expense cause such damage, except to Tenant's equipment and trade fixtures, to be repaired, but only to the extent of the Landlord's original obligation to construct pursuant to Section 3. 01, and the fixed minimum rent meanwhile shall be abated in whole except that Landlord shall have the right, to be exercised by notice to Tenant within sixty (160) year perioddays after said occurrence, 45 to elect not to reconstruct the destroyed premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained said occurrence. Nothing in this Section 9.01shall be construed to permit the abatement in whole or in part of the percentage rent, Landlord nor charges for common area maintenance and real estate taxes attributable to any period during which the demised premises shall not have be in untenable condition, nor shall there be any obligation whatsoever abatement in these items nor the fixed minimum rent if such damage is caused by the fault of Tenant. Whenever the fixed minimum rent shall be abated pursuant to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during 16.01, such abatement shall continue until the last twelve date which shall be the sooner to occur of (12i) months of fifteen (15) days after notice by Landlord to Tenant that the Term of this Lease Leased Premises have been substantially repaired and restored, or any extension hereof(H) the date Tenant's business operations are restored in the entire Leased Premises.
Appears in 2 contracts
Samples: Shopping Center Lease (Etravelserve Com Inc), Shopping Center Lease (Etravelserve Com Inc)
Total or Partial Destruction. (a) In the event the improvements on the Real Property (including any Building and/or the Premises is Systems) are damaged or destroyed by fire or other perils covered by Landlordperil (a “Casualty”), Tenant shall give Landlord notice of such Casualty as soon as reasonably possible after the Casualty. Landlord shall have the right to elect whether to have such improvements rebuilt or restored. In the event that Landlord elects not to have the improvements rebuilt or restored, and the nature of the Casualty is such as would, absent such rebuilding or restoration, materially impair Tenant’s insuranceability to use and occupy such Leased Premises in substantially the same manner as they were used prior to the Casualty, this Lease shall terminate effective as of the date of the Casualty. In the event that Landlord shallelects to have the improvements rebuilt or restored, this Lease shall remain in effect without reduction or abatement of Rent, and the following provisions shall apply:
(i) In Landlord shall, with reasonable promptness rebuild or restore such improvements to at least substantially the same condition, quality, and class as existed prior to the Casualty, using the proceeds of insurance covering such improvements, provided, however, that in no event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and shall Landlord be obligated to expend for any such rebuilding or restoration an amount in excess of the Building and/or insurance proceeds actually collected by Landlord on account of the Premises Casualty, less the costs and prosecute expenses (including reasonable attorneys’ fees) incurred by Landlord in collecting such proceeds.
(ii) Notwithstanding the same diligently preceding clause (i), Landlord shall have the right to completionelect, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damageby giving written notice to Tenant, elect not to so repair, reconstruct have Tenant rebuild or restore the building and/or the Leased Premises, in which event this Lease shall terminate. In either eventTenant shall, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereofwith reasonable promptness, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored in all events within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term date of Landlord’s election notice, rebuild or restore such improvements to at least substantially the same condition, quality, and class as existed prior to the Casualty, using the proceeds of insurance covering such improvements. The selection of all engineers, architects, and contractors engaged in connection with such rebuilding or restoration and all plans and specifications for such rebuilding or restoration, shall be subject to review and approval by Landlord. In the event that Landlord makes the election to have Tenant rebuild or restore as provided in this clause (ii), all proceeds payable by reason of any Casualty under all applicable policies of insurance (whether Tenant is carrying such insurance, or Landlord has elected to do so as provided in this Lease) shall be paid to Landlord or its mortgagee, and such proceeds will be held by Landlord or its mortgagee in an interest-bearing account and, provided Tenant is not in breach of this Lease Lease, shall be made available for rebuilding or restoring the improvements, and shall be paid by Landlord (or such mortgagee) from time- to-time during the progress of construction for the costs of such reconstruction or repair, all subject to and in accordance with reasonable terms, conditions, and construction disbursement procedures specified by Landlord and/or such mortgagee. Any excess proceeds of insurance (and accrued interest) remaining after the completion of the restoration or reconstruction of the Leased Premises shall be paid to Landlord.
(b) (Reserved.)
(c) Tenant shall be responsible for all insurance deductibles applicable to any extension hereofCasualty affecting any of the improvements on the Real Property (including Building Systems).
(d) The provisions of this Section shall be subject and subordinate to the provisions of any mortgage now or hereafter placed upon the Real Property and the requirements of any mortgagee holding such mortgage.
Appears in 2 contracts
Samples: Lease Agreement (ATRM Holdings, Inc.), Lease Agreement (Digirad Corp)
Total or Partial Destruction. (a) In the event the Building and/or the Premises is If VIA MIZNXX XXXANCIAL PLAZA shall be damaged by fire fire, the elements, unavoidable accident or other perils covered by Landlord’s insurancecasualty, without the fault of Tenant, but are not thereby rendered untenantable in whole or in part, Landlord shall:
(i) In the event of total destruction, shall at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after its own expense cause such damage, elect to be repaired, but only to the extent of Landlord's original obligation to construct pursuant to Section 3.01, and the rent and other charges shall not to so repairbe abated. If by reason of such occurrence, reconstruct or restore the building and/or the Premises, Leased Premises shall be rendered untenantable only in which event this Lease shall terminate. In either eventpart, Landlord shall give Tenant written notice of at its intention within said sixty (60) day period. In own expense cause the event Landlord elects not to restore the buildingdamage, and/or the Premisesexcept Tenant's improvements, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premisesequipment and trade fixtures, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period but only to the extent of ninety (90) days from Landlord's original obligation to construct pursuant to Section 3.01, and the date fixed minimum rent meanwhile shall not be abated as to the portion of the happening of such casualtypremises rendered untenantable; provided, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii)however, Landlord shall give written notice have the right, to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration exercised by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration said occurrence, to elect not to repair such damage and to cancel and terminate this Lease effective as of a date stipulated in Landlord's notice, which shall not be earlier than thirty (30) days nor later than sixty (60) days after the giving of such one notice. If the premises shall be rendered wholly untenantable by reason of such occurrence, the Landlord shall at its own expense cause such damage, to be repaired, but only to the extent of the Landlord's original obligation to construct pursuant to Section 3.01, and the fixed minimum rent meanwhile shall not abatx xx whole or in part except that Landlord shall have the right, to be exercised by notice to Tenant within sixty (160) year perioddays after said occurrence, 45 to elect not to reconstruct the destroyed premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of Landlord’s the said occurrence. If Landlord shall elect to reconstruct, then Landlord shall have a period of nine (9) months from the date Landlord issues its notice to terminate
(f) Notwithstanding anything Tenant to build and complete the improvements to the contrary contained extent of the Landlord's original obligation to construct pursuant to Section 3.01. Tenant specifically acknowledges the obligation to maintain insurance coverage at Tenant's expense to pay the rent costs incurred by Tenant and due Landlord during any period which the Landlord is partially or totally repairing or reconstructing the damage or casualty to VIA MIZNXX XXXANCIAL PLAZA. Nothing in this Section 9.01, Landlord shall not have any obligation whatsoever be construed to repair, reconstruct permit the abatement in whole or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months in part of the Term charges for operating costs, common area maintenance, real estate taxes attributable, and other charges set forth in Article II of this Lease or to any extension hereofperiod during which the Leased Premises shall be in untenantable condition, nor shall there be any abatement for any other item due Landlord by Tenant pursuant to the terms of this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Mackenzie Investment Management Inc), Lease Agreement (Mackenzie Investment Management Inc)
Total or Partial Destruction. (a) In the event the Building and/or Leased Premises are wholly or partially damaged or destroyed by an insurable hazard, and subject to the consent of the Lessor's mortgagee, if any, the Lessor shall with reasonable diligence repair or replace the Leased Premises is damaged at a cost not less than approximately the amount of insurance payable and paid by fire reason of such damage or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s optionand shall provide for the Lessee, as soon as reasonably possible thereafterpracticable and subject to Section 14.01 (b) premises of a type, commence repair, reconstruction quality and restoration character equal to or better than the premises were prior to the damage and destruction and suitable for the purposes of the Building and/or Lessee.
(b) The Lessor shall not be obligated to expend for such repair or replacement an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage. The Lessee shall cause all proceeds of insurance to be paid to the Lessor on account of the cost of repair or replacement In no event shall the Lessor be required to repair or replace the Lessee's stock in trade, fixtures, furnishings, floor coverings and equipment.
(c) If the casualty, repairing or rebuilding shall render the Leased Premises and prosecute the same diligently to completionuntenantable, in whole or in part, a proportionate abatement of the rent shall be allowed from the date when the damage occurred until the date the Lessor completes such work, said proportion to be computed on the basis of the relation which event the gross square foot area of the space rendered untenantable bears to the floor area of the Leased Premises.
(d) If any damage or destruction cannot, with reasonable diligence, be repaired and restored within one hundred and eighty (180) days of the date of happening of such damage or destruction, the Lessor or the Lessee may, at their respective options, terminate this Lease shall remain in full force and effect; the tenancy hereby created by giving to the Lessee or the Lessor, as the case may be, within sixty (60) days after following the date of such damageoccurrence, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the election so to do, and in the event Landlord elects not to restore of such termination, the building, and/or the Premises, this Lease shall terminate and the rent shall be deemed to have terminated adjusted as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45damage.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Samples: Lease Agreement (I Crystal Inc)
Total or Partial Destruction. (a) In the event the Building and/or the Premises is are partially damaged by fire or other perils covered by Landlord’s extended coverage insurance, Landlord shall:
(i) In the event of total destructionagrees to forthwith repair same, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; , except that Tenant shall be entitled to a proportionate reduction of the Base Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the portion of the Premises rendered untenantable during repairs. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent.
(a) to repair or restore such damage, this lease continuing in full force and effect, but the Base Rent to be proportionately reduced as hereinabove provided or (b) to give notice to Tenant at any time within sixty thirty (6030) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event terminating this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such total destruction.
(ii) In notice. Provided, however, the event of partial destruction of landlord may not elect to terminate this Lease unless the Building and/or the Premises, to an extent necessary repairs cannot exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may reasonably be repaired, reconstructed or restored made within a period of ninety (90) days from the date of the happening of such casualtyor less, and if Landlord will receive insurance proceeds41 sufficient to cover or unless the cost of repairing such repairs, then Landlord damage shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days equal or exceeds twenty-five exceed sixty percent (2560%) of fair replacement value of the full insurable value thereof,42 insurance proceeds will Premises immediately prior to such damage (provided this sentence shall not be sufficient to cover apply if two years or less remain in the cost of such repairslease term, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunderthen in a renewal term, but said terminate. Under any of the conditions of this Section 9.01(a)(iirenewal term), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premisesof giving such notice, this Lease lease shall be deemed to have terminated as expire and all interest of the date of such partial destruction.
(b) Upon any termination of this Lease under any of Tenant in the provisions of this Section 9.01, the parties Premises shall be released without further obligation to the other from terminate on the date possession of which the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01were rendered untenantable. Notwithstanding anything to the contrary contained in this Section 9.01contrary, landlord's obligation to rebuild shall be limited to the proceeds actually received by the Landlord under any casualty insurance policy or policies, if any, which have not been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises. Landlord is delayed shall not be required to make any repairs or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence replacements of such damage or destruction by reason of acts of Godany leasehold improvements, war, governmental restrictions, inability to procure the necessary labor or materialsfixtures, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation personal property of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Samples: Lease (Opticare Health Systems Inc)
Total or Partial Destruction. (a) In If the event the Building and/or the Premises is premises shall be damaged by fire or other perils casualty covered by Landlord’s insurance, Landlord shall:
(i) In the event 's policies of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction fire and restoration of the Building and/or the Premises and prosecute the same diligently to completion, broad form extended coverage insurance but are not thereby rendered untenantable in which event this Lease shall remain whole or in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either eventpart, Landlord shall give Tenant written notice of at its intention within said sixty (60) day period. In the event Landlord elects not own expense cause such damage to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed and the rent shall not be abated. If by reason of such occurrence, the premises shall be rendered untenantable in whole or in part, Landlord shall at its own expense cause the damage to be repaired and the fixed minimum rent meanwhile shall be abated proportionately as to the portion of the premises rendered untenantable until Landlord has restored the premises. If the premises shall be damaged or destroyed by a fire or casualty not covered by Landlord's policies of fire and broad form extended coverage insurance and the Landlord decides not to repair and restore the premises, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of Goddestruction, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated . Notwithstanding the previous terms of this Section 20.1 to or elects to repair or restore as herein providedthe contrary, Landlord shall have the right, to be exercised by notice in writing, delivered to Tenant within thirty (30) days after any occurrence which renders the premises wholly or partially untenantable, to terminate this Lease if (a) said destruction of the premises occurs within the last two (2) years of the original term or the last two (2) years of any renewal term hereof, or (b) the Landlord's mortgagee requires Landlord to pay said mortgagee all or a portion of the insurance proceeds and the remainder of such proceeds is not sufficient to repair the damages to the premises. In any of said events, the termination shall take effect thirty (30) days after the receipt of such notice by Tenant and the rent and other charges shall be payable through such date. In no event shall Landlord be obligated to make repair expend for any repairs or restoration only of those portions reconstruction in an amount in excess of the Building insurance proceeds recovered by it and allocable to the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as damage of the date premises after deduction therefrom of any amounts required to be paid to Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, 's mortgagee. Landlord shall not have be liable for delays occasioned by adjustment of losses with insurance carriers or by any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.other cause so long as Landlord shall
Appears in 1 contract
Samples: Stock Purchase Agreement (Horizon Health Corp /De/)
Total or Partial Destruction. (a) In the event the Building and/or the that Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration parts of the Building and/or shall be destroyed or so damaged by fire, explosion, windstorm or other casualty ("Casualty") so as to be:
a) rendered untenantable, Landlord may, at its election, either:
i) terminate this Lease as of the date of Casualty by written notice thereof to Tenant within sixty (60) days following the date of Casualty, in which event all rent shall be apportioned on a per diem basis and paid by Tenant to the date of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty ("Restoration Work") and prosecute to complete within 150 days of the same diligently to completiondate of the Casualty, in which event this Lease shall remain in full force not terminate, and effectrent shall equitably axxxx on a per diem basis during the period of Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and completed within sixty (6090) days after such damage, elect not to so repair, reconstruct or restore of the building and/or date of the PremisesCasualty, in which event this Lease rent shall terminate. In either eventaxxxx in proportion to the non-useability of the Premises during the period of Restoration Work;
b) partially damaged but not (IN TENANT'S REASONABLE JUDGMENT AS SET FORTH IN A LETTER TO LANDLORD EXPLAINING TENANT'S REASON FOR CONSIDERING PREMISES UNTENANTABLE) rendered untenantable, Landlord shall give proceed with all due diligence to perform or cause Restoration Work to be performed and complete within 150 days of the date of the Casualty, in which event rent shall axxxx in proportion to the non-useability of the Premises during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year of the term of this Lease, Landlord or Tenant written notice of shall have the right, at its intention within said sixty (60) day period. In the event Landlord elects not election, to restore the building, and/or the Premises, terminate this Lease shall be deemed to have terminated as of the date of such total destruction.
Casualty, by written notice thereof to the other within thirty (ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (9030) days from following the date of Casualty. Notwithstanding the happening of such casualtyforegoing, and if in no event shall Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90be:
a) days responsible for any loss or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained damage incurred by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience other person, firm or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of Casualty;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, warnational emergencies, acts of a public enemy, governmental restrictionslaws or regulations, inability to procure the necessary labor materials or materialslabor, or both, or any other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45IT BEING AGREED THAT INABILITY TO PAY SHALL NEVER EXCUSE LANDLORD'S PERFORMANCE UNDER THIS PARAGRAPH.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Samples: Lease Agreement (Hemoxymed Inc)
Total or Partial Destruction. (a) In the event the Building and/or If the Premises is are wholly or partially damaged or destroyed by fire Insurable Hazard, the Landlord shall repair or other perils covered by replace the Premises with reasonable diligence, subject to Article 17.1(d) and the consent of the Landlord’s insurance, Landlord shall:mortgagee.
(ib) The Landlord shall not be obligated to expend for such repair or replacement an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage. The Tenant hereby assigns all of its proceeds of insurance on its property in the Premises other than its merchandise, to be paid to the Landlord on account of the cost of repair or replacement. In no event shall the event Landlord be required to repair or replace any Fixtures in the Premises or the Tenant’s stock in trade, trade fixtures, furnishings or items which are the responsibility of total the Tenant pursuant to this Lease.
(c) If the casualty, repairing or rebuilding shall render the Premises untenantable, in whole or in part, a proportionate abatement of the Rent shall be allowed from the date when the damage occurred until the date the Landlord substantially completes such work, said proportion to be computed on the basis of the relation which the Floor Area of the space rendered untenantable bears to the Floor Area of the Premises.
(d) If any damage or destruction to the Premises or to the Market cannot, in the Landlord’s opinion, be repaired and restored with reasonable diligence within one hundred and eighty (180) days of the date of happening of such damage or destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event Landlord may terminate this Lease shall remain in full force and effect; or within the tenancy hereby created by giving to the Tenant sixty (60) days after written notice thereof and in the event of such damagetermination, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In terminate and the event Landlord elects not to restore the building, and/or the Premises, this Lease Rent shall be deemed to have terminated adjusted as of the later of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability the date the Tenant properly ceases to procure conduct its business from the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expensePremises, and the repair and restoration of items not provided at Landlord’s expense Tenant shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as deliver up vacant possession of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained Premises in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of accordance with this Lease or any extension hereofon the date specified in the notice.
Appears in 1 contract
Samples: Lease Agreement
Total or Partial Destruction. If the Leased Premises shall be partially or totally destroyed by fire or other casualty insurable under full standard fire and extended risk insurance, so as to become partially or totally untenantable, the same (aunless Landlord shall elect not to rebuild as hereinafter provided) In shall be repaired and restored by and at the event cost of Tenant, and Rent shall continue during such period of repair and restoration for the Building and/or longer of six (6) months or the period for which Tenant's business interruption insurance makes payments to Tenant as a result of such destruction and interruption of Tenant's business. Thereafter, a just and proportionate part of the rent, as provided for hereinafter, shall be abated until the Leased Premises is are so restored. Landlord and Tenant agree to take all reasonable steps to make the proceeds of their respective casualty insurance coverages available to Tenant so that Tenant may fulfill its reconstruction obligations hereunder. Landlord and Tenant additionally agree to take all reasonable steps to mutually assure that the reconstruction proceeds so as not to trigger the "Developer's Right to Purchase" under Section 2.6 of the Restrictive Agreement. If more than one-third (1/3) of the building in which the Leased Premises are located shall be destroyed or damaged by fire or other perils covered by Landlord’s insurancecasualty, Landlord shall:
(i) In and if the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration unexpired portion of the Building and/or the Premises and prosecute the same diligently to completion, in which event term of this Lease shall remain in full force and effect; be two (2) years or less at the date of the damage, then Landlord may elect not to repair or rebuild by giving written notice within sixty thirty (6030) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice occurrence of its intention within said sixty (60) day periodelection to terminate this Lease; otherwise, Tenant shall commence and pursue such reconstruction diligently to completion. In the event that Landlord elects not shall exercise the right heretofore given to restore the buildingterminate, and/or the Premises, then this Lease shall be deemed to have terminated cease as of the date of such total damage or destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may all rent or other charges payable by Tenant shall be repaired, reconstructed or restored within a period of ninety (90) days from prorated to the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days damage or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, that this Lease is not canceled, then the Rent shall be deemed continue during such period of repair and restoration for the longer of six (6) months or the period for which Tenant's business interruption insurance makes payments to have terminated Tenant as a result of such destruction and interruption of Tenant's business. Thereafter, a just and proportionate part of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease rent shall be abated proportionately with until the degree to which Tenant’s use of the Leased Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45are so restored.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Demised Premises. If (a) In the event the Building and/or the Demised Premises is shall be damaged by fire or other perils occurrence to the extent of more than 25% of the aggregate cost of replacement thereof, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by Landlord’s insuranceinsurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord shall:
(i) In may terminate the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or by notice given within sixty (60) 90 days after such damageevent, elect and upon the date specified in such notice, which shall not to so repairbe less than 30 days nor more than 60 days after the giving of said notice, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either eventIf any damage by fire or other casualty shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In as hereinafter provided, or, in the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) , until said date of termination. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord is obligated shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or elects before 30 days thereafter to repair or restore as herein provided, Landlord terminate this Lease. Such right of termination shall be obligated to make nullified if such repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be completed prior to the obligation effective date of Tenant's notice. 43 gross negligenceSuch right of termination shall be Tenant's sole remedy and if not timely elected, willful misconduct, 44 Lease by written notice the right to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of terminate this Lease or any extension hereof.hereunder shall be deemed waived and of no further force and
Appears in 1 contract
Samples: Lease (Dm Management Co /De/)
Total or Partial Destruction. (a) In the event the Building and/or If the Premises is should be damaged by fire fire, the elements, unavoidable accident or other perils covered by Landlord’s insurancecasualty, but are not thereby rendered untenantable in whole or in part, Landlord shall:
(i) In shall cause such damage to be repaired within 180 days from the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration date of the Building and/or damage or casualty, and the rental shall not be abated. If by reason of such occurrence, the Premises shall be rendered untenantable only in part, Landlord shall cause the damage to be repaired within 180 days from the date of the damage or casualty, or if the damage cannot be repaired within said 180 days, Landlord shall commence to repair the damage within such 180-day period and prosecute diligently pursue the same diligently repairs to completion, in which event this Lease and the rental meanwhile shall remain in full force be fairly and effect; or within sixty (60) days after proportionately abated as to the portion of the Premises rendered untenantable thereby. If the Premises shall be rendered wholly untenantable by reason of such occurrence, Landlord may elect to either diligently pursue repairs of such damage, elect not to so repairand until the Premises have been restored and rendered tenantable, reconstruct the rental shall xxxxx, or restore the building and/or the Premises, in which event alternatively Landlord may terminate this Lease shall terminate. In either event, Landlord shall give and the tenancy hereby created by giving to Tenant written notice of its intention within said sixty thirty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (9030) days from the date of such damage or casualty. Landlord’s obligation to repair under this Section 17.01 (i) is expressly limited to the happening extent of any insurance proceeds paid to and received by Landlord, and (ii) shall at all times be subject to obtaining all necessary approvals from all applicable governmental entities, and the holder of any Mortgage, and is further subject to the willingness of such casualty, and if Landlord will receive holder to make the proceeds of casualty insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered policies available to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction repairs or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant Landlord shall not be entitled to liable for any compensation or damages for loss delay that is beyond the reasonable control of Landlord in the use completion of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of TenantPremises. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever use said proceeds to repair, reconstruct or restore the Premises when to the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months condition it was in following completion by Tenant of the Term of this Lease or any extension hereofits leasehold improvements, and in such event.
Appears in 1 contract
Samples: Lease Agreement (Spacedev, Inc.)
Total or Partial Destruction. If the Leased Premises shall be partially or totally destroyed by fire or other casualty insurable under full standard fire and extended risk insurance, so as to become partially or totally untenantable, the same (aunless Landlord shall elect not to rebuild as hereinafter provided) In shall be repaired and restored by and at the event cost of Tenant , and Rent shall continue during such period of repair and restoration for the Building and/or longer of six (6) months or the period for which Tenant's business interruption insurance makes payments to Tenant as a result of such destruction and interruption of Tenant's business. Thereafter, a just and proportionate part of the rent, as provided for hereinafter, shall be abated until the Leased Premises is are so restored. Landlord and Tenant agree to take all reasonable steps to make the proceeds of their respective casualty insurance coverages available to Tenant so that Tenant may fulfill its reconstruction obligations hereunder. Landlord and Tenant additionally agree to take all reasonable steps to mutually assure that the reconstruction proceeds so as not to lose the exclusive "Brew Pub" use that the Property enjoys pursuant to paragraph 2 of the Restrictions Agreement. If more than one-third (1/3) of the building in which the Leased Premises are located shall be destroyed or damaged by fire or other perils covered by Landlord’s insurancecasualty, Landlord shall:
(i) In and if the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration unexpired portion of the Building and/or the Premises and prosecute the same diligently to completion, in which event term of this Lease shall remain in full force and effect; be two (2) years or less at the date of the damage, then Landlord may elect not to repair or rebuild by giving written notice within sixty thirty (6030) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice occurrence of its intention within said sixty (60) day periodelection to terminate this Lease; otherwise, Tenant shall commence and pursue such reconstruction diligently to completion. In the event that Landlord elects not shall exercise the right heretofore given to restore the buildingterminate, and/or the Premises, then this Lease shall be deemed to have terminated cease as of the date of such total damage or destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may all rent or other charges payable by Tenant shall be repaired, reconstructed or restored within a period of ninety (90) days from prorated to the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days damage or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, that this Lease is not canceled, then the Rent shall be deemed continue during such period of repair and restoration for the longer of six (6) months or the period for which Tenant's business interruption insurance makes payments to have terminated Tenant as a result of such destruction and interruption of Tenant's business. Thereafter, a just and proportionate part of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease rent shall be abated proportionately with until the degree to which Tenant’s use of the Leased Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45are so restored.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Total or Partial Destruction. (a) In Tenant shall give prompt notice to Landlord in case of any fire or other damage to the event the Building and/or Premises. If (i) the Premises is shall be damaged by fire or other perils occurrence to the extent of more than seventy-five (75%) of the cost of replacement thereof, or (ii) if the entire building shall be damaged by fire or other occurrence to the extent of more than seventy-five percent (75%) of the aggregate cost of replacement of the entire building, or (iii) the building shall be damaged by fire or other occurrence and the loss shall not be covered by Landlord’s insuranceinsurance or the net insurance proceeds (after deducting all expenses in connection with obtaining same) shall, Landlord shall:
by reasonable anticipation, be insufficient to pay for the repair or restoration work to be done by Landlord, or (iiv) In the event Premises shall be damaged by fire or other occurrence to the extent of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration more than fifty percent (50%) of the Building and/or cost of replacement thereof during the Premises and prosecute last two (2) years of the same diligently to completionterm, then in which any such event Landlord may terminate this Lease by notice given within ninety (90) days after such event and upon the date specified in such notice, which shall remain in full force and effect; or within be not less than thirty (30) days nor more than sixty (60) days after such damagethe giving of said notice, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In If the event Landlord elects not to restore the building, and/or the Premises, this Lease Premises shall be deemed damaged by fire or other casualty to have terminated as the extent of the date of such total destruction.
more than fifty (ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (2550%) percent of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of replacement thereof during the last two years of the term, Tenant may terminate this Lease by notice given before Landlord commences any repair or restoration work and in any event within thirty (30) days after such repairsdamage, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of terminate upon the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost giving of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destructionnotice.
(b) Upon any termination of If this Lease under any of the provisions of this Section 9.01, the parties shall not be released without further obligation terminated after damage by fire or other casualty pursuant to the other from preceding sub-paragraph, Landlord and Tenant shall, promptly after receipt of insurance proceeds for such damage and to the date possession extent that insurance proceeds are available, proceed with the restoration of the Premises is surrendered and the building to substantially the condition in which the same existed prior to the damage with such changes or additions as Landlord except may desire to make. In no event, however, shall Tenant’s stock-in-trade, trade fixtures, furniture, furnishings, removable floor coverings, equipment, signs and other property be Landlord’s responsibility and Tenant shall promptly proceed with restoration or replacement of same together with any alterations or improvements it has made to its Premises and Tenant’s liability for items which have therefore accrued and are then unpaidsaid restoration or replacement shall not be limited to its insurance proceeds.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under If this Lease shall not be abated proportionately with the degree to which terminated by fire or other casualty, Landlord’s and Tenant’s use restoration shall be completed as promptly as reasonably possible, and, to the extent that the Premises is unusable (on a per square foot basis), rent (but not additional rental such as utilities, taxes or common area charges) reserved hereunder shall xxxxx in proportionate to the area of the Premises damaged until Landlord’s work is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45completed.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding Despite anything contained to the contrary contained in this Section 9.01Paragraph, Landlord and without limiting Landlord’s rights or remedies hereunder, rental shall not have be abated under this provision if in Landlord’s opinion, any obligation whatsoever to repairdamage or destruction is caused by any fault, reconstruct neglect, default, negligent act or restore negligent omission of Tenant or those for whom Tenant is in law responsible or by any other person entering upon the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months express or implied invitation of the Term of this Lease or any extension hereofTenant.
Appears in 1 contract
Samples: Lease Agreement (Tvi Corp)
Total or Partial Destruction. (a) In the event the Building and/or If the Premises is shall be damaged by fire or other perils casualty covered by Landlord’s insurance's policies of fire and broad form extended coverage insurance but are not thereby rendered untenantable in whole or in part, Landlord shall:
(i) In subject to the event of total destructionlimitations hereafter set forth, Landlord, at Landlord’s optionits own expense, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently shall cause such damage to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from and the date of the happening rent due hereunder shall not be abated. If, by reason of such casualtyoccurrence, and if Landlord will receive insurance proceeds41 sufficient the Premises shall be rendered untenantable in whole or in part, subject to cover the cost of such repairslimitations hereafter set forth, then Landlord Landlord, at its own expense, shall commence and proceed diligently with cause the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not damage to be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore repaired and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease Fixed Minimum Rent shall be abated proportionately with as to the degree to which Tenant’s use portion of the Premises is impaired during rendered untenantable until the period completion of such repair, reconstruction or restoration; provided that there Landlord's repairs thereto. If the Premises shall be no abatement damaged or destroyed by a fire or casualty not covered by Landlord's policies of rent if such damage is fire and broad form extended coverage insurance and the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects decides not to repair or and restore as herein providedthe Premises, Landlord shall have the right, to be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease exercised by written notice in writing delivered to Tenant within sixty (60) days from and after expiration the occurrence of such one damage or destruction, to cancel and terminate this Lease. Either party shall have the right, to be exercised by notice in writing, delivered to the other within thirty (130) year perioddays from and after any occurrence which renders the Premises wholly untenantable to cancel this Lease, 45 if said destruction of the Premises occurs within the last three (3) years of the Term, said cancellation to take effect ninety (90) days from and after the receipt of such notice by the other party, and in such event the Lease and the tenancy hereby created shall cease as of the aforesaid date (except that such cancellation shall not affect the obligations of Landlord’s notice to terminate
(fthe parties which have accrued theretofore and remain unpaid) Notwithstanding anything and the rent due hereunder shall be adjusted as of such date; provided, however, that if Landlord shall commence repairs or reconstruction of the destroyed Premises during the period prior to the contrary contained cancellation date, the tenancy shall remain in effect and said notice of cancellation shall be considered void. In no event shall Landlord be obligated to expend for any repairs or reconstruction pursuant to this Section 14.01 an amount in excess of the insurance proceeds recovered by Landlord and allocable to the damage to the Premises, after deducting therefrom Landlord's reasonable expenses in obtaining such proceeds and any amounts required to be paid to Landlord's Mortgagee (as defined in Section 16.02 below). Nothing in this Section 9.01, Landlord 14.01 shall not have any obligation whatsoever be construed to repair, reconstruct permit the abatement in whole or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months in part of the Term Percentage Rent, and the calculation of this Lease or any extension Percentage Rent shall be governed solely by Section 2.01 hereof.. The provisions hereof are subject to the terms of Section 14.02
Appears in 1 contract
Total or Partial Destruction. (a) In the event Except as provided in sub-paragraph (d) hereof: (i) if the Building and/or the Premises is shall be destroyed or damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
insured cause to the extent of twenty percent (i20%) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration or less of the Building and/or insured value of the Premises and prosecute the same diligently to completionBuilding, in which event this Lease shall remain in full force the reasonable opinion of Landlord, and effect; or if such Building may be repaired and restored within sixty one hundred eighty (60180) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destructiondamage, then Landlord shall repair and restore the same with reasonable promptness provided, however, that in no event shall Landlord be required to repair any damage in excess of the insurance proceeds recovered therefor.
(iib) In If such damage is to the event extent of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five more than twenty percent (2520%) of the full insurable insured value thereofof the Building, in the reasonable opinion of the Landlord, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or repaired and restored within a period one hundred eighty (180) days after the date of ninety such damage or destruction, then Landlord shall repair and restore same with reasonable promptness provided, however, that in no event shall Landlord be required to repair any damage or destruction in excess of the insurance proceeds recovered therefor. Notwithstanding the extent of such damage or destruction, if, in the reasonable opinion of Landlord, such damage or destruction cannot be repaired and restored within one hundred eighty (90180) days after the date of such damage, then either Landlord or Tenant shall have the right to cancel and terminate this Lease and all rights and obligations of the parties thereunder upon giving notice of same to the other party at any time within thirty (30) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord damage or destruction shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaidoccurred.
(c) In the event any such damage or destruction, which renders the Building, in the, reasonable opinion of repairLandlord, reconstruction untenantable and restoration by Landlord as herein provided, the rental payable under if this Lease shall not be abated proportionately with canceled and terminated by reason of such damage (provided Landlord receives reimbursement for the degree abatement of Base Rent due hereunder under an insurance policy carried pursuant to which Tenant’s use of the Premises is impaired this Lease), then Base Rent only shall xxxxx during the period beginning with the date of such repair, reconstruction fire or restoration; provided that there shall be no other insured cause and ending with the date when the Building is again rendered tenantable by an amount bearing the same ratio to the total amount of Base Rent for such period as the untenable portion of the Building bears to the entire Building. Should Landlord fail to receive reimbursement for the abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant Base Rent hereunder then Base Rent shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45xxxxx.
(d) If any damage or destruction to the Building is due the result of an act or neglect of Tenant, its subtenants, licensees, or Tenant's partners, directors, officers, agents, employees, invitees or contractors, such damage or destruction shall be repaired or restored by Tenant, under the supervision and with the approval of Landlord, at Tenant's sole cost and expense. Notwithstanding anything to any cause other than fire the contrary, if the insurance proceeds received by Tenant hereunder are insufficient to restore the Leased Premises in accordance with the Lease and if the damage or other peril covered destruction is the result of an act or neglect of Landlord, its employees, agents, servants or contractors, then Landlord shall be responsible for payment to Tenant of the difference between the amount of insurance proceeds received by extended coverage insurance, Landlord may elect Tenant and the actual cost to terminate this Leaserestore replace the Leased Premises.
(e) If Tenant, as its sole remedy, may terminate this Lease if Tenant is unable to use all or a substantial portion of the Building as a result of fire or other casualty and if in the reasonable opinion of Landlord, such damage or destruction cannot be repaired and restored within one hundred eighty (180) days after the date of such damage. In order to so terminate, Tenant must provide written notice to Landlord is obligated to within thirty (30) days of the fire or elects to repair casualty. In the event that Tenant, its subtenants or restore as herein providedlicensees, or Tenant's partners, directors, officers, agents, or employees, invitees, or contractors delay Landlord in performing such repairs, Landlord shall be obligated have additional time to make repair complete the work equal to such delay. Notwithstanding the foregoing, Tenant may not terminate the Lease if the fire or restoration only of those portions other casualty was the result of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation intentional acts of Tenant. 43 gross negligence, willful misconductits subtenants or licensees, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year periodor Tenant's partners, 45 as of the date of Landlord’s notice to terminatedirectors, officers, agents, employees, invitees or contractors.
(f) Notwithstanding anything In the event of termination of the Lease under this Article V whether due to the contrary contained in this Section 9.01destruction or eminent domain, Landlord shall not have any obligation whatsoever share immediately return to repair, reconstruct or restore Tenant the Premises when Security Deposit posted by Tenant provided Tenant has otherwise complied with its obligations under the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereofLease.
Appears in 1 contract
Samples: Lease Agreement (Qep Co Inc)
Total or Partial Destruction. (a) In the event the Building and/or the that Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration parts of the Building and/or shall be destroyed or so damaged by fire, explosion, windstorm or other casualty ("Casualty") so as to be:
a) rendered untenantable, Landlord may, at its election, either:
i) terminate this Lease as of the date of Casualty by written notice thereof to Tenant within forty-five (45) days following the date of Casualty, in which event all rent shall be apportioned on a per diem basis and paid by Tenant to the date of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty ("Restoration Work") and prosecute to complete within 150 days of the same diligently to completiondate of the Casualty, in which event this Lease shall remain in full force not terminate, and effectrent shall equitably xxxxx on a per diem basis during the period of Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and completed within sixty (6090) days after such damage, elect not to so repair, reconstruct or restore of the building and/or date of the PremisesCasualty, in which event this Lease rent shall terminate. In either eventxxxxx in proportion to the non-usability of the Premises during the period of Restoration Work;
b) partially damaged but not rendered untenantable, Landlord shall give Tenant written notice estimate the amount of its intention within said sixty (60) day period. In the event Landlord elects not time it will take to restore the buildingPremises and shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within 150 days of the date of the Casualty, and/or in which event rent shall xxxxx in proportion to the Premisesnon-usability of the Premises during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year of the term of this Lease, Landlord or Tenant shall have the right, at its election, to terminate this Lease shall be deemed to have terminated as of the date of such total destruction.
Casualty, by written notice thereof to the other within thirty (ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (9030) days from following the date of Casualty. Notwithstanding the happening of such casualtyforegoing, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.a casualty caused by Landlord's negligent acts or omissions or willful misconduct, in no event shall Landlord be:
(ca) In the event of repair, reconstruction and restoration responsible for any loss or damage incurred by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience other person, firm or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of Casualty;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, warnational emergencies, acts of a public enemy, governmental restrictionslaws or regulations, inability to procure the necessary labor materials or materialslabor, or both, or any other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Total or Partial Destruction. (a) 9.1.1 In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) 9.1.1.1 In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after the discovery of such damage, elect not to so repair, reconstruct or restore the building Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
(ii) 9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening discovery of such casualty, and if Landlord will receive insurance proceeds41 proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii)9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of such partial destructionthe Premises is surrendered to Landlord.
(b) 9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.019.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) 9.1.3 In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 Tenant’s negligence or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01Section. 9.1. Notwithstanding anything to the contrary contained in this Section 9.019.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45Lease as of the end of said one year period.
(d) 9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) 9.1.5 If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate.
(f) 9.1.6 Notwithstanding anything to the contrary contained in this Section 9.01, 9.1. Landlord shall not have any obligation obligation, whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs 9.1 is discovered during the last twelve (12) months of the Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such event shall be exclusively governed by the terms of this Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Omeros Corp)
Total or Partial Destruction. (a) 9.1.1 In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) 9.1.1.1 In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after the discovery of such damage, elect not to so repair, reconstruct or restore the building Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the buildingBuilding, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
(ii) 9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening discovery of such casualty, and if Landlord will receive insurance proceeds41 proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii)9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of such partial destructionthe Premises is surrendered to Landlord.
(b) 9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.019.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) 9.1.3 In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental Rent payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.019.1. Notwithstanding anything to the contrary contained in this Section 9.019.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45Lease as of the end of said one year period.
(d) 9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) 9.1.5 If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate.
(f) 9.1.6 Notwithstanding anything to the contrary contained in this Section 9.019.1, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs 9.1 is discovered during the last twelve (12) months of the Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such event shall be exclusively governed by the terms of this Lease.
9.1.8 Notwithstanding anything herein to the contrary, Tenant shall have the right to immediately terminate this Lease upon: (i) the Premises and/or Building being damaged by a fire, earthquake or other casualty or cause such that it cannot be repaired and restored within one year or it can be repaired and restored in one year but Landlord does not commence such repair and reconstruction work within ninety (90) days and thereafter pursue the repair and restoration work with reasonable diligence.
Appears in 1 contract
Total or Partial Destruction. (a) In the event the Building and/or the that Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration parts of the Building and/or the Premises and prosecute the same diligently shall be destroyed or so damaged by fire, explosion, windstorm or other casualty ("Casualty") so as to completionbe:
a) rendered untenantable, in which event Landlord may, at its election, either:
i) terminate this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease Casualty by written notice thereof to Tenant within sixty (60) days after expiration following the date of such Casualty, in which event all rent shall be apportioned on a per diem basis and paid by Tenant to the date of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty ("Restoration Work") and to complete within one hundred fifty (1150) days of the date of the Casualty, in which event this Lease shall not terminate, and rent shall equitably abate on a per diem basis during the periox xx Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and completed within (90) days of the date of the Casualty, in which event rent shall abate in proportion to the non-usability of the Premises during the period of Restoration Work;
b) partially damaged but not rendered untenantable, Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within one hundred fifty (150) days of the date of the Casualty, in which event rent shall abate in proportion to the non-usability of the Prexxxxx during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year periodof the term of this Lease, 45 Landlord or Tenant shall have the right, at its election, to terminate this Lease as of the date of Landlord’s Casualty, by written notice to terminate
(f) Notwithstanding anything thereof to the contrary contained other within thirty (30) days following the date of Casualty. Notwithstanding the foregoing, in this Section 9.01, no event shall Landlord shall not have be:
a) responsible for any obligation whatsoever to repair, reconstruct loss or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease incurred by Tenant or any extension hereofother person, firm or corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of Casualty unless caused by Landlord's negligence, or the acts of Landlord's employees or agents;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, national emergencies, acts of a public enemy, governmental laws or regulations, inability to procure materials or labor, or both, or any other cause beyond the control of Landlord.
Appears in 1 contract
Total or Partial Destruction. (a) In the event the Building and/or the Premises is are partially damaged by fire or other perils covered by Landlord’s extended coverage insurance, Landlord shall:
(i) In the event of total destructionLANDLORD agrees to forthwith repair same, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; , except that TENANT shall be entitled to a proportionate reduction of the rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the portion of the Premises rendered untenantable during repairs.
(a) to repair or restore such damage, this lease continuing in full force and effect, but the Base Rent to be proportionately reduced as hereinabove provided or (b) to give notice to TENANT at any time within sixty thirty (6030) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event terminating this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of damage. Provided, however, the Building and/or LANDLORD may not elect to terminate this Lease unless the Premises, to an extent necessary repairs cannot exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may reasonably be repaired, reconstructed or restored made within a period of ninety (90) days from the date of the happening of such casualtyor less, and if Landlord will receive insurance proceeds41 sufficient to cover or unless the cost of repairing such repairs, then Landlord damage shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days equal or exceeds twenty-five exceed sixty percent (2560%) of fair replacement value of the full insurable value thereof,42 insurance proceeds will Premises immediately prior to such damage (provided this sentence shall not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct apply if one year or restore and less remain in the Lease term, or of then in a renewal term, the renewal term). In the event of giving such notice, this lease shall continue in full force expire and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any all interest of the conditions TENANT in the Premises shall terminate on the date which the Premises were rendered untenantable. Notwithstanding anything herein to the contrary, in the event the Premises are damaged as result of this Section 9.01(a)(ii)fire or other cause thereby rendering the Premises wholly untenantable, Landlord shall and upon request of the TENANT to the LANDLORD, the LANDLORD within ten (10) days after such request can not give written notice to Tenant of its intention the TENANT a binding contract from a contractor that the Premises can be repaired within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premisesdays, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon barring any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause contingencies beyond the control of Landlordthe contractor, Landlord, at its option, may terminate this44 whereupon Landlord then the TENANT shall be relieved of its obligation have the option upon five (5) days notice to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect the LANDLORD to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Total or Partial Destruction. (a) In the event the Building and/or the that Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration parts of the Building and/or the Premises and prosecute the same diligently shall be destroyed or so damaged by fire, explosion, windstorm or other casualty (“Casualty”) so as to completionbe:
a) rendered untenantable, in which event Landlord may, at its election, either:
i) terminate this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease Casualty by written notice thereof to Tenant within sixty (60) days after expiration following the date of such one Casualty, in which event all rent shall be apportioned on a per diem basis and paid by Tenant to the date of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty (1“Restoration Work”) and to complete within 150 days of the date of the Casualty, in which event this Lease shall not terminate, and rent shall equitably xxxxx on a per diem basis during the period of Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and completed within (90) days of the date of the Casualty, in which event rent shall xxxxx in proportion to the non-usability of the Premises during the period of Restoration Work;
b) partially damaged but not rendered untenantable, Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within 150 days of the date of the Casualty, in which event rent shall xxxxx in proportion to the non-usability of the Premises during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year periodof the term of this Lease, 45 Landlord or Tenant shall have the right, at its election, to terminate this Lease as of the date of Landlord’s Casualty, by written notice to terminate
(f) Notwithstanding anything thereof to the contrary contained other within thirty (30) days following the date of Casualty. Notwithstanding the foregoing, except for damages caused by Landlords negligence or willful misconduct, in this Section 9.01, no event shall Landlord shall not have be:
a) responsible for any obligation whatsoever to repair, reconstruct loss or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease incurred by Tenant or any extension hereofother person, firm or corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of Casualty;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, national emergencies, acts of a public enemy, governmental laws or regulations, inability to procure materials or labor, or both, or any other cause beyond the control of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Trintech Group PLC)
Total or Partial Destruction. (a) In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s 's insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s 's option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; effect or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, event Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii9.1(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.019.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s 's use of the Premises is impaired during the period of such repair, reconstruction or restoration; restoration provided that unless there is waiver of subrogation in effect pursuant to Section 8.6, there shall be no abatement of rent if such damage is the result of Tenant’s43 Tenant's negligence or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.019.1. Notwithstanding anything to the contrary contained in this Section 9.019.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45Lease as of the end of said one year period.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s 's expense, and the repair and restoration of items not provided at Landlord’s 's expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate.
(f) Notwithstanding anything to the contrary contained in this Section 9.019.1, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 9.1 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
(g) Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such event shall be exclusively governed by the terms of this Lease.
Appears in 1 contract
Total or Partial Destruction. (a) In the event the Building and/or the that Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration parts of the Building and/or the Premises and prosecute the same diligently shall be destroyed or so damaged by fire, explosion, windstorm or other casualty (“Casualty”) so as to completionbe:
a) rendered untenantable, in which event Landlord may, at its election, either:
i) terminate this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease Casualty by written notice thereof to Tenant within sixty (60) days after expiration following the date of such one Casualty, in which event all rent shall be apportioned on a per diem basis and paid by Tenant to the date of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty (1“Restoration Work”) and to complete within 150 days of the date of the Casualty, in which event this Lease shall not terminate, and rent shall equitably xxxxx on a per diem basis during the period of Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and completed within (90) days of the date of the Casualty, in which event rent shall xxxxx in proportion to the non-usability of the Premises during the period of Restoration Work;
b) partially damaged but not rendered untenantable, Landlord shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within 150 days of the date of the Casualty, in which event rent shall xxxxx in proportion to the non-usability of the Premises during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year periodof the term of this Lease, 45 Landlord or Tenant shall have the right, at its election, to terminate this Lease as of the date of Landlord’s Casualty, by written notice to terminate
(f) Notwithstanding anything thereof to the contrary contained other within thirty (30) days following the date of Casualty. Notwithstanding the foregoing, in this Section 9.01, no event shall Landlord shall not have be:
a) responsible for any obligation whatsoever to repair, reconstruct loss or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease incurred by Tenant or any extension hereofother person, firm or corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of Casualty;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, national emergencies, acts of a public enemy, governmental laws or regulations, inability to procure materials or labor, or both, or any other cause beyond the control of Landlord.
Appears in 1 contract
Samples: Lease Agreement (Trintech Group PLC)
Total or Partial Destruction. If the Leased Premises shall be partially or totally destroyed by fire or other casualty insurable under full standard fire and extended risk insurance, so as to become partially or totally untenantable, the same (aunless Landlord shall elect not to rebuild as hereinafter provided) In shall be repaired and restored by and at the event cost of Landlord, and a just and proportionate part of the Building and/or rent, as provided for hereinafter and as is reasonably acceptable to Tenant, shall be abated until the Leased Premises is are so restored. If more than one-third (1/3) of the building in which the Leased Premises are located shall be destroyed or damaged by fire or other perils covered by Landlord’s insurancecasualty, Landlord shall:
(i) In and if the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration unexpired portion of the Building and/or the Premises and prosecute the same diligently to completion, in which event term of this Lease shall remain in full force and effect; be two (2) years or less at the date of the damage, then Landlord may elect not to repair or rebuild by giving written notice within sixty thirty (6030) days after such damage, elect not occurrence of its election to so repair, reconstruct or restore the building and/or the Premises, in which event terminate this Lease shall terminate. In either eventLease; otherwise, Landlord shall give Tenant written notice of its intention within said sixty (60) day periodcommence and pursue diligently such reconstruction. In the event that Landlord elects not shall exercise the right given heretofore to restore the buildingterminate, and/or the Premises, then this Lease and the terms hereof shall be deemed to have terminated cease as of the date of such total damage or destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may all rent or other charges payable by Tenant shall be repaired, reconstructed or restored within a period of ninety (90) days from prorated to the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days damage or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, that this Lease shall be deemed to have terminated as of is not canceled, then the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease rent shall be abated or reduced proportionately with during any period in which the degree to which Tenant’s use of the Leased Premises is impaired during the period of such repair, reconstruction are rendered wholly or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except partially untenantable to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason shall interfere with the operation of acts Tenant's business in the Leased Premises, as determined in Tenant's reasonable business judgment. Such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with Tenant's substantial completion of God, war, governmental restrictions, inability to procure the necessary labor work or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs repair or restoration and as Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore do, as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expensecase may be, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01Article provided. In such event, Landlord Tenant shall not have any obligation whatsoever commence the work with due diligence and shall prosecute the same vigorously to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereofcompletion.
Appears in 1 contract
Samples: Restaurant Lease Agreement (Rock Bottom Restaurants Inc)
Total or Partial Destruction. (a) In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii9.01 (a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 Tenant’s negligence or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45Lease as of the end of said one year period.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate.
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
(g) To the extent inconsistent with the express provisions of this Section 9.01, Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such event shall be exclusively governed by the terms of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Innuity, Inc. /Ut/)
Total or Partial Destruction. (a) In the event the Building and/or the Premises is are partially damaged by fire or other perils covered by Landlord’s insuranceextended coverage insurance such that the portion of the Premises damaged can be repaired within 60 days and that Tenant may continue to conduct its business therein without disruption, Landlord shall:
(i) In the event of total destructionagrees to forthwith repair same, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; , except that Tenant shall be entitled to a proportionate reduction of the Base Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the portion of the Premises rendered untenantable during repairs. If the damage is due to the intentional act of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of fire or other cause thereby rendering the Premises wholly untenantable, then Landlord shall promptly repair or restore such damage, this lease continuing in full force and effect, but the Base Rent to be proportionately reduced as hereinabove provided unless either party shall give notice to the other at any time within sixty thirty (6030) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event terminating this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such total destruction.
(ii) In notice. Provided, however, a party may not elect to terminate this Lease unless the event of partial destruction of the Building and/or the Premises, to an extent necessary repairs cannot exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may reasonably be repaired, reconstructed or restored made within a period of ninety (90) days from the date of the happening of such casualtyor less, and if Landlord will receive insurance proceeds41 sufficient to cover or unless the cost of repairing such repairs, then Landlord damage shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days equal or exceeds twenty-five exceed sixty percent (2560%) of the full insurable fair replacement value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of Premises immediately prior to such damage (provided this Section 9.01(a)(iisentence shall not apply if one year or less remain in the lease term or, if then in a renewal term, the renewal term), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premisesof giving such notice, this Lease lease shall be deemed to have terminated as expire and all interest of the date of such partial destruction.
(b) Upon any termination of this Lease under any of Tenant in the provisions of this Section 9.01, the parties Premises shall be released without further obligation to the other from terminate on the date possession of which the Premises is surrendered to were rendered untenantable. Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled required to make any compensation repairs or damages for loss in the use replacements of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damageleasehold improvements, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materialsfixtures, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation personal property of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of this Lease or any extension hereof.
Appears in 1 contract
Samples: Lease (Opticare Health Systems Inc)
Total or Partial Destruction. (a) In If the event the Building and/or the Demised Premises is shall be damaged by fire or other perils casualty covered by Landlord’s insurance's policies of fire and broad form extended coverage insurance but are not thereby rendered untenantable in whole or in part, Landlord shall:
(i) In subject to the event of total destructionlimitations hereafter set forth, Landlord, at Landlord’s optionits own expense, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently shall cause such damage to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from and the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost rent shall be abated pending completion of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work the Demised Premises shall be damaged or destroyed by a fire or casualty not covered by Landlord's policies of repair, reconstruction fire and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 broad form extended coverage insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects decides not to repair or and restore as herein providedthe premises, Landlord shall have the right, to be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease exercised by written notice in writing delivered to Tenant within sixty (60) days from and after expiration the occurrence of such one damage or destruction, to cancel and terminate this Lease. Either party shall have the right, to be exercised by notice in writing, delivered to the other within thirty (130) year perioddays from and after any occurrence which renders the premises wholly untenantable to cancel this Lease, 45 as if said destruction of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 premises occurs during within the last twelve two (122) months years of the Term term of this Lease or if repairs to the Demised Premises shall take in excess of One Hundred Twenty (120) days to complete, said cancellation to take effect ninety (90) days from and after the receipt of such notice by the other party, and in such event this Lease and the tenancy hereby created shall cease as of the aforesaid date (except that such cancellation shall not affect the obligations of the parties which have accrued theretofore and remain unpaid), the rent to be adjusted as of such date.
(b) Tenant covenants that it will give notice to Landlord of any extension hereofaccident or damage, whether such damage is caused by insured or uninsured casualty, occurring in, on or about the Demised Premises within seventy-two (72) hours after Tenant has or actual knowledge of the occurrence of such accident or damage.
Appears in 1 contract
Total or Partial Destruction. (a) If the Premises are wholly or partially damaged or destroyed by Insurable Hazard, the Landlord shall repair or replace the Premises with reasonable diligence, subject to Article 17.01(d) and the consent of the Landlord’s mortgagee;
(b) The Landlord shall not be obligated to expend for such repair or replacement an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage. The Tenant hereby assigns all of its proceeds of insurance on its property in the Premises other than its merchandise, to be paid to the Landlord on account of the cost of repair or replacement. In no event shall the event Landlord be required to repair or replace any Fixtures in the Premises or the Tenant’s stock in trade, trade fixtures, furnishings or items which are the responsibility of the Tenant pursuant to this Lease;
(c) If the casualty, repairing or rebuilding shall render the Premises untenantable, in whole or in part, a proportionate abatement of the Rent shall be allowed from the date when the damage occurred until the date the Landlord substantially completes such work, said proportion to be computed on the basis of the relation which the Floor Area of the space rendered untenantable bears to the Floor Area of the Premises; and
(d) If any damage or destruction to the Premises or to the Building and/or cannot, in the Premises is damaged by fire or other perils covered by Landlord’s insuranceopinion, Landlord shall:
be repaired or restored with reasonable diligence within one hundred and eighty (i180) In days of the event date of total happening of such damage or destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event Landlord may terminate this Lease shall remain in full force and effect; or within the tenancy hereby created by giving to the Tenant sixty (60) days after written notice thereof and in the event of such damagetermination, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In terminate and the event Landlord elects not to restore the building, and/or the Premises, this Lease Rent shall be deemed to have terminated adjusted as of the later of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.01, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. Notwithstanding anything to the contrary contained in this Section 9.01, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability the date the Tenant properly ceases to procure conduct its business from the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expensePremises, and the repair and restoration of items not provided at Landlord’s expense Tenant shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as deliver up vacant possession of the date of Landlord’s notice to terminate
(f) Notwithstanding anything to the contrary contained Premises in this Section 9.01, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs during the last twelve (12) months of the Term of accordance with this Lease or any extension hereofon the date specified in the notice.
Appears in 1 contract
Samples: Lease Agreement
Total or Partial Destruction. (a) 9.1.1 In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) 9.1.1.1 In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after the discovery of such damage, elect not to so repair, reconstruct or restore the building Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
(ii) 9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening discovery of such casualty, and if Landlord will receive insurance proceeds41 proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect effect, or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii)9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of such partial destructionthe Premises is surrendered to Landlord.
(b) 9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.019.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) 9.1.3 In the event of repair, reconstruction and restoration by Landlord as herein providedany casualty to or destruction of the Premises or Building, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during due to such casualty or destruction commencing as of the period date of such casualty or destruction and ending upon its repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s43 or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.01. 9.1, Notwithstanding anything to the contrary contained in this Section 9.019.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this44 this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease45Lease as of the end of said one year period.
(d) 9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance (or that would have been covered by such insurance had Landlord carried such insurance), Landlord may elect to terminate this Lease.
(e) 9.1.5 If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall be obligated to make repair or restoration only of those portions of the Building and the Premises which were originally provided at Landlord’s expense, and the repair and restoration of items not provided at Landlord’s expense shall be the obligation of Tenant. 43 gross negligence, willful misconduct, 44 Lease by written notice to Tenant within sixty (60) days after expiration of such one (1) year period, 45 as of the date of Landlord’s notice to terminate.
(f) 9.1.6 Notwithstanding anything to the contrary contained in this Section 9.019.1, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Section 9.01 occurs 9.1 is discovered during the last twelve (12) months of the Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such event shall be exclusively governed by the terms of this Lease.
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Samples: Office Lease Agreement (NanoString Technologies Inc)