Uninsured Loss. If the Leased Premises are damaged as a result of any cause other than the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to (i) repair or restore such damage, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; or (ii) at any time within one hundred twenty (120) days after such damage give notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than thirty (30) days after the date of such notice. If such notice is given, this Lease shall terminate and all interest of Tenant in and to the Leased Premises shall end on the date so specified in such notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such termination.
Appears in 2 contracts
Samples: Office Lease (Smartsheet Inc), Office Lease (Smartsheet Inc)
Uninsured Loss. If Subject to the Leased provisions of Paragraphs 18.4 and 18.5, below, if at any time during the Term of this Lease there is damage which is not an Insured Loss and which falls within the classification of Premises are damaged as Damage or Premises Building Partial Damage, unless caused by a result negligent or willful act of any cause other than Tenant (in which event Tenant shall make the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient repairs at Tenant's expense) provided, however, that Tenant shall only be obligated to cover pay for the cost of repairsrepairs to the extent such cost exceeds insurance proceeds actually received by the Landlord and Landlord has used reasonable efforts to collect such proceeds which damage prevents Tenant from making any substantial use of the Premises, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by may at Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the 's option to either (i) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 aboveeffect; or (ii) at any time within one hundred twenty (120) days after such damage give written notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than within thirty (30) days after the date of the occurrence of such notice. If damage of Landlord's intention to cancel and terminate this Lease as of the date of the occurrence of such notice is givendamage, in which event this Lease shall terminate and all interest as of the date of the occurrence of such damage. However, if Tenant at its option is willing to pay the cost of repairs in and excess of the insurance proceeds actually received by Landlord, Landlord shall not be permitted to terminate the Lease, provided Tenant pays such excess amount or provides such other reasonable security therefor to Landlord prior to the Leased Premises shall end on commencement of the date so specified in such notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such termination.repairs or restoration
Appears in 2 contracts
Samples: Development Agreement (Nz Corp), Development Agreement (Nz Corp)
Uninsured Loss. If the Leased Premises are damaged as a result of any cause other than the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s 's insurance coverage, or if the Landlord's insurance carrier has not determined whether insurance proceeds from Landlord’s 's insurance are not will be made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent Premises within ninety (10%90) or more of the replacement cost of the Leased Premisesdays after such damage, then Landlord shall have the option to (i) repair or restore such damagedamage forthwith, in which event this Lease shall continue in full force and effect effect, but the Base Rent and Additional Rent Other Charges shall be proportionately reduced as provided in Section 16.1 18.1 above; or (ii) at any time within one hundred twenty (120) days after such damage give notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be no less than thirty (30) days after the date of such notice. If such notice is given, this Lease shall terminate and all interest of Tenant in and to the Leased Premises shall end on the date so specified in such notice and the Base Rent and Additional RentOther Charges, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such termination. If Landlord does not terminate the Lease under this Section 18.2, then Landlord shall be deemed to have elected to repair or restore such damage, which Landlord will undertake with all reasonable diligence. Notwithstanding anything in Sections 18.1 and 18.2 of this Lease to the contrary, if Landlord is required or elects to repair or restore the Leased Premises pursuant to Section 18.1 or 18.2 of this Lease, and if such repairs or restoration are not substantially completed within one (1) year of the date of the damage or destruction, then Tenant may elect to terminate this Lease by giving ninety (90) days' written notice thereof to Landlord; provided, however, if Landlord notifies Tenant that such repairs will or are likely to require more than one (1) year from the date of damage to substantially complete, then Tenant shall make the election to terminate this Lease within sixty (60) days of Landlord's notice. If Tenant does not elect to terminate this Lease within sixty (60) days of Landlord's notice, then Tenant shall be deemed to have waived and released its right to terminate this Lease pursuant to this Section and this Lease shall continue in full force and effect, subject to abatement of Rent as provided in Section 18.1 above and this Section 18.2.
Appears in 2 contracts
Samples: Office Lease (Eddie Bauer Holdings, Inc.), Office Lease (Eddie Bauer Holdings, Inc.)
Uninsured Loss. If Subject to the Leased provisions of paragraphs 9.4 and 9.5, if at any time during the term of this Lease there is damage to the Premises are damaged which is not an Insured Loss (or as a result of any cause other than the perils covered by Landlord’s insurance coverage or if to which the insurance proceeds available to Lessor are not sufficient to cover the cost less than eighty-five (85%) percent of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent and restoration), which was not caused by any act or omission of Lessee (10%) or any agent, employee, contractor, customer, supplier, shipper, licensee or invitee of Lessee), which prevents Lessee from using the then replacement cost Premises and which falls within the classification of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coveragePartial Damage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased PremisesLessor may, orat Lessor's option, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to either:
(i) repair or restore Repair such damagedamage at Lessor's expense as soon as reasonably practicable, in which event case this Lease shall continue in full force and effect but effect, and in which case, if Lessor shall have repaired such damage to the Rent and Additional Rent Premises within twenty (20) days after Lessor's receipt from Lessee of written notification of such damage, there shall be proportionately reduced as no abatement, offset or reduction of rent, but, commencing on the twenty-first (21st) day following Lessor's receipt from Lessee of said written damage, provided that such damage shall not be theretofore have been repaired, Lessee shall be entitled to an equitable reduction in Section 16.1 aboverent based upon the extent to which such damage materially interferes with Lessee's business in the Premises; or or
(ii) at any time Give written notice to Lessee within one hundred twenty thirty (12030) days after Lessor's receipt from Lessee of written notification of such damage give notice of Lessor's intention to Tenant of the termination of cancel and terminate this Lease as of the date specified in of Lessor's receipt from Lessee of said written notification. In the event Lessor to give such noticenotice of Lessor's intention to cancel and terminate this Lease, which date Lessee shall not be less than thirty have the right within ten (3010) days after the date receipt of such notice. If notice to give written notice to Lessor of Lessee's intention to repair such notice is givendamage at Lessee's expense, without reimbursement from Lessor, in which event this Lease shall terminate be canceled and all interest terminated as of Tenant in and to the Leased Premises shall end on the date so specified in of the occurrence of such notice and the Rent and Additional Rentdamage. Provided, reduced by a proportionate reductionhowever, based upon the extent, that if any, to which such damage materially interfered with the business carried shall have been caused by any act or omission of Lessee (or any agent, employee, contractor, customer, supplier, shipper, licensee or invitee of Lessee), then this Lease shall continue in full force and effect, Lessee shall immediately upon demand reimburse Lessor for any loss, cost or expense incurred by Lessor on by Tenant in the Leased Premisesaccount of such damage, and there shall be paid up to date no abatement, offset reduction of such terminationrent.
Appears in 2 contracts
Samples: Commercial Lease (Quadrax Corp), Commercial Lease (Quadrax Corp)
Uninsured Loss. If (i) there is an Uninsured Loss, (ii) the Leased Architect's Estimate is given and provides that Landlord's Work and the Required Surrender Improvements (subject to the exclusions in Section 27.1 above) require 365 days or less to restore after the issuance of building permits and (iii) Tenant does not elect to restore the Insured Premises are damaged as a result of any cause other than the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient pursuant to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased PremisesSection 27.4.2, then Landlord shall have the option right, but not the obligation, to elect to restore Landlord's Work (ias defined in the Work Letter Agreement) repair or by delivery of written notice to Tenant not earlier than one hundred twenty-one (121) days and not later than one hundred thirty-five (135) days following the date Tenant's Loss Notice is given and, if Landlord elects to restore such damageLandlord's Work, in which event this (a) the Lease shall continue in full force and effect effect, and Landlord shall diligently undertake such restoration of Landlord's Work at its sole cost and without contribution from Tenant and shall diligently pursue such undertaking to completion, (b) Tenant shall restore the Required Surrender Improvements, provided, however, that Tenant shall not be obligated to expend more for such restoration of the Required Surrender Improvements than the proceeds of any Property Insurance with respect to the Required Surrender Improvements that are paid to Tenant or would have been paid to Tenant had Tenant performed its obligations under Section 14.1.2, and (c) Tenant shall have the right, but not the Rent obligation, to restore any other portion of Tenant's Property at Tenant's sole cost and Additional Rent expense without reimbursement from Landlord. If there is an Uninsured Loss, Tenant shall be proportionately reduced have the right, but not the obligation, to elect to restore the Landlord's Work (as provided defined in Section 16.1 above; or the Work Letter Agreement) by giving written notice of such election to Landlord not earlier than ninety-one (ii91) at any time within days and not later than one hundred twenty (120) days after such damage give notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than thirty (30) days after the date of such notice. If such notice Tenant's Loss Notice is given, this in which event (a) the Lease shall terminate continue in full force and all interest effect, and Tenant shall diligently undertake and complete the restoration of the Landlord's Work at Tenant's sole cost and expense without contribution from Landlord, (b) Tenant in shall restore the Required Surrender Improvements, and to (c) Tenant shall have the Leased Premises shall end on right, but not the date so specified in such notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if anyobligation, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date restore any other portion of such terminationTenant's Property at Tenant's sole cost and expense without reimbursement from Landlord.
Appears in 1 contract
Samples: Lease Agreement (Cell Genesys Inc)
Uninsured Loss. If damage to the Leased Premises are damaged as that is not an Insured Loss occurs, unless caused by a result negligent or willful act of any cause other than Lessee (in which event Lessee shall make the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient repairs at Lessee's expense and this Lease shall continue in full force and effect but subject to cover the cost of repairsLessors ??? under Paragraph 13), Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coverageLessor may at Lessor's option, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to either: (i) repair or restore such damagedamage as soon as reasonably possible at Lessor's expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time give written notice to Lessee within one hundred twenty thirty (12030) days after receipt by Lessor of knowledge of the occurrence of such damage give notice of Lessor's desire to Tenant of the termination of terminate this Lease as of the date specified in sixty (60) days following the giving of such notice. In the event Lessor elects to give such notice of Lessor's intention to terminate this Lease, which date Lessee shall not be less than have the right within ten (10) days after receipt of such notice to give written notice to Lessor of Lessee's commitment to pay for the repair of such damage totally at Lessee's expense and without reimbursement from Lessor. Lessee shall provide Lessor with the required funds or satisfactory assurance thereof within thirty (30) days after the date of following Lessee's said commitment. In such notice. If such notice is given, event this Lease shall continue in full force and effect, and Lessor shall proceed to make such repairs as soon as reasonably possible and the required funds are available. In the event Lessor gives Lessee notice of Lessor's intent to terminate the Lease as set forth in 9.3(ii) hereof ("Termination Notice"), Lessee (in addition to, or in lieu of Lessee's other rights in this paragraph 9.3) shall have the right to purchase the Premises from Lessor at the greater of (a) Two Million Five Hundred Thousand Dollars ($2,500,000), or (b) the Premises' then fair market value in its damaged condition. Lessee shall provide Lessor notice within ten (10) days of the receipt of Lessor's Termination Notice that Lessee intends to exercise its option to purchase the Premises ("Notice to Purchase"). Lessor and Lessee shall, within thirty (30) days of Lessor's receipt of the Notice to Purchase, attempt to agree upon a fair market value for the Premises. If the parties cannot agree upon a market value (but Lessor asserts that such value is in excess of $2,500,000), then the fair market value of the Premises shall be determined by real estate appraiser(s), all interest of Tenant whom shall be members of the American Institute of Real Estate Appraisers and who have at least five (5) years' experience appraising industrial and/or research and development space located in the vicinity of the Premises and shall act in accordance with the following procedures:
a. If the parties are unable to agree on the Fair Market Value within the allowed time, either party may demand an appraisal by giving written notice to the Leased other party, which demand to be effective must state the name, address and qualifications of an appraiser selected by the party demanding an appraisal (the "Notifying Party"). Within ten (10) days following the Notifying Party's appraisal demand, the other party (the "Non-Notifying Party") shall either approve the appraiser selected by the notifying party or select a second properly qualified appraiser by giving written notice of the name, address and qualification of said appraiser to the Notifying Party. If the Non-Notifying Party fails to select an appraiser within the ten (10) day period, the appraiser selected by the Notifying Party shall be deemed selected by both parties and no other appraiser shall be selected. If two appraisers are selected, they shall select a third appropriately qualified appraiser. If the two appraisers fail to select a third qualified appraiser, the third appraiser shall be appointed by the then presiding judge of the county where the premises are located upon application by either party.
b. If only on appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the Fair Market Value for the Premises within fifteen (15) days following his selection, which appraisal shall end be conclusively determinative and binding on the parties as the appraised Fair Market Value.
c. If multiple appraisers are selected, the appraisers shall meet not later than ten (10) days following the selection of the last appraiser. At such meeting the appraiser shall attempt to determine the Fair Market Value for the Premises as of the commencement date so specified in of the extended term by the agreement of at least two (2) of the appraisers.
d. If two (2) or more of the appraisers agree on the Fair Market Value for the Premises at the initial meeting, such notice agreement shall be determinative and binding upon the parties hereto and the Rent agreeing appraisers shall, in simple letter form executed by the agreeing appraisers, forthwith notify both Lessor and Additional RentLessee of the amount set by such agreement. If multiple appraisers are selected and two (2) appraisers are unable to agree on the Fair Market Value for the Premises, reduced all appraisers shall submit to Lessor and Lessee an independent appraisal of the Fair Market Value for the Premises in simple letter form within twenty (20) days following appointment of the final appraiser. The parties shall then determine the Fair Market Value for the Premises by a proportionate reductionaveraging the appraisals; provided that any high or low appraisal, based upon differing from the extent, if any, to which such damage materially interfered with middle appraisal by more than ten percent (10%) of the business carried on by Tenant in the Leased Premisesmiddle appraisal, shall be paid up to date disregarded in calculating the average.
e. The appraisers' determination of such terminationFair Market Value shall be based on rental of space of the same age, construction, size, location and present condition of the Premises. In determining Fair Market Value, the appraisers shall not consider any Lessee Owned Alterations and Utility Installations.
f. if only one appraiser is selected, then each party shall pay one-half of the fees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease (Symyx Technologies Inc)
Uninsured Loss. If Subject to the Leased provisions of paragraphs 9.4 --- and 9.5, if at any time during the Term of this Lease there is damage which --- is not an Insured Loss and which falls within the classification of Premises are damaged as Partial Damage or Premises Building Partial Damage, unless caused by a result negligent or willful act of any cause other than Tenant or its agents, contractors or invitees (in which event Tenant shall make the perils covered by Landlord’s insurance coverage or if repairs at Tenant's expense), which damage prevents Tenant from using the insurance proceeds are not sufficient to cover the cost of repairsPremises, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by may at Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the 's option to either (i) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time within one hundred twenty (120) days after such damage give written notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than within thirty (30) days after the date of the occurrence of such noticedamage of Landlord's intention to cancel and terminate this Lease as of the date of the occurrence of such damage. If In the event Landlord elects to give such notice is givenof Landlord's intention to cancel or terminate this Lease, Tenant shall have the right within ten (10) days after the receipt of such notice to give written notice to Landlord of Tenant's intention to repair such damage at Tenant's expense, without reimbursement from Landlord, in which event this Lease shall terminate continue in full force and all interest effect, and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice within such 10-day period this Lease shall be canceled and terminated as of Tenant in and to the Leased Premises shall end on the date so specified in such notice and of the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date occurrence of such terminationdamage.
Appears in 1 contract
Samples: Lease (Qualstar Corp)
Uninsured Loss. If Subject to the Leased provisions of Paragraphs 9.4 and 9.5, if at any time during the term of this Lease there is damage which is not an Insured Loss and which falls within the classification of Premises are Partial Damage, unless it is Lessee Caused Damage (in which event Lessee shall make all repairs at Lessee's expense or pay Lessor, subject to reimbursement from insurance proceeds, as provided in Paragraph 7.
1.1) which damage prevents Lessee from using the damaged as a result of any cause other than the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) portion of the then replacement cost Premises, Lessor may at Lessor's option, which shall be exercised within forty-five (45) days of the Leased Premises. If the Leased Premises are damaged as a result occurrence of a cause other than a peril covered by Landlord’s insurance coveragesuch casualty, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to either (i) repair any damage to the Base Building, other than tenant improvements, fixtures and Utility Installations constructed by Lessee, as soon as reasonably possible at Lessor's expense, in which event Lessee shall, at Lessee's expense, repair all other damage to the Premises and to Lessee's fixtures, equipment, tenant improvements or restore Utility Installations as soon as reasonably possible, and in such event this Lease shall continue in full force and effect, or (ii) give written notice to Lessee within thirty (30) days after the date of the occurrence of such damage of Lessor's intention to cancel and terminate this Lease as of the date of the occurrence of such damage. If Lessor does not give such termination notice within such forty-five (45) day period, Lessor shall be deemed to have elected not to rebuild. In the event Lessor elects to give such notice of Lessor's intention to cancel or terminate this Lease or fails to give such notice within such forty-five (45) days, Lessee shall have the right within twenty (20) days after the receipt of such notice (or expiration of such forty-five (45) days if Lessor fails to give such notice) to give written notice to Lessor of Lessee's intention to repair all of the damage (including any damage to the Base Building) at Lessee's expense, without reimbursement from Lessor, in which event this Lease shall continue in full force and effect but the Rent effect, and Additional Rent Lessee shall proceed to make such repairs as soon as reasonably possible. If Lessee does not give such notice within such 20-day period this Lease shall be proportionately reduced as provided in Section 16.1 above; or (ii) at any time within one hundred twenty (120) days after such damage give notice to Tenant of the termination of this Lease cancelled and terminated as of the date specified in such notice, which date shall not be less than thirty (30) days after of the date occurrence of such notice. If such notice is given, this Lease shall terminate and all interest of Tenant in and to the Leased Premises shall end on the date so specified in such notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such terminationdamage.
Appears in 1 contract
Samples: Lease (Vans Inc)
Uninsured Loss. If the Leased Premises are damaged as a result of any cause other than the perils covered by Landlord’s insurance coverage or if the insurance proceeds are not sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to (i) repair or restore such damage, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; or (ii) at any time within one hundred twenty (120) days after such damage give notice to Tenant of during the termination term of this Lease Sublease there is damage or destruction to the Subleased Premises or the Common Use Facilities that is an Uninsured Loss which prevents Sublessee from using the Subleased Premises or makes it uneconomical for Sublessee to use or operate from the Subleased Premises or Common Use Facilities (as of determined by Sublessee in its reasonable discretion), then either Sublessor or Sublessee may at its option give written to the date specified in such notice, which date shall not be less than other within thirty (30) days after the date of the occurrence of such noticedamage or destruction of the delivering party's intention to cancel or terminate this Sublease as of the date of the occurrence of such damage or destruction. If neither party terminates this Sublease within such thirty (30) day period, then Sublessor shall repair such damage or destruction as soon as reasonably possible at Sublessor's expense, in which event this Sublease shall continue in full force and effect during such repair and restoration (except that, the Rent payable hereunder shall be proportionately reduced to account for the impact of the damage or destruction, and/or the repair or restoration activities, on the business and/or operations of the Sublessee at and from the Subleased Premises). In the event that, under the circumstances described hereinabove, Sublessor elects to give such notice is givenof Sublessor's intention to cancel and terminate this Sublease, Sublessee shall have the right within ten (10) days after the receipt of such notice to give written notice to Sublessor of Sublessee's intention to repair such damage at Sublessee's expense, without reimbursement from Sublessor, in which event this Sublease shall continue in full force and effect (provided that, during such repair and restoration, the Rent payable hereunder shall be proportionately reduced to account for the impact of the damage or destruction, and/or the repair or restoration activities, on the business and/or operations of the Sublessee at and from the Subleased Premises), and Sublessee shall proceed to make such repairs as soon as reasonably possible. If Sublessee does not give such notice within such 10-day period this Sublease shall be cancelled and terminated as of the date of the occurrence of such damage, and neither party shall have any further rights or obligations under this Sublease from and after such termination other than those rights and obligations that expressly survive the expiration or termination of this Lease shall terminate and all interest of Tenant in and to the Leased Premises shall end on the date so specified in such notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such terminationtheir terms.
Appears in 1 contract
Samples: Sublease (Abx Air Inc)
Uninsured Loss. If Subject to the Leased provisions of paragraphs 9.4 and 9.5, if at any time during the term of this Lease there is damage which is not an Insured Loss and which falls within the classification of Premises are damaged as Partial Damage or Premises Building Partial Damage, unless caused by a result negligent or willful act of any cause other than Tenant or its agents, contractors or invitees (in which event Tenant shall make the perils covered by Landlord’s insurance coverage or if repairs at Tenant's expense), which damage prevents Tenant from using the insurance proceeds are not sufficient to cover the cost of repairsPremises, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by may at Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the 's option to either (i) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time within one hundred twenty (120) days after such damage give written notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than within thirty (30) days after the date Landlord has actual knowledge of such noticedamage of Landlord's intention to cancel and terminate this Lease as of the date of the occurrence of such damage. If In the event Landlord elects to give such notice is givenof Landlord's intention to cancel or terminate this Lease, Tenant shall have the right within ten (10) days after the receipt of such notice to give written notice to Landlord of Tenant's intention to repair such damage at Tenant's expense, without reimbursement from Landlord, in which event this Lease shall terminate continue in full force and all interest effect, and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice within such 10-day period this Lease shall be cancelled and terminated as of Tenant in and to the Leased Premises shall end on the date so specified in such notice and of the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date occurrence of such terminationdamage.
Appears in 1 contract
Samples: Lease (Esterline Technologies Corp)
Uninsured Loss. If If, because such Damage resulted from an event which was not an Insured Loss, (a) the Leased Premises are damaged as a result proceeds of any cause other than the perils covered casualty insurance required to be maintained pursuant to Section 18 of this Lease, and (b) the amounts to be paid by Landlord’s insurance coverage or Tenant pursuant to Section 16.2.3, below; if the insurance proceeds any, are not in the aggregate sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided pay the cost of repair is less than ten percent (10%) of Damage to the then replacement cost of the Leased Demised Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by , Landlord may at Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to either: (i) repair or restore such damagedamage at Landlord’s expense, as soon as reasonably practicable, but in any event by the Restoration Completion Date, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time ), if the cost to Landlord to repair such Damage exceeds the then applicable Annual Rent for the Demised Premises, give written notice to Tenant within one hundred twenty thirty (12030) days after receipt by Landlord of knowledge of the occurrence of such damage give notice of Landlord’s desire to Tenant of the termination of terminate this Lease as of the date specified in sixty (60) days following the giving of such notice. In the event Landlord elects to terminate this Lease, which date Tenant shall not be less than have the right within ten (10) days after the receipt of such notice to give written notice to Landlord of Tenant’s commitment to pay for the cost of repair of such Damage in excess of the sum of the then applicable Annual Rent, without reimbursement from Landlord, and Tenant shall provide Landlord with the required funds or satisfactory assurance thereof within thirty (30) days after following Tenant’s said commitment; provided, however, that Tenant shall be entitled to the date use of insurance proceeds which may be available for such noticerepair. In such event this Lease shall continue in full force and effect, and Landlord shall proceed to make such repairs as soon as reasonably practicable, to be completed in no event later than the Restoration Completion Date. If Tenant does not give such notice is givenand provide the funds or assurance thereof within the times specified above, this Lease shall terminate and all interest as of Tenant in and to the Leased Premises shall end on the date so specified in such Landlord’s notice and the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date of such termination.
Appears in 1 contract
Samples: Build to Suit Lease (Intuit Inc)
Uninsured Loss. If Subject to the Leased Premises are damaged as provisions of Sections 13.4 and 13.5, if at any time during the Term there is damage which is not an Insured Loss and which falls within the classification of Partial Damage, unless caused by a result negligent or willful act of any cause other than Tenant (in which event Tenant shall make the perils covered by Landlord’s insurance coverage or if repairs at Tenant's expense), which damage causes substantial interference with the insurance proceeds are not sufficient to cover the cost normal conduct of repairsTenant's business, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by may at Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the 's option to either (i) repair or restore such damagedamage as soon as reasonably possible at Landlord's expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time within one hundred twenty (120) days after such damage give written notice to Tenant within thirty days after the date of the termination occurrence of such damage of Landlord's intention to cancel and terminate this Lease as of the date specified in of the occurrence of such noticedamage. In the event Landlord elects to give such notice of Landlord's intention to cancel and terminate this Lease, which date Tenant shall not be less than thirty (30) have the right within ten days after the date receipt of such notice. If notice to give written notice to Landlord of Tenant's intention to repair such notice is givendamage at Tenant's expense, without reimbursement from Landlord (except, as otherwise expressly provided below), in which event this Lease shall terminate continue in full force and all interest of effect, and Tenant in and shall proceed to the Leased Premises shall end on the date so specified in make such repairs as soon as reasonably possible. If Tenant timely gives such notice and effects such repairs, landlord shall, within a reasonable time after Tenant's written request therefor, reimburse Tenant up to a maximum of $10,0.00 toward Tenants out-of-pocket-expenses incurred in repairing such damage, provided-that (a) Tenant; is not then in Default hereunder, and (b) the Rent and Additional Rent, reduced reimbursement request is accompanied by a proportionate reduction, based upon copies of receipts or invoices evidencing prior payment of the extent, if any, to which expense items covered by the reimbursement request. If Tenant does not give such damage materially interfered with the business carried on by Tenant in the Leased Premises, notice within such ten-day period this Lease shall be paid up to canceled and terminated as of the date of the occurrence of such terminationdamage.
Appears in 1 contract
Uninsured Loss. If Subject to the Leased provisions of paragraphs 9.4 and 9.5, if at any time during the term of this Lease there is damage that is not an Insured Loss and that falls within the classification of Premises are damaged as Partial Damage or Premises Building Partial Damage, unless caused by a result negligent or willful act of any cause other than Tenant (in which event Tenant shall make the perils covered by repairs at its expense), which damage prevents Tenant from using the Premises, Landlord may at Landlord’s insurance coverage or if the insurance proceeds are not sufficient to cover the cost of repairs, Landlord shall forthwith repair the same provided the cost of repair is less than ten percent (10%) of the then replacement cost of the Leased Premises. If the Leased Premises are damaged as a result of a cause other than a peril covered by Landlord’s insurance coverage, or if the insurance proceeds from Landlord’s insurance are not made available to Landlord for the purpose of repairing the Leased Premises, or, if the cost of repair is equal to or greater than ten percent (10%) or more of the replacement cost of the Leased Premises, then Landlord shall have the option to either (i) repair or restore such damagedamage as soon as reasonably possible but in any event, within ninety (90) days (provided if the time required to repair such damage exceeds ninety (90) days, so long as Landlord is diligently pursuing such repair, Landlord shall have all the time necessary to complete such repair), at Landlord’s expense, in which event this Lease shall continue in full force and effect but the Rent and Additional Rent shall be proportionately reduced as provided in Section 16.1 above; effect, or (ii) at any time within one hundred twenty (120) days after such damage give written notice to Tenant of the termination of this Lease as of the date specified in such notice, which date shall not be less than within thirty (30) days after the date of the occurrence of such noticedamage of Landlord’s intention to cancel and terminate this Lease as of the date of the occurrence of such damage. In the event Landlord elects to give such notice of Landlord’s intention to cancel and terminate this Lease, Tenant shall have the right within ten (10) days after the receipt of such notice to give written notice to Landlord of Tenant’s intention to repair such damage at Tenant’s expense, without reimbursement from Landlord, in which event this Lease shall continue in full force and effect, and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice is givenwithin such ten (10) day period, this Lease shall terminate be cancelled and all interest terminated as of Tenant in and to the Leased Premises shall end on the date so specified in such notice and of the Rent and Additional Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Leased Premises, shall be paid up to date occurrence of such terminationdamage.
Appears in 1 contract