Xxxx or Other Casualty. In case of damage to the Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty, Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Requirements, and for delays beyond the control of Landlord, including a “force majeure” (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant’s property or any alterations or additions made by or on behalf of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant’s visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, be terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any abatement as aforesaid) shall be adjusted to the termination date and Tenant shall thereupon promptly vacate the Premises. Furthermore, in the case of any such casualty, Landlord shall promptly furnish to Tenant an estimate from a reputable contractor selected by Landlord of the necessary time for completion of the repair and restoration of the Building (such estimated time for completion of the repair and restoration of the Building is hereinafter referred to as the “Estimated Time”). If the Estimated Time exceeds one hundred eighty (180) days, Tenant may, but only within twenty (20) days after Xxxxxx’s receipt of the notice of the Estimated Time, term...
Xxxx or Other Casualty. If any buildings or improvements constituting a part of the Property shall, prior to the Closing Date, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing Date in a good and workmanlike manner to the satisfaction of Buyer (but Seller shall have no obligations to make such repairs or reconstruction), Buyer shall receive the proceeds of any insurance payable in connection therewith under the insurance policy or policies covering the damaged property and thereupon remain obligated to perform this Agreement.
Xxxx or Other Casualty. If fire or other casualty shall render the Premises untenantable for a period in excess of ninety (90) days, either party shall have the right to terminate this Lease forthwith, in which case all rent owed to the Landlord shall be calculated and paid to the Landlord within ten (10) days of the Landlord's request therefor and any prepayments of rent shall be credited against the rent owed to the Landlord. If the Premises can be restored to a tenantable condition within ninety (90) days from the date of such event, then, at the Landlord's option, by notice in writing to the Tenant, mailed within thirty (30) days after such event, this Lease shall remain in full force and effect, with the exception that the Base Rent for the period during which the Premises were untenantable shall be abated pro rata.
Xxxx or Other Casualty. (a) All proceeds (except business interruption insurance proceeds not allocated to Rent expenses) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to a third-party escrow agent selected by Landlord and reasonably acceptable to Tenant (it being agreed that Landlord Mortgagee shall be deemed a reasonably acceptable escrow agent) (“Escrow Agent”), to act as escrow agent pursuant to this Lease. All funds shall be held for the purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 19 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent due by Tenant hereunder. All proceeds from Escrow Agent (or held directly by Tenant pursuant to the previous sentence) paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be paid to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Premises shall belong to Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 19.
Xxxx or Other Casualty. 14 (a) Repair Estimate .................................................. 14 (b) Tenant's Rights .................................................. 14 (c) Landlord's Rights ................................................ 14 (d)
Xxxx or Other Casualty. If, prior to the Closing Date, all or any portion of the Property shall be destroyed or damaged by fire or other casualty, Seller shall give to Purchaser written notice thereof. If the loss does not exceed One Hundred Fifty Thousand Dollars ($150,000), Purchaser shall not have the option to terminate this Agreement; provided -11- that Seller shall be required to assign to Purchaser at the Closing the proceeds of any insurance policy(ies) payable to Seller by reason of such fire or other casualty. Provided, however, if such loss shall exceed One Hundred Fifty Thousand Dollars ($150,000), Purchaser shall have the option to (i) terminate this Agreement within thirty (30) days after receiving notice from Seller of such fire or other casualty, in which event, the Escrow Agent shall promptly return the Deposit to Purchaser; (ii) proceed with the Closing without any reduction or adjustment to the Purchase Price, and in such case, Seller shall assign to Purchaser at the Closing the proceeds of any insurance policy(ies) payable to Seller by reason of such fire or other casualty; (iii) elect to have Seller repair and replace the Property to its condition as of the date hereof; provided, however, that Seller shall not be obligated to proceed with such repair in the event it shall take Seller longer than 6 months to cause such repair, or in the event the cost of such repair shall exceed insurance proceeds actually received by Seller plus any applicable deductible. Seller shall maintain throughout the term of this Agreement casualty insurance with respect to the buildings and the contents thereof in an amount not less than one hundred percent (100%) of the full replacement cost of such buildings and contents, excluding foundations.
Xxxx or Other Casualty. 26 26.Condemnation...............................................................27 27.Taxes on Tenant's Property.................................................28 28.
Xxxx or Other Casualty. Subject to Section 19 of the Master Lease, if the Building shall be damaged by fire (or by smoke or water resulting from fire) or other casualty, the Rent shall be abated in an amount equal to the Rent payable for the portions of the Subleased Premises which are untenantable, from the date of such fire or other casualty to the date the resulting damage shall have been repaired or restored by Owner. Provided that, Subtenant shall receive such abatement only if and to the extent that Sublandlord receives a comparable abatement of rent from Owner. Nothing contained in this Sublease shall affect in any way the respective rights of Owner and Sublandlord to terminate the Master Lease (pursuant to Section 19 of the Master Lease), regardless of the extent of damage, or the lack thereof, to the Subleased Premises. In the event that the Master Lease shall be terminated by Owner or Sublandlord as a result of fire or other casualty or other cause, this Sublease shall terminate at the same time; provided, however, if Sublandlord does have the right to terminate the Master Lease as a result of fire or other casualty, Sublandlord shall consult with Subtenant to determine whether or not Subtenant desires to remain in the Subleased Premises. If Subtenant desires to terminate the Sublease and Sublandlord has a corresponding termination right under the Master Lease, then Sublandlord shall terminate the Master Lease (and by extension this Sublease shall terminate). Sublandlord shall notify Subtenant of any such termination of the Master Lease promptly after receipt or delivery, as the case may be, of notice thereof from or to Owner. In the event the Subleased Premises shall be damaged or destroyed by fire or other casualty and the Master Lease shall not be terminated, this Sublease shall continue in full force and effect. If this Sublease shall not be terminated, Subtenant shall be entitled to have the Subleased Premises repaired and restored by Owner to the extent required by and in accordance with the Master Lease, but in no event shall Sublandlord have any obligation to repair or restore the Subleased Premises. Sublandlord and Subtenant each hereby waive the provisions of California Civil Code sections 1932(2), 1933(4) and any other applicable existing or future law permitting the termination of a lease agreement in the event of damage or destruction under any circumstances other than as expressly provided in this Section 15.
