Restoration Estimate definition
Examples of Restoration Estimate in a sentence
In the event either Landlord or Tenant elect to terminate this Lease based upon the provisions of this Section 6.3.4, such party must make such election and notify the other party of such election within thirty (30) days following the date Tenant receives the Restoration Estimate from Landlord; otherwise, such party shall be deemed to have elected not to terminate this Lease as a result of such damage or destruction.
In the event such time period exceeds one (1) year from the date of the Casualty, Tenant shall have the right to terminate this Lease within thirty (30) days after receipt of the Restoration Estimate Notice.
Landlord’s Restoration Estimate shall include a written estimate from a registered architect, professional engineer or third party construction manager to be retained by Landlord of the cost to restore the Building to substantially the same condition existing immediately prior to such casualty.
If the Restoration Estimate is less than 180 days, Landlord shall promptly commence and diligently pursue through completion the restoration of the Building and/or Premises and this Lease shall continue in full force and effect.
In case during the Lease Term the Building or the Site are damaged by fire or other casualty, Landlord shall within sixty (60) days after the occurrence thereof notify Tenant in writing of Landlord's reasonable estimate of the length of time necessary to repair or restore such fire or casualty damage from the time that repair work would commence ("Landlord's Restoration Estimate").
Landlord, at Tenant’s expense, may engage a registered architect or a licensed professional engineer to prepare its own Initial Restoration Estimate, and Tenant shall reimburse Landlord for such expense within ten (10) Business Days after demand therefor by Landlord.
If the Estimated Restoration Period exceeds the Outside Restoration Period, and the fire or other casualty materially adversely affects Tenant’s use of, or access to, the Premises, Tenant may, at its election, terminate this Lease by written notice given within sixty (60) days after Tenant receives the Casualty Restoration Estimate.
If Landlord elects not to terminate this Lease following a Casualty pursuant to the terms of Section 13.1 above, Landlord shall, prior to the expiration of the Casualty Termination Period, notify Tenant of Landlord's good faith determination (the "Restoration Estimate Notice") of the time period required to restore the Building and/or Premises.
The Restoration Estimate Notice shall state, as applicable, Landlord’s election to either undertake the Restoration Work or to terminate this Lease in accordance with the provisions of this Section 22.
If Landlord fails to provide Landlord’s Restoration Estimate within thirty (30) days after the date of such damage or destruction during the last eighteen (18) months of the Term, then Tenant, subject to Section 12.6, may terminate this Lease by giving written notice to Landlord within thirty (30) days after the expiration of the 30-day period in which the Landlord Restoration Estimate was required to be given.