Common use of Casualty Clause Clause in Contracts

Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.

Appears in 6 contracts

Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.), Master Lease Agreement (Gramercy Capital Corp), Master Lease Agreement (Gramercy Capital Corp)

AutoNDA by SimpleDocs

Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Building or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings Building (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of or certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.

Appears in 2 contracts

Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.), Master Lease Agreement (Gramercy Capital Corp)

Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property ________________________________________________________________________________________________________________________ include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.

Appears in 1 contract

Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.)

Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including including, without limitation, the Parking Areas, the Buildings Building or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings Building (collectively, the "Damaged Property") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a "Casualty") then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s 's sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s 's furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s 's architect as evidenced by a written letter of or certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s 's architect’s 's opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.

Appears in 1 contract

Samples: Master Lease Agreement (American Financial Realty Trust)

AutoNDA by SimpleDocs

Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including including, without limitation, the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the "Damaged Property") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a "Casualty") then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s 's sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s 's furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s 's architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s 's architect’s 's opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.

Appears in 1 contract

Samples: Master Lease Agreement (American Financial Realty Trust)

Casualty Clause. (a) If at any time during portion of the Term of this Lease, the Leased Premises, the Common Areas, Project (specifically including the Parking Areas, Leasehold Improvements but excluding any other tenant's leasehold improvements) (hereinafter collectively referred to as the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “"Damaged Property") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a "Casualty”) then"), except as hereinafter provided, then Landlord shall proceed promptly to rebuild or restore the Damaged Property at Landlord’s sole cost Property, subject to Section 6.3(b) and expense; provided that(d) hereof, in no eventand, with respect to the rebuilding of the Leasehold Improvements, shall Damaged Property include, nor shall Landlord or Tenant have any obligation be paid a fee in accordance with Exhibit K only to rebuild or restore, any the extent there are sufficient proceeds available after completion of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenantthe applicable restoration to pay such fee. If, in the reasonable opinion of Landlord’s 's architect, which Landlord shall cause its architect as evidenced by a written letter of certification delivered to deliver to Tenant not more than forty-five thirty (4530) days following after the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable condition required in Section 6.3(d) below within two hundred seventy (2702) days from years after the date of notice of Landlord’s architect’s opinionsuch Casualty, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of after receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(asubsection (a) as a result of such Casualty. If Tenant exercises its right to terminate this Lease pursuant to this subsection (a), Landlord shall not be obligated to rebuild or restore the Damaged Property. If a Casualty damages any of the Leasehold Improvements, the two (2) year period described above shall be calculated assuming the Leasehold Improvements will be rebuilt only to the Landlord Restored Condition (defined in Section 6.3(d)).

Appears in 1 contract

Samples: Office Lease Agreement (FSP Galleria North Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.