Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. 16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 4 contracts
Sources: Office Lease Agreement (NYTEX Energy Holdings, Inc.), Office Lease Agreement (NYTEX Energy Holdings, Inc.), Office Lease Agreement (NYTEX Energy Holdings, Inc.)
Casualty Damage. 16.01 (A) Restoration of damage If all the premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, tenant shall give prompt notice to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord landlord. In such event and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 120 days from the date of such casualty, landlord shall (at landlord's expense, and not as a part of operating expenses) commence to restore the premises and thereafter diligently complete such restoration. Such repair is started, then either party shall have substantially restore the right to terminate this Lease upon written notice to the other within 10 days after receipt condition of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed premises prior to the Casualtycasualty, except for modifications required by Law or any zoning and building codes and other modifications to the Common Areas deemed desirable by Landlord. Howeverlaws, in no event and except that landlord shall Landlord not be required to spend more than the insurance proceeds received by Landlordrepair or replace any of tenant's furniture, furnishings, fixtures, or equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenanttenant or its visitors, or injury to Tenant’s tenant's business resulting in any way from the Casualty such damage or the repair thereof. Provided , except that Tenant is landlord shall allow tenant a proportionate abatement of rent during the time and to the extent the premises are unfit for occupancy, and not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable occupied by tenant as a result of a Casualtysuch damages.
(B) Termination of lease for substantial damage Notwithstanding the foregoing to the contrary, if the Rent property shall ▇▇▇▇▇ for be damaged by fire or other casualty, landlord shall notify tenant within 90 days after the portion fire or other casualty, and within 15 days after such notice, landlord or tenant may at either's option, terminate, without liability to the other party, this lease by giving notice to the other of such termination in the event that any of the Premises following conditions occur:
(1) In landlord's reasonable opinion, repairs cannot be completed within 120 days after being commenced without the payment of overtime or other premiums;
(2) In landlord's reasonable opinion, more than 30% of the rentable area of the property is damaged to any material extent (which shall include damage by smoke or water) whether or not the premises shall have been damaged by such fire or other casualty;
(3) Any holder (as defined in article XXVI) shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt (or shall terminate the ground lease, as the case may be); or
(4) The damage is untenantable not covered by landlord's insurance policies (provided landlord has maintained the insurance coverage required hereunder).In the event said notice to terminate is not given, landlord agrees to complete the required repairs and not used the restoration, replacement, and rebuilding of the property, subject to unavoidable delay, within two years from the date of such casualty. Upon failure of landlord to complete such work on or before such completion date as the same may be thus extended, tenant may, at its option, cancel this lease by Tenantwritten notice to landlord.
Appears in 4 contracts
Sources: Lease Agreement (Southern Bella Inc), Lease Agreement (Southern Bella Inc), Lease Agreement (Southern Bella Inc)
Casualty Damage. 16.01 If all or there occurs any portion of the Premises becomes untenantable by fire or other casualty to the Premises Project (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by other than to the Premises) and: (i) insurance proceeds are unavailable to Landlord or are insufficient to provide Landlord and Tenant with a written estimate restore the Project to substantially its pre-casualty condition; or (ii) more than 30% of the amount of time required using standard working methods to Substantially Complete the repair and restoration total area of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair Building is starteddamaged, then either party Landlord shall have the right to terminate this Lease upon and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to Tenant within 60 days after such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to Tenant. If there occurs any casualty to the other within 10 Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 180 consecutive days to complete after receipt the casualty (assuming normal work crews not engaged in overtime); or (ii) the casualty occurs during the last 12 months of the Completion Estimate. TenantTerm, however, Landlord and Tenant shall not each have the right to terminate this Lease if and all the Casualty was caused by unaccrued obligations of the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlordparties hereto, by sending written notice of such termination to Tenant the other party within 90 60 days after the date of such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to the Casualtyother party, but in no event shall the termination date be after the last day of the Term. Notwithstanding the foregoing, if the casualty was caused by the act or omission of Tenant or any of Tenant’s agents, employees, invitees, assignees, subtenants, licensees or contractors, Tenant shall have the no right to terminate this Lease if: (1) due to the casualty. If there occurs any casualty to the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied neither party terminates this Lease, then notwithstanding anything to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant contrary in violation of this Lease). Such restoration , Tenant’s obligation to pay Fixed Rent and Additional Rent shall be to substantially equitably adjusted or abated during the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that period (if any) during which Tenant is not in Default, during any period of time that all or a material portion of reasonably able to use the Premises is rendered untenantable or an applicable portion thereof as a result of such casualty. Tenant shall have no right to terminate this Lease as a Casualty, the Rent shall ▇▇▇▇▇ for the portion result of any damage or destruction of the Premises that is untenantable Premises, except as expressly provided in this Section. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
Appears in 3 contracts
Sources: Lease (Paratek Pharmaceuticals, Inc.), Lease (Paratek Pharmaceuticals, Inc.), Lease (Paratek Pharmaceuticals, Inc.)
Casualty Damage. 16.01 If all or there occurs any portion of the Premises becomes untenantable by fire or other casualty to the Premises Project and: (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by i) insurance proceeds are unavailable to Landlord or are insufficient to provide Landlord and Tenant with a written estimate restore the Project to substantially its pre-casualty condition; or (ii) more than 30% of the amount of time required using standard working methods to Substantially Complete the repair and restoration total area of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair Building is starteddamaged, then either party Landlord shall have the right to terminate this Lease upon and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to Tenant within 60 days after such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to Tenant. If there occurs any casualty to the Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 210 consecutive days to complete after the casualty (assuming normal work crews not engaged in overtime); or (ii) the casualty occurs during the last 12 months of the Term, Landlord and Tenant shall each have the right to terminate this Lease and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the other party within 60 days after the date of such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to the other party, but in no event shall the termination date be after the last day of the Term. If this Lease is not terminated pursuant to this paragraph and Landlord fails to complete the repair or restoration work within 90 days after Landlord’s estimated date for completion of the repair and restoration work (subject to extension for delays caused solely by Tenant and Force Majeure Events), then Tenant shall have the right to terminate this Lease by sending at least 30 days’ prior written notice to the other Landlord within 10 30 days after receipt such estimated date of the Completion Estimate. Tenantcompletion, however, provided this Lease shall not remain in full force and effect and Tenant shall no longer have the right to terminate this Lease if Landlord delivers possession of the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice Premises to Tenant within 90 30 days after the date Landlord’s receipt of the Casualty, shall have the right Tenant’s termination notice. If there occurs any casualty to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If neither party terminates this Lease is not terminatedLease, then Landlord shall commence and proceed with use commercially reasonable diligence efforts to repair and restore cause the Building, Common Areas and the Leasehold Improvements damage to be repaired (excluding any Alterations exclusive of Tenant’s Property) to a condition as nearly as practicable to that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed existing prior to the Casualtydamage, except for modifications required with commercially reasonable speed and diligence, subject to delays that may arise by Law or any other modifications to reason of adjustment of the Common Areas deemed desirable by Landlord. Howeverloss under insurance policies, in no event shall Landlord be required to spend more than the insurance proceeds received by LandlordLaws, and Force Majeure Events. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or Tenant Indemnitees, or injury to Tenant’s business business, or pain and suffering, resulting in any way from the Casualty such damage or the repair thereof. Provided that Notwithstanding the foregoing, Tenant’s obligation to pay Fixed Rent and Additional Rent shall be equitably adjusted or abated during the period (if any) during which Tenant is not in Default, during any period of time that all or a material portion of reasonably able to use the Premises is rendered untenantable or an applicable portion thereof as a result of such casualty. Tenant shall have no right to terminate this Lease as a Casualty, the Rent shall ▇▇▇▇▇ for the portion result of any damage or destruction of the Premises that is untenantable Premises, except as expressly provided in this Section. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
Appears in 3 contracts
Sources: Lease (Passage BIO, Inc.), Lease (Passage BIO, Inc.), Lease Agreement (Passage BIO, Inc.)
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected have been damaged by Landlord to provide Landlord and Tenant with a written estimate such casualty) or in the event any mortgagee of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires Building should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; debt or (3) a in the event of any material uninsured loss to the Building occurs.
16.02 If Building, Landlord may, at its option, terminate this Lease is by notifying Tenant in writing of such termination within ninety (90) days after the date of such damage. If Landlord does not terminatedthus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Building to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty, except for modifications that Landlord's obligation to restore shall not exceed the scope of the work required to be done by Law or any other modifications to Landlord at Landlord's expense in originally constructing the Common Areas deemed desirable by Landlord. HoweverBuilding and installing the Tenant Improvements, in no event nor shall Landlord be required to spend more than for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. When the portions of the Premises originally furnished at Landlord's expense have been restored by Landlord, Tenant shall, at Tenant's expense, complete the restoration of the Premises, including the reconstruction of all improvements in excess of those Tenant Improvements originally installed at Landlord's expense, and the restoration of Tenant's furniture and equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy. Provided that Tenant is not in Default, during If the Premises or any period of time that all or a material other portion of the Premises is rendered untenantable as a result Building or the Project be damaged by fire or other casualty resulting from the fault or negligence of a CasualtyTenant or any of Tenant's agents, employees, or invitees, the Rent rent hereunder shall ▇▇▇▇▇ not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the portion cost of the Premises that repair and restoration of the Building or the Project caused thereby to the extent such cost and expense is untenantable and not used covered by Tenantinsurance proceeds.
Appears in 3 contracts
Sources: Lease Agreement (SPR Inc), Lease Agreement (SPR Inc), Lease Agreement (Englobal Corp)
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of fire or casualty or in the amount of time required using standard working methods to Substantially Complete the repair and restoration of event the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have has been materially damaged and there is less than 2 two (2) years of the Lease Term remaining on the date of such casualty or in the Casualty; (2) event any Mortgagee requires should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; debt or (3) a in the event of any material uninsured loss to the Building occurs.
16.02 If Building, Landlord may, at its option, terminate this Lease is by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty. Such termination shall be effective as of the date of fire or casualty, with respect to any portion of the Premises that was rendered untenantable, and the effective date of termination specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not terminatedelect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building, Common Areas ) and the Leasehold Improvements (but excluding any Alterations that were performed improvements, alterations or additions made by Tenant in violation of this Lease). Such restoration shall be ) located within the Premises, if any, which Landlord has insured to substantially the same condition that existed they were in immediately prior to the Casualtyhappening of the casualty. Notwithstanding the foregoing, except Landlord's obligation to restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion except that, subject to the provisions of the Premises is rendered untenantable as next sentence, Landlord shall allow Tenant a result fair diminution of Rent on a Casualty, per diem basis during the Rent shall ▇▇▇▇▇ for time and to the portion of extent any damage to the Premises that is causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises shall be those specifically set forth herein.
Appears in 3 contracts
Sources: Office Lease (Symbion Inc/Tn), Standard Form Office Lease (Ritz Interactive, Inc.), Office Lease (Aht Corp)
Casualty Damage. 16.01 A. If all or any portion part of the Premises becomes untenantable is damaged by fire or other casualty to the Premises (collectively a “Casualty”)casualty, Landlord, with reasonable promptness, Tenant shall cause a general contractor selected by promptly notify Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)in writing. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualtyfire or other casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Landlord or Tenant shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 12 months of the Term remaining on the date of the casualty; (4) any Mortgagee with a first priority Mortgage requires that the insurance proceeds be applied to the payment of the Mortgage debt pursuant to terms of the Mortgage that are commercially reasonable for loans for similar types of properties; (5) a material uninsured loss to the Building occurs; or (6) any restoration would be considered "construction" with respect to the Premises within the meaning of Treas. Reg. Section 1.856. Landlord or Tenant may exercise its right to terminate this Lease by notifying the other party in writing within 60 days after the date of the casualty. If this Lease does not terminate, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage, however subject to the abatement of Rent as set forth herein. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
B. If all or any portion of the Premises shall be made untenantable by fire or other casualty, and neither Landlord nor Tenant has elected to terminate this Lease pursuant to Section XVII.A above, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date of the casualty, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) Business Days after receipt of the Completion Estimate. Further, in the event Landlord fails to complete the repair and replacement of the Premises within 300 days from the date of the casualty so that Tenant may be open and operating for business therein within such time period, Tenant shall have the right to terminate this Lease.
Appears in 3 contracts
Sources: Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.), Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.), Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 210 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years one (1) year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs with respect to such Leasehold Improvements. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a CasualtyCasually, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 3 contracts
Sources: Office Lease Agreement (Imprivata Inc), Office Lease Agreement (Imprivata Inc), Office Lease Agreement (Imprivata Inc)
Casualty Damage. 16.01 If all the Premises or any portion of part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises becomes untenantable Building shall be so damaged by fire or other casualty that (i) substantial alteration or reconstruction of the Building shall, in the judgment of an independent architect selected by Landlord, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or (ii) in the event any mortgagee under a first mortgage or first deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, or (iii) in the event of the occurrence of a casualty which is not insured under the “all risk” extended coverage insurance required to be carried by Landlord pursuant to the Premises (collectively a “Casualty”)terms of Section 20, LandlordLandlord may, with reasonable promptnessat its option, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other by notifying Tenant in writing of such termination within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 fifteen (15) days after the date of Landlord’s receipt of the Casualty, estimated cost of reconstruction or determination by a mortgagee to take the proceeds in which event the Rent hereunder shall have be abated as of the right date of such damage. If Landlord does not elect to terminate this Lease if: Lease, Landlord shall, as soon as practicable, but no more than ninety (190) the Premises have been materially damaged and there is less than 2 years of the Term remaining on days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied such damage, commence to the payment of the mortgage debt; or (3) a material uninsured loss to repair and restore the Building occurs.
16.02 If this Lease is not terminated, Landlord and shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Building to substantially the same condition that existed which it was in immediately prior to the Casualtyoccurrence of the fire or other casualty, except for modifications that Landlord shall not be required to rebuild, repair, or replace any part of Tenant’s furniture, fixtures and equipment removable by Law Tenant under the provisions of this Lease or any other modifications Alterations to the Common Areas deemed desirable Premises made by Landlord. HoweverTenant following the Commencement Date which were not approved by Landlord in writing, and Landlord shall not in no any event shall Landlord be required to spend more than for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the fire or other casualty, plus any deductible amounts thereunder. If Landlord determines that insurance proceeds will be insufficient to restore the Building as required by this Section 24, Landlord may, at its option, elect to either (1) terminate this Lease by written notice to Tenant within fifteen (15) days after the date of Landlord’s receipt of written notice of the amount of insurance proceeds Landlord will receive, or (2) provide the extra funds necessary to complete the restoration. In the event Landlord did not originally construct any Alterations to be repaired, the time for Landlord to commence and complete such repairs shall be extended by the amount of time necessary for Landlord to obtain detailed working drawings of the Alterations to be repaired. In the event Landlord does not either commence the repairs to the Building within the time required herein, or complete the repairs to the Building within two hundred seventy (270) days after the date of such damage, Tenant may terminate the Lease by written notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, as the case may be. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant an equitable abatement of Rent during the time and to the extent the Premises are unfit for occupancy and are vacated by Tenant. Provided that Tenant is not in Default, during If the Premises or any period of time that all or a material other portion of the Premises Complex is rendered untenantable as a result damaged by fire or other casualty resulting from the intentional acts of a CasualtyTenant or any employee, officer, contractor, agent, subtenant, or licensee of Tenant, the Rent hereunder shall ▇▇▇▇▇ not be abated during the repair of such damage, and Tenant shall remain liable for the portion of the Premises that is untenantable and not used by Tenantpayment thereof.
Appears in 3 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Aptinyx Inc.), Office Lease Agreement (Aptinyx Inc.)
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s sole opinion, be required (whether or not the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have been damaged by such casualty) or in the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and event there is less than 2 two (2) years of the Lease Term remaining on or in the date of the Casualty; (2) any Mortgagee requires event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; debt or (3) a in the event of any material uninsured loss to the Building occurs.
16.02 If Building, Landlord may, at its option, terminate this Lease is by notifying Tenant in writing of such termination within thirty (30) days after the date of such casualty. If Landlord does not terminatedthus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement attached hereto as Exhibit D (excluding any Alterations except that were performed by Tenant in violation Landlord shall not be responsible for delays not within the control of this Lease). Such restoration shall be Landlord) to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty. Notwithstanding the foregoing, except Landlord’s obligation to restore the Building, and the improvements located within the Premises, if any, for modifications required by Law or any other modifications which Landlord had financial responsibility pursuant to the Common Areas deemed desirable by Landlord. HoweverWork Letter Agreement, in no event shall not require Landlord be required to spend expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are necessary to permit Tenant’s reoccupancy of the Premises. Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant’s ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Provided that Tenant is not in Default, during If the Premises or any period of time that all or a material other portion of the Premises Property is rendered untenantable as a result damaged by fee or other casualty resulting from the fault or negligence of a CasualtyTenant or any of Tenant’s agents, employees, or invitees, the Rent rent hereunder shall ▇▇▇▇▇ not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the portion cost of the Premises that repair and restoration of the Property caused thereby to the extent such cost and expense is untenantable and not used covered by Tenantinsurance proceeds.
Appears in 3 contracts
Sources: Office Lease Agreement (Sandridge Energy Inc), Office Lease Agreement (Sandridge Energy Inc), Office Lease Agreement (Sandridge Energy Inc)
Casualty Damage. 16.01 If all the Premises or any portion part thereof shall be damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Building shall be damaged by fire or other casualty, but shall not be rendered untenantable in whole or in part, Lessor shall, at its sole expense, cause such damage to be repaired with reasonable diligence to substantially the same condition in which it was immediately prior to the happening of the Premises becomes untenantable casualty, and the Base Rental hereunder shall not be abated; however, in case the Building shall be so damaged by fire or other casualty to that substantial alteration or reconstruction of the Building shall, in Lessor's sole opinion, be required (whether or not the Premises (collectively a “Casualty”shall have been damaged by such fire or other casualty), Landlord, with reasonable promptness, shall cause or in the event any mortgagee under a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate mortgage or deed of trust covering the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates Building should require that the Premises insurance proceeds payable as a result of said fire or any Common Areas necessary other casualty be used to provide access to retire the Premises cannot be made tenantable within 270 days from the date the repair is startedmortgage debt, then either party shall have the right to Lessor may, at its option, terminate this Lease upon written notice to and the other term and estate hereby granted by notifying Lessee in writing of such termination within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after the date of the Casualty, shall have the right such damage. If Lessor does not thus elect to terminate this Lease if: Lease, Lessor shall within seventy-five (175) the Premises have been materially damaged and there is less than 2 years of the Term remaining on days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied such damage commence to the payment of the mortgage debt; or (3) a material uninsured loss to repair and restore the Building occurs.
16.02 If this Lease is not terminated, Landlord and shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements Building (excluding any Alterations except that were performed by Tenant in violation of this Lease). Such restoration Lessor shall not be responsible for delays outside its control) to substantially the same condition that existed in which it Was immediately prior to the Casualtyhappening of the casualty, except for modifications that Lessor shall not be required to rebuild, repair, or replace any part of Lessee's fixtures, equipment or other personal property removable by Law or Lessee under the provisions of this Lease, and Lessor shall not in any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than for such work an amount in excess of the insurance proceeds actually received by LandlordLessor as a result of the fire or other casualty. Landlord Lessor shall not be liable for any inconvenience or annoyance to Tenant, Lessee or injury to Tenant’s the business of Lessee resulting in any way from the Casualty such damage or the repair thereof, except that, subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of rent during the time and to the extent the Premises, or any portion thereof, are unfit for occupancy. Provided that Tenant is not in Default, during If the Premises or any period of time that all or a material other portion of the Premises is rendered untenantable as a result Building be damaged by fire or other casualty resulting from the fault or Tenant Initials ___________ Landlord Initials___________ 10negligence of a CasualtyLessee or any of Lessee's agents, employees, or invitees, the Rent rent hereunder shall ▇▇▇▇▇ not be diminished during the repair of such damage, and Lessee shall be liable to Lessor for the portion cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Any insurance which may be carried by Lessor or Lessee against loss or damage to the Building or to the Premises that is untenantable shall be for the sole benefit of the party carrying such insurance and not used by Tenantunder its sole control.
Appears in 3 contracts
Sources: Lease Agreement (IElement CORP), Lease Agreement (IElement CORP), Lease Agreement (IElement CORP)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by reason of fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. In addition, Tenant, by notice to Landlord within 10 days after the date of the Completion Estimate, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; and (2) the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 90 days from the date the repair is started. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties, regardless of anything in the foregoing to the contrary. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, also shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof, except to the extent caused by the gross negligence or willful misconduct of Landlord or Landlord’s employees or contractors. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within 60 days after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process; and (ii) any delays caused by Tenant.
Appears in 2 contracts
Sources: Office Lease Agreement (Quinstreet, Inc), Office Lease Agreement (Quinstreet, Inc)
Casualty Damage. 16.01 If all or there occurs any portion of the Premises becomes untenantable by fire or other casualty to the Premises Project and: (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by i) insurance proceeds are unavailable to Landlord or are insufficient to provide Landlord and Tenant with a written estimate restore the Project to substantially its pre-casualty condition; or (ii) more than thirty percent (30%) of the amount of time required using standard working methods to Substantially Complete the repair and restoration total area of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair Building is starteddamaged, then either party Landlord shall have the right to terminate this Lease upon and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to Tenant within sixty (60) days after such casualty. Such notice shall specify a termination date not fewer than thirty (30) nor more than ninety (90) days after such notice is given to Tenant. If there occurs any casualty to the Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 210 consecutive days to complete after the casualty (assuming normal work crews not engaged in overtime); or (ii) the casualty occurs during the last twelve (12) months of the Term, Landlord and Tenant shall each have the right to terminate this Lease and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the other party within sixty (60) days after the date of such casualty. Such notice shall specify a termination date not fewer than thirty (30) nor more than ninety (90) days after such notice is given to the other party, but in no event shall the termination date be after the last day of the Term. Notwithstanding the foregoing, if the casualty was caused by the criminal act of Tenant or any principal or officer of Tenant, Tenant shall have no right to terminate this Lease due to the casualty. If there occurs any casualty to the Premises and neither party terminates this Lease, then Landlord shall use commercially reasonable efforts to cause the damage to be repaired (exclusive of Tenant’s Property) to a condition as nearly as practicable to that existing prior to the damage, with commercially reasonable speed and diligence, subject to delays that may arise by reason of adjustment of the loss under insurance policies, Laws, and Force Majeure Events. If this Lease is not terminated pursuant to this paragraph and Landlord fails to complete the repair or restoration work within ninety (90) days after Landlord’s estimated date for completion of the repair and restoration work (subject to extension for delays caused by Tenant and Force Majeure Events), then Tenant shall have the right to terminate this Lease by sending at least thirty (30) days’ prior written notice to the other Landlord within 10 thirty (30) days after receipt such estimated date of the Completion Estimate. Tenantcompletion, however, provided this Lease shall not remain in full force and effect and Tenant shall no longer have the right to terminate this Lease if Landlord delivers possession of the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice Premises to Tenant within 90 thirty (30) days after the date Landlord’s receipt of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by LandlordTenant’s termination notice. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or Tenant Indemnitees, or injury to Tenant’s business business, or pain and suffering, resulting in any way from the Casualty such damage or the repair thereof. Provided that Notwithstanding the foregoing, Tenant’s obligation to pay Fixed Rent and Additional Rent shall be equitably adjusted or abated during the period (if any) during which Tenant is not in Default, during any period of time that all or a material portion of reasonably able to use the Premises is rendered untenantable or an applicable portion thereof as a result of such casualty. Tenant shall have no right to terminate this Lease as a Casualty, the Rent shall ▇▇▇▇▇ for the portion result of any damage or destruction of the Premises that is untenantable Premises, except as expressly provided in this Section. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
Appears in 2 contracts
Sources: Lease (Cabaletta Bio, Inc.), Lease (Cabaletta Bio, Inc.)
Casualty Damage. 16.01 If all With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord shall notify Tenant of Landlord, with ’s reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete substantially complete repair of such damage (the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion EstimateLandlord Repairs”). If If, according to such estimate, the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises Landlord Repairs cannot be made tenantable substantially completed within 270 days from the date the repair is startedafter commencement, then either party shall have the right to may terminate this Lease upon written 60 days’ notice to the other party delivered within 10 days after receipt Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Completion Estimate. TenantProject resulting from any Casualty, howeverLandlord may, shall whether or not have the right to Premises is affected, terminate this Lease by notifying Tenant if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2i) any Mortgagee Security Holder terminates any ground lease or requires that the any insurance proceeds be applied used to the payment of the pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) the damage occurs during the last 12 months of the Term; or (3iv) a material uninsured loss any owner, other than Landlord, of any damaged portion of the Project does not intend to the Building occurs.
16.02 repair such damage. If this Lease is not terminatedterminated pursuant to this Section 11, Landlord shall commence promptly and proceed with diligently perform the Landlord Repairs, subject to reasonable diligence to repair delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Building, Premises and the Common Areas and necessary for access to the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Premises to substantially the same condition that existed prior to when the CasualtyCasualty occurred, except for (a) any modifications required by Law or any other Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. However, in no event Tenant shall assign to Landlord be (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to spend more than any Tenant-Insured Improvements. If the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord shall not be liable for any inconvenience to Tenant, constitute a constructive eviction, or injury to excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s business resulting in any way from access to the Casualty or the repair thereof. Provided that Tenant Premises is not in Defaultdamaged by a Casualty, then, during any period time that, as a result of time that all or a material such damage, any portion of the Premises is rendered untenantable as a result of a Casualtyor inaccessible and is not occupied by Tenant, the Monthly Rent shall ▇▇▇▇▇ for be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by TenantPremises.
Appears in 2 contracts
Sources: Office Lease Agreement (Cardiodx Inc), Office Lease Agreement (Cardiodx Inc)
Casualty Damage. 16.01 If all or Tenant shall give prompt notice to Landlord of any portion of the Premises becomes untenantable damage by fire or other casualty to of or on the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration Premises. If such damage or casualty renders any substantial part of the Premises untenantable and the repair time to restore the Premises to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the Term), or if any Common Areas necessary to provide access mortgagee of the Property requires application of the insurance proceeds to the Premises (“Completion Estimate”). If reduction of the Completion Estimate indicates that mortgage debt upon the Premises occurrence of any such casualty, or if any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is startedmaterial uninsured loss occurs, then either party shall have the right to Landlord may, at its option, terminate this Lease upon written notice to the other by so notifying Tenant in writing within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after the date of the Casualtycasualty or loss. If the damage by fire or other casualty renders any substantial part of the Premises untenantable and if the repair time to restore the Premises to a tenantable condition will exceed sixty (60) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the Term), shall have the right Tenant may elect to terminate this Lease if: by so notifying Landlord in writing within thirty (130) the Premises have been materially damaged and there is less than 2 years of the Term remaining on days after the date of the Casualty; (2) any Mortgagee requires that casualty. If the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedso terminated by Landlord or Tenant, Landlord shall commence promptly begin and proceed with reasonable diligence to repair and restore diligently pursue the Building, Common Areas and work of restoring the Leasehold Improvements Premises (excluding any Alterations that were performed by including the initial Tenant in violation of this Lease). Such restoration shall be Improvements) to substantially the same their former condition that existed prior to the Casualtyas soon as reasonably possible. Landlord shall not, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Howeverhowever, in no event shall Landlord be required to spend more restore any alterations, additions, or improvements other than the insurance proceeds received by Landlordinitial Tenant Improvements. Landlord shall not be liable for any inconvenience allow Tenant an equitable abatement of Base Rent and Additional Rent during the time and to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of extent the Premises is rendered are untenantable as a the result of a Casualtyfire or other casualty, but such abatement shall not extend the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by TenantTerm.
Appears in 2 contracts
Sources: Office Lease Agreement (Franklin Financial Network Inc.), Office Lease Agreement (Franklin Financial Network Inc.)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years eighteen (18) months of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building or the Project occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Premises Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease. Tenant is not in Default, during any period of time that all or shall have the right to terminate this Lease i 1: (a) a material substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired (as reasonably determined by Landlord) within 60 days after Landlord’s receipt of all required permits to restore the Premises; (b) there is rendered untenantable as a result less than eighteen (18) months of a Casualty, the Rent shall ▇▇▇▇▇ for Term remaining on the date of such casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty.
B. If all or any portion of the Premises shall be made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable started, then regardless of anything in Section 17.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the intentional misconduct of Tenant, Tenant Parties or any of Tenant’s transferees, contractors or licensees.
C. The provisions of this Lease, including this Article 17, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building, the Property or the Project, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building, the Property or the Project.
Appears in 2 contracts
Sources: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualtythe amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Rent shall ▇▇▇▇▇ for Completion Estimate indicates that the Premises cannot be made tenantable within 180 days from the date the any portion of the Premises that is untenantable and became untenantable, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Acacia Communications, Inc.)
Casualty Damage. 16.01 If all With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord shall notify Tenant of Landlord, with ’s reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete substantially complete repair of such damage (the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion EstimateLandlord Repairs”). If If, according to such estimate, the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises Landlord Repairs cannot be made tenantable substantially completed within 270 210 days from the date the repair is startedafter they are commenced, then either party shall have the right to may terminate this Lease upon written 60 days’ notice to the other party delivered within 10 days after receipt Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Completion Estimate. TenantProject resulting from any Casualty, howeverLandlord may, shall whether or not have the right to Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty was caused by has occurred during the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years last 12 months of the Term remaining on the date and has damaged a material portion of the Casualty; Premises, and (2b) any Mortgagee requires such estimate indicates that the insurance proceeds damage cannot reasonably be applied to the payment repaired within 60 days after Tenant’s receipt of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 such estimate. If this Lease is not terminatedterminated pursuant to this Section 11, Landlord shall commence promptly and proceed with diligently perform the Landlord Repairs, subject to reasonable diligence to repair delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Building, Premises and the Common Areas and necessary for access to the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Premises to substantially the same condition that existed prior to when the CasualtyCasualty occurred, except for (a) any modifications required by Law or any other Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. HoweverNotwithstanding Section 10.4, in no event Tenant shall assign to Landlord be (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to spend more than any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord shall not be liable for any inconvenience to Tenant, constitute a constructive eviction, or injury to excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s business resulting in any way from access to the Casualty or the repair thereof. Provided that Tenant Premises is not in Defaultdamaged by a Casualty, then, during any period time that, as a result of time that all or a material such damage, any portion of the Premises is rendered untenantable as a result of a Casualtyfor the Permitted Use or inaccessible and is not occupied by Tenant, the Monthly Rent shall ▇▇▇▇▇ for be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by TenantPremises.
Appears in 2 contracts
Sources: Office Lease (Extend Health Inc), Office Lease (Extend Health Inc)
Casualty Damage. 16.01 17.1 If all or any part of the Premises are damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Property or the Premises shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Property not covered by insurance shall be required (whether or not the Premises has been damaged) and Landlord is therefore terminating all leases in the Building; (2) Landlord is not permitted by law to rebuild the Property or the Premises in substantially the same form as existed before the fire or casualty (in which event Tenant may also terminate this Lease): (3) the Premises have been materially damaged and there is less than 2 two(2) years of the Term remaining on the date of the Casualty; casualty: (24) any Mortgagee Mortgages requires that the such insurance proceeds be applied to the payment of the mortgage debt; : or (35) a material uninsured loss to the Building Property or the Premises occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within ninety (90) days after the date of the casualty. If landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Premises and the Leasehold Improvements improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights from damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
17.2 If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within one hundred eighty (180) days from the date the repair and restoration is untenantable and not used started, then regardless of anything in Section 17.1 above to the contrary, either party shall have the right to terminate this Lease by Tenantgiving written notice to the other of such election within ten (10) days after receipt of the Completion Estimate.
Appears in 2 contracts
Sources: Sublease Agreement, Landlord's Consent to Sublease (Zymogenetics Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, Landlord shall cause a general contractor selected by Landlord to promptly provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 one hundred eighty (180) days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlordeither party, by notice to Tenant the other party delivered within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) if the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; Casualty and the Completion Estimate exceeds sixty (260) any Mortgagee requires that days from the insurance proceeds be applied to the payment date of the mortgage debt; or (3) a material uninsured loss Casualty. Landlord shall not have the right to terminate the Lease if the damage to the Building occursis (a) due to a risk required to be insured against under Section 14.02 of the Lease or (b) repair or restoration would cost less than ten percent (10%) of the replacement cost of the Building.
16.02 If this Lease is not terminatedterminated pursuant to Section 16.01, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Law. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any other modifications Leasehold Improvements to be performed by Landlord for the Common Areas deemed desirable by Landlordbenefit of Tenant. However, in In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided ; provided, however, that Tenant is not in Default, during any period of time that all or a material portion when Tenant’s use of the Premises is rendered untenantable as a result of a Casualtymaterially impaired by damage or destruction, the Rent shall equitably ▇▇▇▇▇ for in proportion to the portion degree to which Tenant’s use of the Premises that is untenantable impaired.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 2 contracts
Sources: Office Lease Agreement (Cloudflare, Inc.), Office Lease Agreement (Cloudflare, Inc.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates Indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s Insurance carrier, Landlord shall give Tenant notice as to the excess cost of such repairs, and Tenant shall have 3 Business Days in which to determine and to notify Landlord whether it will (i) fund such excess costs, or (ii) will provide Landlord with revised plans to complete the repairs using only the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier. Any excess costs required shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Exponential Interactive, Inc.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days one year from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occursor Premises occurs or (4) such portion of the Building has been so damaged so that substantial alteration or reconstruction of the Building shall, in Landlord’s opinion, be required.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence delays for insurance adjustment or other matters beyond Landlord’s reasonable control and to repair and the extent of insurance proceeds received by Landlord, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord, and Landlord shall have no obligation to restore Tenant’s Property or any Alterations or any other improvements that Tenant is required to insure hereunder. HoweverWithin thirty (30) days of demand, in Tenant shall also pay Landlord for any additional excess costs that are determined for improvements requested by Tenant during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Loxo Oncology, Inc.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs, Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Medicinova Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptnesspromptness but not later than sixty (60) days from the date of such casualty, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot reasonably be made tenantable substantially completed within 270 days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition, in the event that the Premises and the Common Areas are not Substantially Completed within 270 days from the date the Casualty occurred, subject to reasonable delays (not to exceed sixty (60) days) for insurance adjustment or other matters beyond Landlord’s reasonable control, Tenant shall have the right to terminate this Lease upon 30 days advance notice to the Landlord given at any time subsequent to 270 days (plus a period of up to sixty (60) days set forth above, if applicable) after the date of the Casualty but prior to such Substantial Completion; provided that if the Landlord delivers the Premises and the Common Areas Substantially Complete prior to the expiration of such 30-day period then said notice of termination shall be of no force or effect.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to on the CasualtyCommencement Date, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant which the Landlord may agree to restore (exclusive of Landlord’s Work which shall be required insured by Landlord); provided if the estimated cost to spend more than repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 2 contracts
Sources: Office Lease Agreement (Marlborough Software Development Holdings Inc.), Office Lease Agreement (Bitstream Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete (as hereinafter defined) the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“"Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 210 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the CasualtyCasualty (after giving effect to any unexpired options to extend that have been validly exercised as provided herein); (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises (as hereinafter defined) occurs. If Landlord has the right to terminate this Lease pursuant to this Article 16, Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by insurance proceeds, Landlord's plans to repair and restore Common Areas serving the Premises, Landlord's plans for repair and restoration of the Building, and other relevant factors of Landlord's decision as long as they are applied to Tenant in the same manner as other tenants. Landlord shall not in bad faith terminate this Lease pursuant to the terms of this Section 16.01 solely for the purpose of replacing Tenant with a successor tenant. In addition, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 10 days after receipt of the Completion Estimate. For purposes of this paragraph, a “material uninsured loss to the Building or Premises” shall mean a casualty not covered by the insurance coverages required in this Lease, whether or not a party hereto maintained such insurance coverage. The repair and restoration work shall be deemed to be “Substantially Complete” on the date that all such work has been performed, other than any details of construction, mechanical adjustment or any other similar matter, the non-completion of which does not materially interfere with Tenant’s use of the Premises. If Landlord is actually delayed in the performance of such work as a result of the acts or omissions of Tenant, the Tenant Related Parties or their respective contractors or vendors, including, without limitation, changes requested by Tenant to approved plans, Tenant’s failure to comply with any of its obligations under this Lease, or the specification of any materials or equipment with long lead times (a “Tenant Delay”), the repair and restoration work shall be deemed to be Substantially Complete on the date that Landlord could reasonably have been expected to Substantially Complete such work absent any Tenant Delay.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises is rendered untenantable unusable for the conduct of Tenant’s office uses therein (as Tenant is not using such portion of the Premises) as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable unusable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Netsuite Inc)
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable exercise of its business opinion as supported by documentation by a certified architect and delivered to Tenant, take more than 180 days to complete (whether or not the Premises (collectively a “Casualty”shall have been damaged by such casualty), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of or in the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and event there is less than 2 two (2) years of the Lease Term remaining on remaining, or in the date of the Casualty; (2) any Mortgagee requires event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; , or (3) a in the event of any material uninsured loss to the Building occurs.
16.02 If Building, either Landlord or Tenant may, at its respective option, terminate this Lease is not terminatedby notifying the other in writing of such termination within ninety (90) days after the date of such casualty. If Landlord determines that any such damage shall take less than 180 days to complete, upon Tenant’ reasonable request, Landlord shall furnish Tenant with supporting documentation from a certified architect. If neither Landlord nor Tenant so elects to terminate this Lease, Landlord shall commence (no later than sixty (60) days following the casualty) and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be improvements located within the Premises to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty. Notwithstanding the foregoing, except Landlord’s obligation to restore the Building, and the improvements located within the Premises shall not require Landlord to expend for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend such repair and restoration work more than the insurance proceeds actually received by Landlord as a result of the casualty; provided that Landlord shall have complied with the insurance requirements and limits set forth in Section 13A. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all Tenant’s Property which are necessary to permit Tenant’s reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof. Provided , except that Tenant is not in Default, during any period of time that all or a material portion Rent shall be abated from the date of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ damage or destruction for the any portion of the Premises that is untenantable unusable by Tenant (including without limitation if the Premises is not itself damaged, but the Building has suffered damage making access to and use of the Premises impracticable), which abatement shall be in the same proportion that the Rentable Area of the Premises which is unusable (or such use is so rendered impracticable) by Tenant bears to the total Rentable Area of the Premises; provided that Tenant shall not used by Tenantbe entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord’s receipt of written notice from Tenant of the occurrence of the damage or destruction.
Appears in 2 contracts
Sources: Office Lease (Proquest Co), Sublease Agreement (Voyager Learning CO)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of a▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable and started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees.
Appears in 2 contracts
Sources: Office Lease Agreement (Ipayment Inc), Office Lease Agreement (Ipayment Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 240 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If . Tenant shall have the right to terminate this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements if: (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a) a material substantial portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Premises that Completion Estimate; (b) there is untenantable and less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not used caused by Tenant.the gross negligence or willful misconduct of Tenant or its agents, employees or contractors; and
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Zillow Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Landlord within forty-five (45) days after the occurrence of the Casualty shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 two hundred ten (210) days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 16.01 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the The Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant for such period of time as the Premises or such portion shall be untenantable. In addition to Landlord’s right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other Casualty and such damage cannot reasonably be repaired within sixty (60) days after receipt of the Completion Estimate; (b) there is less than one (1) year of the Term remaining on the date of such Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after Tenant’s receipt of the Completion Estimate. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within thirty (30) days after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended (but not by more than thirty (30) days in the aggregate) to the extent of any Reconstruction Delays (hereinafter defined), then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant (that Tenant does not cure within one (1) day after written notice to Tenant identifying the delay); and (iii) any delays caused by events of Force Majeure. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after Tenant delivers such termination notice to Landlord, with the same force and effect as if such day were the last day of the Term of the Lease, unless Landlord substantially completes such restoration on or before the expiration of such thirty (30) day period, in which event Tenant’s election to terminate shall become void.
Appears in 2 contracts
Sources: Office Lease Agreement (Oxford Immunotec Global PLC), Office Lease Agreement (Oxford Immunotec Global PLC)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 one hundred eighty (180) days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverNotwithstanding Section 15, in upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. If following any such casualty, the Premises or Tenant’s access thereto have not been restored to the condition required hereunder by the later to occur of (a) the aforementioned one hundred eighty (180) day period or (b) the date that is thirty (30) days following the target completion date set forth in the Completion Estimate, then Tenant shall have the right to terminate this Lease upon thirty (30) days’ written notice to Landlord, provided that such notice shall be rendered null and void and of no effect if Landlord substantially completes the restoration within the thirty (30) day period following Tenant’s notice. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material any portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (scPharmaceuticals Inc.)
Casualty Damage. 16.01 If all or any portion part of the Premises becomes untenantable is damaged by fire or other casualty, Tenant shall give prompt written notice of such damage to Landlord. If either of the Buildings is so damaged by fire or other casualty to that substantial alteration or reconstruction of such Building will, in Landlord’s sole opinion, be required (whether or not the Premises (collectively a “Casualty”shall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within 60 days after the date of such damage, in which event the Rent shall be abated as of the date of such damage. In addition, if, in the reasonable judgment of Landlord’s contractor, with reasonable promptnessthe required repairs likely will take longer than 180 days to complete after they are commenced, Landlord shall cause a general contractor selected by Landlord to provide Landlord give Tenant written notice within 45 clays after the date of the damage of the contractor’s determination and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon by delivering a written termination notice to the other Landlord within 10 days after receipt receiving Landlord’s notice, time being of the Completion Estimateessence with respect to Tenant’s termination notice. Tenant, however, shall not have the right If neither Landlord nor Tenant elects to terminate this Lease Lease, and provided insurance proceeds and any contributions from Tenant, if necessary, are available to fully repair the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In additiondamage, Landlord, by notice to Tenant Landlord shall within 90 days after the date of such damage commence to repair and restore the CasualtyBuildings and shall proceed with reasonable diligence to restore the Buildings (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately before the happening of the casualty; provided, Landlord shall have not be required to rebuild, repair, or replace any part of Tenant’s furniture, furnishings or fixtures and equipment removable by Tenant or any improvements, alterations or additions installed by or for the right benefit of Tenant under this Lease. Landlord shall not in any event be required to terminate this Lease if: spend for such work an amount in excess of the insurance proceeds (1excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises have been materially damaged by Tenant or loss of Tenant’s personal property resulting in any way from such damage or the repair of such damage, except that Rent shall equitably ▇▇▇▇▇ during the time and there is less than 2 years of to the Term remaining on extent the date of Premises are unfit for occupancy. In the Casualty; (2) event any Mortgagee requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the payment right to terminate this Lease by delivering written notice of termination to Tenant within 30 days after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate under this Lease. Notwithstanding the foregoing, if Landlord has not substantially completed the repairs this Section 24 requires within 270 days after the casualty occurs (subject to an extension of such period for any Tenant delay, provided that Landlord must give Tenant notice of any such delay promptly after Landlord becomes aware of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If delay), Tenant may terminate this Lease is upon 30 days’ written notice delivered to Lender and Mortgagee before Landlord has substantially completed such required repairs, provided that if the required repairs are substantially completed within 30 days after Tenant delivered its termination notice, the termination notice will be ineffective. Tenant will not terminatedhave the right to terminate the Lease under this Section 24 with respect to such casualty damage, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant Lease shall remain in violation of this Lease). Such restoration shall be to substantially full force and effect with the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that effect as if Tenant is not in Default, during any period of time that all or had never had a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenanttermination right under this Section 24.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (WuXi PharmaTech (Cayman) Inc.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 2 contracts
Sources: Office Lease Agreement (Opta Corp), Office Lease Agreement (Opta Corp)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 2 contracts
Sources: Office Lease Agreement (Z Axis Corp), Office Lease Agreement (Intelius Inc)
Casualty Damage. 16.01 14.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Easement Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Easement Areas necessary to provide access to the Premises cannot be made tenantable within 270 days one year from the date the repair is started, then either party Landlord shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence acts or intentional misconduct omissions of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occursor Premises occurs or (4) such portion of the Building has been so damaged so that substantial alteration or reconstruction of the Building shall, in Landlord’s opinion, be required.
16.02 14.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence delays for insurance adjustment or other matters beyond Landlord’s reasonable control and to repair and the extent of insurance proceeds received by Landlord, restore the Building, Common Areas Premises and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Easement Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Easement Areas deemed desirable by Landlord, and Landlord shall have no obligation to restore Tenant’s Property or any Alterations or any other improvements that Tenant is required to insure hereunder. HoweverWithin fifteen (15) days of demand, in Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent Tenant shall ▇▇▇▇▇ be responsible for the portion payment of all Rent during such period to the Premises extent that is untenantable and not used by Tenantthe proceeds of rental loss insurance are insufficient to pay the amount of Rent due to Landlord.
Appears in 2 contracts
Sources: Commercial Lease Agreement, Commercial Lease Agreement (Video Display Corp)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”"CASUALTY"), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”"COMPLETION ESTIMATE"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 210 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. In addition, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by Casualty and such damage cannot reasonably be repaired within 60 days after Tenant receives the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such casualty, and (c) Tenant provides Landlord with written notice of its intent to terminate within 30 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occursoccurs (provided that Landlord has maintained the insurance required hereunder).
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Common Areas and Premises (including the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Improvements) and Common Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are reasonably determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within 2 months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term "RECONSTRUCTION DELAYS" shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and (iii) any delays caused by events of Force Majeure.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion part of the Premises becomes untenantable is damaged by fire or other casualty, Tenant shall give prompt notice to Landlord. If damage by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration renders any substantial part of the Premises untenantable and the repair time to restore the Premises to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the term), or if any Common Areas necessary to provide access part of the Property is so damaged that in Landlord's judgment, substantial alteration or reconstruction is required (whether or not the Premises have been damaged by the casualty), or if any mortgagee of the Property requires application of the insurance proceeds to the Premises (“Completion Estimate”). If reduction of the Completion Estimate indicates that the Premises mortgage debt, or if any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is startedmaterial uninsured loss occurs, then either party shall have the right to Landlord may, at its option, terminate this Lease upon written notice to the other by so notifying Tenant in writing within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after the date of the Casualtycasualty. If the damage by fire or other casualty renders any substantial part of the Premises untenantable and if the repair time to restore the Premises to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the term), shall have the right Tenant may elect to terminate this Lease if: by so notifying Landlord in writing within sixty (160) the Premises have been materially damaged and there is less than 2 years of the Term remaining on days after the date of the Casualty; casualty. If the Lease is not so terminated by Landlord or Tenant, Landlord shall promptly begin and diligently pursue the work of restoring the Premises (2including the initial Tenant Improvements) to substantially their former condition as soon as reasonably possible. Landlord shall not, however, be required to restore any Mortgagee requires that alterations, additions, or improvements other than the initial Tenant Improvements or to spend any amount in excess of the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds actually received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the casualty. Landlord shall allow Tenant an equitable abatement of Minimum Rent shall ▇▇▇▇▇ for and Additional Rent during the portion of time and to the extent the Premises that is are untenantable and as the result of fire or other casualty, but such abatement shall not used by Tenantextend the term.
Appears in 1 contract
Sources: Office Lease Agreement (Pinnacle Financial Partners Inc)
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s sole opinion, be required (whether or not the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have been damaged by such casualty) or in the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and event there is less than 2 two (2) years of the Lease Term remaining on or in the date of the Casualty; (2) any Mortgagee requires event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; debt or (3) a in the event of any material uninsured loss to the Building occurs.
16.02 If Building, Landlord may, as its option, terminate this Lease is by notifying Tenant in writing of such termination within ninety (60) days after the date of such casualty. If Landlord does not terminatedthus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be improvements located within the Premises to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty within a six (6) month time frame. If Landlord does not thus elect to terminate this Lease, except for modifications required by Law or any other modifications Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within the Premises to substantially the same condition in which it was immediately prior to the Common Areas deemed desirable by happening of the casualty. Notwithstanding the foregoing, Landlord. However’s obligation to restore the Building, in no event and the improvements located within the Premises shall not require Landlord be required to spend expend for such repair and restoration work more than the insurance proceeds actually received by Landlord as a result of the casualty. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all furniture, fixtures and equipment which are necessary to permit Tenant’s re-occupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof. Provided , except that Tenant is not in Default, during any period of time that all or a material portion Rent shall be abated from the date of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ damage or destruction for the any portion of the Premises that is untenantable and not used unusable by Tenant, which abatement shall be in the same proportion that the Rentable Area of the Premises which is unusable by Tenant bears to the total Rentable Area of the Premises; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord’s receipt of written notice from Tenant of the occurrence of the damage or destruction.
Appears in 1 contract
Sources: Office Lease (SurgePays, Inc.)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building or the Project, as the case may be, shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building or the Project occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable and started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the gross negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of a▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building or the Project occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees.
C. The provisions of this Lease, including this Article XVII, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building or the Project occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall promptly commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 210 days from the date the repair and restoration is untenantable and started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material, uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. In addition to Landlord's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate (defined in XVII.B. below); (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the receipt of the Completion Estimate. Notwithstanding the foregoing, Landlord will not be entitled to terminate this Lease solely because there is less than 2 years on the Term if Tenant has an exercisable right to renew or extend the Term and Tenant, within 10 days after receipt of Landlord's notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein. If neither Landlord or Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord, provided that if Landlord does not have sufficient insurance proceeds to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within 10 days thereafter, shall have the right to terminate this Lease by the giving of written notice to Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
B. If all or any portion of the Premises becomes shall be made untenantable by fire or other casualty to the Premises (collectively a “Casualty”)casualty, LandlordLandlord shall, with reasonable promptness, shall cause a an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to make the Premises tenantable again, using standard working methods (“"Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair and restoration is started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease upon by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
C. The provisions of this Lease, including this Article XVII, constitute an express agreement between Landlord and Tenant Related Parties. In additionwith respect to any and all damage to, Landlordor destruction of, by notice to Tenant within 90 days after the date all or any part of the CasualtyPremises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other similar Laws now or hereinafter in effect, shall have the right no application to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications damage or destruction to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion any part of the Premises is rendered untenantable as a result of a Casualty, or the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by TenantProperty.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. In addition, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other Casualty and such damage cannot reasonably be repaired within 60 days after the Casualty; (b) there is less than 1 year of the Term remaining on the date of such Casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other Casualty.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the Landlord’s and Tenant’s insurance proceeds received by Landlord, the Landlord’s deductibles on its insurance, and other proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Sources: Lease Agreement (Giga Tronics Inc)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any of Tenant’s personal property and any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises shall be made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot Bear Hill Business Park, Waltham, Massachusetts OXIGENE, Inc. 4/16/2009 be made tenantable within 270 days from the date the repair and restoration is rendered untenantable as a result started, then regardless of a Casualtyanything in Section XVII.A above to the contrary, either party shall have the Rent right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall ▇▇▇▇▇ for not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees.
C. Notwithstanding the foregoing, if all or any portion of the Premises that is shall be made untenantable and not used by Tenantfire or other casualty during the last twelve (12) months of the Term, the Tenant shall have the right to terminate the lease without penalty upon thirty (30) days written notice to the Landlord.
Appears in 1 contract
Sources: Office Lease Agreement (Oxigene Inc)
Casualty Damage. 16.01 If all the Premises or any portion common areas of the Premises becomes untenantable Property providing access thereto shall be damaged by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedcasualty, Landlord shall commence and proceed with reasonable diligence use available insurance proceeds to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)same. Such restoration shall be to substantially the same condition that existed prior to the Casualtycasualty, except for modifications required by Law zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas common areas deemed desirable by Landlord. HoweverLandlord (provided access to the Premises is not materially impaired), in no event and except that Landlord shall Landlord not be required to spend more than repair or replace any of Tenant's furniture, furnishings, fixtures, or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the insurance proceeds received by Landlordparties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or its visitors, or injury to Tenant’s 's business resulting in any way from the Casualty such damage or the repair thereof. Provided that However, Landlord shall allow Tenant is a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in Defaultwriting of such termination within sixty (60) days after the date of damage (such termination to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be materially damaged by Tenant or its employees or agents, during any period or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of time that all overtime or a material portion other premiums, (b) more than 25% of the Premises is rendered untenantable as a result of a Casualtyaffected by the damage, and fewer than 24 months remain in the Rent shall ▇▇▇▇▇ for Term, or any material damage occurs to the portion Premises during the last 12 months of the term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration, or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such damage, and waives any other rights Tenant may have under applicable Law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that is untenantable and not used by Tenantthis Article represents the entire agreement between the parties respecting damage to the Premises or Property.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days one (1) year from the date the repair is started, or if the Casualty occurs in the last twelve (12) months of the Term, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within thirty (30) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Sources: Office Lease Agreement (Karyopharm Therapeutics Inc.)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date of the casualty, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees. In addition to the foregoing rights to terminate, Tenant shall have the right to terminate this Lease if: (1) a Casualty, the Rent shall ▇▇▇▇▇ for the substantial portion of the Premises that has been damaged by fire or other casualty and such damage cannot reasonably be repaired within sixty (60) days after the date of such fire or other casualty; (2) there is untenantable less than one (1) year of the Term remaining on the date of such casualty; (3) the casualty was not caused by the negligence ro willful misconduct of Tenant or its agents, employees or contractors; and not used by Tenant(4) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty.
Appears in 1 contract
Casualty Damage. 16.01 If all the Premises or any portion common areas of the Premises becomes untenantable Property providing access thereto shall be damaged by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedcasualty, Landlord shall commence and proceed with reasonable diligence use available insurance proceeds to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)same. Such restoration shall be to substantially the same condition that existed prior to the Casualtycasualty, except for modifications required by Law zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas common areas deemed desirable by Landlord. HoweverLandlord (provided access to the Premises is not materially impaired), in no event and except that Landlord shall Landlord not be required to spend more than repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the insurance proceeds received by Landlordparties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or its visitors, or injury to Tenant’s 's business resulting in any way from the Casualty such damage or the repair thereof. Provided that However, Landlord shall allow Tenant is a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in Defaultwriting of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), during any period if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of time that all overtime or a material portion other premiums, (b) more than 25% of the Premises is rendered untenantable as a result of a Casualtyaffected by the damage, and fewer than 24 months remain in the Rent shall ▇▇▇▇▇ for Term, or any material damage occurs to the portion Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that is untenantable and not used by Tenantthis Article represents the entire agreement between the parties respecting damage to the Premises or Property.
Appears in 1 contract
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate more than 50% of the amount of time required using standard working methods to Substantially Complete Building is damaged or in the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and event there is less than 2 years one (1) year of the Lease Term remaining on or in the date of the Casualty; (2) any Mortgagee requires event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; debt or (3) a in the event of any material uninsured loss to the Building occurs(other than an uninsured loss resulting from Landlord’s failure to carry the insurance required under Section 1l.
16.02 If A above), Landlord may, at its option, terminate this Lease is by notifying Tenant in writing of such termination within sixty (60) days after the date of such casualty. If Landlord does not terminatedelect to terminate this Lease pursuant to the foregoing termination right, Landlord shall deliver to Tenant within sixty (60) days after the date of the damage, a reasonable estimate of the time required to repair and restore the Building (the “Repair Estimate”). If Landlord does not thus elect to terminate this Lease pursuant to the foregoing and Tenant does not elect to terminate this Lease as provided below, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and excluding the Leasehold Improvements improvements installed or placed in the Premises by Landlord or Tenant at Tenant’s expense (excluding any Alterations that were performed by Tenant in violation of whether under the Existing Lease or this Lease). Such restoration shall be Lease ) to substantially the same condition that existed in which it was immediately prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion happening of the Premises is rendered untenantable casualty and shall use commercially reasonable efforts to complete such restoration within the time period set forth in the Repair Estimate. If as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of such fire or casualty the Premises or any part thereof have been damaged, and provided that is untenantable and not used by Tenant.the Repair Estimate states that repair and
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days 18 months from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant, plus the deductible (other than with respect to an earthquake damage claim) under Landlord’s insurance policy applicable to the claim in question, if any. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 two hundred seventy (270) days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverNotwithstanding Section 15 above, in upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand. Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Sources: Office Lease Agreement (Clementia Pharmaceuticals Inc.)
Casualty Damage. 16.01 If all or there occurs any portion of the Premises becomes untenantable by fire or other casualty to the Premises Project and: (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by i) insurance proceeds are unavailable to Landlord or are insufficient to provide Landlord restore the Project to substantially its pre-casualty condition; (ii) zoning or other applicable Laws do not permit repair and Tenant with a written estimate restoration; or (iii) more than 30% of the amount of time required using standard working methods to Substantially Complete the repair and restoration total area of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair Building is starteddamaged, then either party Landlord shall have the right to terminate this Lease upon and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to Tenant within 60 days after such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to Tenant. If there occurs any casualty to the other within 10 Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 210 consecutive days to complete after receipt the casualty (assuming normal work crews not engaged in overtime); or (ii) the casualty occurs during the last 12 months of the Completion Estimate. TenantTerm, however, Landlord and Tenant shall not each have the right to terminate this Lease and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the other party within 60 days after the date of such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to the other party, but in no event shall the termination date be after the last day of the Term. Notwithstanding the foregoing, if the Casualty casualty was caused by the negligence act or intentional misconduct omission of Tenant or any Tenant Related Parties. In additionAgent, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the no right to terminate this Lease if: (1) due to the casualty. If there occurs any casualty to the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If neither party terminates this Lease is not terminatedLease, then Landlord shall commence and proceed with use commercially reasonable diligence efforts to repair and restore cause the Building, Common Areas and the Leasehold Improvements damage to be repaired (excluding any Alterations exclusive of Tenant’s Property) to a condition as nearly as practicable to that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed existing prior to the Casualtydamage, except for modifications with commercially reasonable speed and diligence, subject to delays that may arise by reason of adjustment of the loss under insurance policies, Laws, and Force Majeure Events, provided if such damage was caused by the act or omission of Tenant or any Tenant Agent, then Tenant shall pay Landlord the amount by which Landlord’s cost to repair exceeds the insurance proceeds, if any, actually received by Landlord on account of such damage (or, if Landlord fails to maintain the EXHIBIT 10.35 insurance required by Law or any other modifications Section 12, that Landlord would have received to the Common Areas deemed desirable extent Landlord maintained such insurance required by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by LandlordSection 12). Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or Tenant Indemnitees, or injury to Tenant’s business business, or pain and suffering, resulting in any way from the Casualty such damage or the repair thereof. Provided that Notwithstanding the foregoing, Tenant’s obligation to pay Fixed Rent and Additional Rent shall be equitably adjusted or abated during the period (if any) during which Tenant is not in Default, during any period of time that all or a material portion of reasonably able to use the Premises is rendered untenantable or an applicable portion thereof as a result of such casualty. Tenant shall have no right to terminate this Lease as a Casualty, the Rent shall ▇▇▇▇▇ for the portion result of any damage or destruction of the Premises that is untenantable Premises, except as expressly provided in this Section. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
Appears in 1 contract
Sources: Lease Agreement (Asure Software Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after of the date of the fire or other casualty (a “Casualty”), shall have the right to terminate this Lease if: (1) if all or any part of the Premises have been materially is damaged and there is less than 2 years of to the Term remaining on extent that it cannot reasonably be repaired within one hundred twenty (120) days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 . If this Lease is not terminated, Landlord shall commence promptly and proceed with reasonable diligence to repair and diligently, restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Laws. Upon notice from Landlord, Tenant shall assign to Landlord (or to any other modifications to the Common Areas deemed desirable party designated by Landlord. However, in no event shall Landlord be required ) all property insurance proceeds payable to spend more than Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within thirty (30) days of demand, Tenant shall also pay Landlord for any additional excess costs relating to Leasehold Improvements that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, and without limiting Tenant’s obligations, to pay to Landlord any cost of restoration of the Leasehold Improvements in excess of the proceeds of Tenant’s Insurance, in the event that Landlord does not receive sufficient insurance proceeds to complete all required restoration work, whether due to an uninsured Casualty, requirements of a Mortgagee, or otherwise, then Landlord shall have the right to terminate this Lease by written notice to Tenant. The provisions of this Lease, including this Section 17, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building, or the Development, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Development.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed reasonably desirable by Landlord. HoweverNotwithstanding Section 15, in upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess reasonable cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 If Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within 2 months after expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays (defined below), then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and (iii) any delays caused by events of Force Majeure.
Appears in 1 contract
Sources: Office Lease Agreement (Ironwood Pharmaceuticals Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 30 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. Tenant shall have the right to terminate this Lease upon notice to Landlord within 90 days after the date of the Casualty if the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of Casualty.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas reasonably deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold lmprovements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold lmprovements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, either (i) the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs or (ii) the improvements shall be altered in a mutually acceptable manner in order to ensure that insurance proceeds are sufficient to cover such costs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all 16.1 Ifall or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to cause affecting the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required oftime required, using standard working methods methods, to Substantially Complete the repair and restoration of the ofthe Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If “Substantially Complete” or “Substantial Completion” as used in this Lease shall mean that any work to be performed by Landlord under this Lease, including all Landlord Work, has been performed, other than any punch-list items, details of construction, mechanical adjustment or any other similar matter, the non-completion of which does not materially interfere with Tenant’s use ofthe Premises. Landlord shall promptly forward a copy ofthe Completion Estimate to Tenant. Ifthe Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice Notice to the other within 10 days after ▇▇▇▇▇▇’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the ifthe Casualty was caused by the negligence or intentional misconduct of Tenant ofTenant or any Tenant Related PartiesParties or Tenant’s contractors. In addition, Landlord, by notice Notice to Tenant within 90 days after the date of the ofthe Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the l year ofthe Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the ofthe mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 16.01. If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate (“Completion Estimate”) of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion EstimateLandlord’s Restoration Work”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If (a) the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days (or, in the case of a major Casualty affecting more than just the Building [such as, for example, a hurricane], 365 days) from the date the repair is startedstarted or (b) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after Tenant’s receipt of the Completion Estimate, in the case of clause (a), and within 90 days after the date of the Casualty, in the case of clause (b). Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional willful misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by written notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially Property or the Building shall be damaged and there is less than 2 years so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Term remaining on Property or the date of Building (as applicable) shall be required (whether or not the CasualtyPremises has been damaged); (2) Landlord is not permitted by Law to rebuild the Property or the Building in substantially the same form as existed before the fire or casualty; (3) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (34) a material uninsured loss to the Building or Premises occurs.
16.02 16.02. If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and restore the Buildingdelays for insurance adjustment or other matters beyond Landlord’s reasonable control, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)complete Landlord’s Restoration Work. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon written notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements in the Premises; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises (including the Leasehold Improvements) and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds (whether from Landlord’s or Tenant’s insurance) or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Material Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Such Rent abatement shall end on the date Landlord has substantially completed Landlord’s Restoration Work, including restoration of the Leasehold Improvements to the extent required above. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section 16, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
Appears in 1 contract
Sources: Office Lease Agreement (CrowdStrike Holdings, Inc.)
Casualty Damage. 1. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”"CASUALTY"), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”"COMPLETION ESTIMATE"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition to Landlord's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty.
2. 16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ abate for the portion of the Premises that is untenantable and not used n▇▇ ▇▇ed by Tenant.
3. 16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and an there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance Insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment of other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall by paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result results of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Sources: Office Lease Agreement (Premier Commercial Bancorp)
Casualty Damage. 16.01 If all (a) Following the occurrence of casualty that causes damage to the Building or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), LandlordLandlord or Tenant (as applicable) shall, with as soon as is reasonably possible, notify the other in writing of such occurrence (a “Casualty Notice”) Thereafter, Landlord shall use commercially reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of diligence in determining the amount of time that will be required using standard working methods to Substantially Complete the repair make any and restoration of the Premises and any Common Areas all necessary to provide access repairs to the Premises and/or Building, as applicable. If: (“Completion Estimate”). If i) the Completion Estimate indicates Building shall be so damaged by such Casualty that substantial alteration or reconstruction of fifty percent (50%) or more of the Building shall, in Landlord’s opinion, be required (whether or not the Premises shall have been damaged by the Casualty); or (ii) the restoration or repair of the Building is not required under the Declaration and will not be undertaken by the Condominium Association or is otherwise not required under the Declaration and will not be undertaken by the condominium unit owners (or any Common Areas necessary to provide access of them); or (iii) there is any material loss to the Building that is not covered by insurance required to be maintained by Landlord under this Lease or under the Declaration; or (iv) the Premises cannot shall be made tenantable within 270 days from partially damaged by a Casualty and the date estimated cost of repair exceeds thirty percent (30%) of all Base Rent then remaining to be paid by Tenant for the repair is startedbalance of the Lease Term, then either party shall have Landlord may, within ninety (90) days after the right Casualty, give notice to Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease upon written notice to the other within 10 Term shall automatically expire five (5) days after receipt of the Completion Estimate. Tenant, however, shall such notice is delivered.
(b) If Landlord does not have the right to terminate this Lease under Section 27(a) of this Lease, or if Landlord has the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In additionright to terminate and does not elect to terminate, Landlord, by notice to Tenant the extent insurance proceeds are made available to Landlord for purposes of restoration, shall proceed with reasonable diligence to restore (or cause the Condominium Association or other responsible party under the Declaration to restore) the Building and the Premises to substantially the same condition they were in immediately before the happening of the Casualty subject to the provisions of this Section 27(b) within 90 days after twenty-four (24) months of the date of the Casualty, subject to extension by any Force Majeure and any Tenant Delay (the “Landlord’s Restoration Period”). Tenant acknowledges that Landlord shall have no obligation to restore Tenant’s Personal Property, Alterations made by Tenant or any portion thereof or to build out the right Premises beyond the restoration of the Premises to terminate this Lease if: its condition as of Tenant’s initial occupancy of the Premises (1such work, the “Landlord Restoration Work”). Tenant shall, within one hundred eighty (180) days of either (i) the Premises have been materially damaged and there is less than 2 years completion of the Term remaining on Landlord Restoration Work; or (ii) in the event that no Landlord’s Restoration Work is required, the date of the Casualty; Casualty (2) any Mortgagee requires that the insurance proceeds be applied to “Tenant Restoration Period”), complete the payment restoration or replacement of the mortgage debt; or Premises consistent with the Tenant’s Work performed prior to Tenant’s opening for business (3if any such work is then reasonably required) and in code compliant condition and all of Tenant’s Personal Property necessary to permit T▇▇▇▇▇’s re-occupancy of the Premises and recommencement of business therein (the “Tenant Restoration Work”).
(c) Notwithstanding the foregoing, in the event that (i) a material uninsured loss to Casualty occurs during the Building occurs.
16.02 If this last two Lease is not terminatedYears, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements Premises, as determined by Landlord, in Landlord’s discretion, are not expected to be tenantable for a period of at least six (excluding any Alterations that were performed 6) months, Tenant shall have the right, exercisable by Tenant in violation delivering written notice to Landlord within ninety (90) days of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Howeverterminate this Lease, in no which event the provisions of this Section 28 shall apply equally as if Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord had terminated this Lease.
(d) Base Rent shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from a▇▇▇▇ following the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result occurrence of a Casualty, the Rent shall it being acknowledged and agreed by L▇▇▇▇▇▇▇ for the portion and T▇▇▇▇▇ that T▇▇▇▇▇’s required insurance coverage hereunder includes business interruption insurance.
(e) Landlord and Tenant acknowledge and agree that restoration of the Premises and the Building following a Casualty may also be governed by applicable provisions of the Declaration and to the extent that there is untenantable a conflict between Landlord’s obligations under this Lease and Landlord’s obligations under the Declaration, Landlord shall not used by Tenantbe in default under this Lease to the extent that Landlord complies with such obligations under the Declaration. Additionally, and notwithstanding anything to the contrary contained in this Lease, L▇▇▇▇▇▇▇’s restoration obligations under this subsection shall be conditioned on the consent of any mortgagee of Landlord permitting the use of the insurance purposes for such purposes.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years 18 months of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. In addition to Landlord's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate (defined in XVII.B. below); (b) there is less than 18 months of the Term remaining on the date of such casualty; (c) the casualty was not terminatedcaused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty (including any such casualty to the Building that prevents Tenant from having any access to the Premises), Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time reasonably required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 210 days from the date, the repair and restoration is untenantable started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not used substantially complete the repair and restoration of the Premises within 2 months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term "Reconstruction Delays" shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and (iii) any delays caused by events of Force Majeure.
Appears in 1 contract
Casualty Damage. 16.01 16.01. If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”"CASUALTY"), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises (including the Initial Alterations to the extent paid for initially by Landlord) and any Common Areas necessary to provide access to the Premises (“Completion Estimate”"COMPLETION ESTIMATE"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition to Landlord's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 2 years of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty.
16.02 16.02. If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except that Landlord shall not be required to rebuild Leasehold Improvements in excess of the Initial Alterations which were paid for by Landlord pursuant to the Allowance set forth in Exhibit C, and except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant, if any, under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 30 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant for the operation of Tenant's business.
Appears in 1 contract
Sources: Office Lease Agreement (Insurance Auto Auctions Inc /Ca)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any reasonable additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after of the date of the fire or other casualty (a “Casualty”), shall have the right to terminate this Lease if: (1) if all or any part of the Premises have been materially is damaged and there is less than 2 years of to the Term remaining on extent that it cannot reasonably be repaired within one hundred twenty (120) days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 . If this Lease is not terminated, Landlord shall commence promptly and proceed with reasonable diligence to repair and diligently, restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any other modifications to the Common Areas deemed desirable party designated by Landlord. However, in no event shall Landlord be required ) all property insurance proceeds payable to spend more than Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. The provisions of this Lease, including this Section 17, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or the Development and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Development.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇ab▇▇▇ for ▇or the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of a▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party Landlord shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building or the Project occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements Improvement (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that is untenantable the Premises cannot be made tenantable within 270 days from the date the repair and restorations started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related parties or any of Tenant’s transferees, contractors or licensees.
C. The provisions of this Lease, including this Article XVII, constitute an express agreement between Landlord and Tenant with respect to any and all damage to or destruction of, all or any part of the Premises, the Building, the Property or the Project, and any Laws, including, without limitation, sections 1943(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building, the Property or the Project.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a reputable and independent third party general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition to Landlord’s right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by a Casualty, or if the Common Areas are damaged such that Tenant is unable to access the Premises, and such damage cannot reasonably be repaired within 60 days after Tenant’s receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date that Tenant receives the Completion Estimate. If Landlord has the right to terminate this Lease pursuant to this Section 16.01, Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: the length of the Term remaining on this Lease, time needed to repair and restore, costs of repair and restoration not covered by insurance proceeds, Landlord’s plans to repair and restore Common Areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other relevant factors of Landlord’s decision, as long as they are applied to Tenant in the same manner as other tenants affected by the Casualty.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the BuildingPremises (including, Common Areas without limitation, the Landlord Work) and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Common Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, or if the Common Areas are damaged such that Tenant is unable to access the Premises, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and/or for the period that Tenant is unable to access the Premises, and the Premises are not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Casualty Damage. 16.01 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s sole opinion, be required (whether or not the Premises shall have been damaged by such casualty) or in the event there is less than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the Premises payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (collectively 90) days after the date of such casualty. If Landlord does not thus terminate this Lease under ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall deliver to Tenant a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written non binding estimate of the amount of time required using standard working methods needed to Substantially Complete the repair and restoration of restore the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant Building within 90 days after the date of the Casualty, shall have damage. If (i) Landlord’s estimate states that repair and restoration will not be completed within 365 days after the right to terminate this Lease if: date of the damage or (1ii) the Premises have been materially damaged and there is less than 2 two (2) years of the Lease Term remaining on then remaining, Tenant may terminate this Lease by giving Landlord notice of termination within 10 business days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied Tenant receives Landlord’s estimate. If neither Landlord or Tenant elects to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If terminate this Lease is not terminatedLease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement attached hereto as Exhibit D (excluding any Alterations except that were performed by Tenant in violation Landlord shall not be responsible for delays not within the control of this Lease). Such restoration shall be Landlord) to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty. Notwithstanding the foregoing, except Landlord’s obligation to restore the Building, and the improvements located within the Premises, if any, for modifications required by Law or any other modifications which Landlord had financial responsibility pursuant to the Common Areas deemed desirable by Landlord. HoweverWork Letter Agreement, in no event shall not require Landlord be required to spend expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are necessary to permit Tenant’s reoccupancy of the Premises. Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant’s ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty such damage or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion except that, subject to the provisions of the Premises is rendered untenantable as a result of a Casualtynext sentence, the Base Rent and Additional Rent shall ▇▇▇▇▇ on a prorata basis during the time and to the extent the Premises are unfit for occupancy whether in whole or in part of if rendered wholly or partially inaccessible. If the Premises or any other portion of the Premises Property is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Property caused thereby to the extent such cost and expense is not covered by insurance proceeds. It is the intent of Landlord and Tenant that is untenantable the provisions of this Section 18 shall override N.J.S.A, 46:8-6 and not used by Tenant7.
Appears in 1 contract
Sources: Office Lease (Alfacell Corp)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs in Landlord’s reasonable judgment. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 19.1 If all the Premises or any portion of the Premises becomes untenantable part thereof shall be damaged by fire or other casualty, Tenant shall give Landlord prompt written notice thereof.
19.2 If by reason of a fire or other casualty to (i) the Building or the Premises shall be totally damaged or destroyed, or (collectively a “Casualty”)ii) the Building shall be so damaged or destroyed (whether or not the Premises are damaged or destroyed) that repair or restoration shall require more than two hundred seventy (270) days, Landlordor (iii) the Premises shall be so damaged or destroyed that repair or restoration shall require more than one hundred eighty (180) days, with reasonable promptnessor (iv) Landlord elects not to rebuild, shall cause a general contractor selected then in any such case Landlord may terminate this Lease by notice given to Tenant within sixty (60) days after such fire or other casualty. If Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete estimates that the repair and or restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises canwill not be made tenantable substantially completed within 270 days from the date the repair is startedtwo hundred seventy (270) days, then either party Tenant shall have the right to terminate this Lease upon written notice to the other within 10 thirty (30) days after receipt of the Completion Estimate. Tenant, however, shall not have the right such estimate.
19.3 If neither Landlord nor Tenant elects to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedas set forth in Section 19.2, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Building to substantially the same condition that existed in which it was immediately prior to the Casualtyhappening of the casualty, except for modifications that Landlord’s obligation to restore shall not exceed the scope of the work required to be done by Law or any other modifications to Landlord in originally constructing the Common Areas deemed desirable by Landlord. HoweverBuilding, in no event nor shall Landlord be required to spend more than for such work an amount in excess of the insurance proceeds actually received by Landlord. Landlord as a result of the casualty.
19.4 When Landlord has restored the Building as set forth in Section 19.3 above, Tenant shall be obligated to pay for the completion of restoration of the Premises, including the restoration of Tenant’s furniture and equipment.
19.5 Except for the reconstruction by Landlord as set forth in Section 19.3 above, all costs and expenses for reconstruction of the Premises shall be borne by Tenant.
19.6 Landlord shall not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty or such damage on the repair thereof. Provided that , except that, subject to the provisions of Section 19.7, Landlord shall allow Tenant is not in Default, a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy.
19.7 If the Premises or any period of time that all or a material portion of the Premises is rendered untenantable as a result Building are damaged by fire or other casualty resulting from the actions of a CasualtyTenant or any of Tenant’s agents, employees, or invitees, the Rent rent hereunder shall ▇▇▇▇▇ not be diminished, offset, or abated during the repair of such damage and Tenant shall be liable to Landlord for the portion cost of the repair and restoration of the Building and Premises that is untenantable caused thereby, as well as any other cost and not used expense thereby incurred by TenantLandlord.
Appears in 1 contract
Sources: Lease Agreement (Net Element, Inc.)
Casualty Damage. 16.01 If all or any portion material part of the Premises becomes untenantable is damaged by fire or other casualty to the Premises (collectively a “Casualty”)casualty, Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant notifying Landlord in writing within 90 days after the date of the Casualty, shall have the right fire or other casualty; provided that Tenant is provided at least 60 days to vacate. If Tenant does not terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If under this Lease is not terminatedSection 16, Landlord Tenant shall commence and proceed with reasonable diligence to repair and restore the BuildingPremises (including the Tenant Improvements) or Alterations made by, Common Areas or installed by Tenant, in the Premises and the Leasehold payment of Fixed Rent will not ▇▇▇▇▇; provided, however, that if Tenant terminates this Lease, Tenant shall not be required to repair or restore the Premises (such repair and restoration obligations being Landlord’s obligation) and Tenant shall remove Tenant’s Improvements (excluding any or Alterations that were performed by Tenant as set forth in violation Section 27 of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Personal Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that Tenant is not in Default, during any period of time that all their respective rights for damage to or a material portion destruction of the Premises is rendered untenantable as a result of a Casualtyshall be those specifically provided in this Lease, which shall constitute an express agreement between the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenantparties with respect thereto.
Appears in 1 contract
Casualty Damage. 16.01 17.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (the “Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 two hundred ten (210) days from the date the repair is startedof such casualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion Estimate. In addition, Landlord or Tenant, by notice to the other within ten (10) business days after receipt of the Completion Estimate, shall have the right to terminate this Lease if there is less than eighteen (18) months remaining in the Lease Term as of the date of the Casualty, and the Completion Estimate indicates that it will require more than the lesser of (a) 180 days or (b) half of the remaining Lease Term (as of the date of the Completion Estimate) to cause the Premises to be made tenantable. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (32) a material uninsured loss to the Building occurs.
16.02 17.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs within the Premises. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises (or any portion of the Premises if untenantability of such portion adversely affects Tenant’s business operations) is rendered untenantable as a result of a CasualtyCasualty and provided the Casualty was not caused by the gross negligence or willful misconduct of Tenant or its agents or employees, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively collectively, a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (a “Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 two hundred seventy (270) days from following the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after Tenant’s receipt of the Completion Estimate. Tenant; provided, however, that, Tenant shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant given within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1a) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty; (2b) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3c) a material uninsured loss to the Building or the Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Common Areas Premises and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Common Areas. Such restoration shall be to substantially the same condition that existed immediately prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverNotwithstanding Article 15, in upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Alterations performed by or for the benefit of Tenant; provided, that, if the estimated cost to repair such Alterations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, then the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days following demand therefor, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. In no event shall Landlord be required to spend more for the restoration of the Premises and the Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, Landlord may, at its election, require Tenant to perform the restoration work for any Alterations performed by or at Tenant’s request, in which event Tenant shall be responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord pursuant to Section 9.03) and the rent abatement period under the preceding sentence shall not exceed the period of time required to diligently perform the restoration of such Alterations.
Appears in 1 contract
Casualty Damage. 16.01 A. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty. Such termination shall be effective as of the date of fire or casualty, with respect to any portion of the Premises that was rendered untenantable, and the effective date of termination specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by Tenant in violation of this Lease) located within the Premises, if any, which Landlord has insured (or is required to insure) to substantially the same condition they were in immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent on a per diem basis during the time and to the extent any damage to the Premises causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises shall be those specifically set forth herein.
B. Notwithstanding anything in this Article XIX to the contrary, if all or any portion of the Premises becomes shall be made untenantable by a fire or other casualty to the Premises (collectively a “Casualty”)casualty, LandlordLandlord shall, with reasonable promptness, shall cause a an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the substantially complete repair and restoration of the Premises and any Common Areas necessary to provide access to make the Premises tenantable again, using standard working methods (“the "Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 one hundred eighty (180) days from the date the repair and restoration is started, then either party shall have the right to terminate this Lease upon by giving written notice to the other of such election within 10 ten (10) days after its receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if in the Casualty event that the fire or casualty in question was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant If the Completion Estimate indicates that the Premises can be made tenantable within 90 one hundred eighty (180) days after from the date of the Casualty, shall have the repair and restoration is started and Landlord has not otherwise exercised its right to terminate the Lease pursuant to the terms hereof, or if the Completion Estimate indicates that the Premises cannot be made tenantable within one hundred eighty (180) days but neither party terminates this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied pursuant to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedArticle XIX, Landlord shall commence and proceed with reasonable diligence promptness to repair and restore the BuildingPremises. Notwithstanding the foregoing, Common Areas if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the Leasehold Improvements repair and restoration of the Premises within two (excluding 2) months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Alterations that were performed Reconstruction Delays, then Tenant may terminate this Lease by Tenant in violation written notice to Landlord within fifteen (15) days after the expiration of such period, as the same may be extended. For purposes of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.term "Reconstruction 25
Appears in 1 contract
Sources: Office Lease (Viewlocity Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”"CASUALTY"), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”"COMPLETION ESTIMATE"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate, in which event such termination shall be effective as of the date of the Casualty. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. In addition to Landlord's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by the Casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of such Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the Casualty.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements (as reasonably determined by Landlord, assuming that such repair will be required performed pursuant to spend more than a construction contract providing for a guaranteed maximum price) exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. In no event shall Landlord be required to spend more for the restoration than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Property, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Property.
Appears in 1 contract
Casualty Damage. 16.01 If all the Premises or any portion common areas of the Premises becomes untenantable Property providing access thereto shall be damaged by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedcasualty, Landlord shall commence and proceed with reasonable diligence use available insurance proceeds to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)same. Such restoration shall be to substantially the same condition that existed prior to the Casualtycasualty, except for modifications required by Law zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas common areas deemed desirable by Landlord. HoweverLandlord (provided access to the Premises is not materially impaired), in no event and except that Landlord shall Landlord not be required to spend more than repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the insurance proceeds received by Landlordparties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or its visitors, or injury to Tenant’s 's business resulting in any way from the Casualty such damage or the repair thereof. Provided that However, Landlord shall allow Tenant is a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in Defaultwriting of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), during any period if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of time that all overtime or a material portion other premiums, (b) more than 25% of the Premises is rendered untenantable affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as a result defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of a Casualtythe repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall ▇▇▇▇▇ be Tenant's sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the Premises or Property.
(a) Landlord fails to commence restoration work to the Premises and access thereto within sixty (60) days after the damage occurs, or (b) such work is reasonably estimated (which estimate Landlord shall provide within 60 days following the casualty), to take more than 180 days to substantially complete after being commenced (or if the Premises contains more than 5,000 rentable square feet, then an additional 30 days for the portion each additional 5,000 rentable square feet), or (c) more than 25% of the Premises that is untenantable affected by the damage, and fewer than 24 months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least sixty (60) days (but not used more than 120 days) advance notice specifying the basis for termination, and such notice must be given no later than thirty (30) days following the occurrence of the condition serving as the basis for the termination right invoked by Tenant. Such termination rights shall not be available to Tenant if: (i) Landlord substantially completes the repairs to the Premises and access thereto within sixty (60) days after Tenant's notice, or (ii) Landlord provides Tenant with new premises under Article 22(E) or otherwise and access thereto within sixty (60) days after Tenant's notice. Notwithstanding anything to the contrary contained herein, if Tenant, or its officers, employees, contractors, invitees or agents delay Landlord in performing the repairs, Landlord shall have additional time to complete the work equal to such delay and Tenant shall pay Landlord all Rent for the period of such delay.
Appears in 1 contract
Casualty Damage. 16.01 17.1 If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged) and Landlord estimates more than 180 days from the date of such casualty are required to complete such restoration; (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years 12 months of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If , provided that Landlord has carried the insurance required to be carried under this Lease. Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Tenant Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, loss or injury damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
17.2 If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, within forty-five (45) days after such casualty, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date of the Casualty, then regardless of anything in Section 17.1 above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees. In addition to the foregoing, if the fire or casualty was not caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant’s transferees, contractors or licensees and the Completion Estimate stated that the repair and restoration of the Premises could be substantially completed within 270 days from the date of the Casualty but, in fact, the required repair and restoration work is untenantable not substantially complete within 330 days from the date of the Casualty (subject to extension by reason of delays caused by Tenant or Force Majeure), Tenant shall have the right to terminate this Lease upon delivery of written notice to Landlord at any time following the expiration of such 330-day time period.
17.3 The provisions of this Lease, including this Article 17, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Project, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises or the Project.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable unusable for the reasonable operation of Tenant’s business or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, but not later than sixty (60) days after the date of the Casualty, shall cause a licensed general contractor selected by Landlord to provide Landlord and Tenant with a reasonable written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable usable for the reasonable operation of Tenant’s business within 270 one hundred eighty (180) days from the date of the repair is starteddamage, then either party Landlord shall have the right to terminate this Lease upon written notice to the other Tenant within 10 days ten (10) Business Days after Tenant’s receipt of the Completion Estimate. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made usable for the reasonable operation of Tenant’s business within one (1) year from the date of the damage, then Tenant shall have the right to terminate this Lease upon written notice to Landlord within ten (10) Business Days after Tenant’s receipt of the Completion Estimate; except that if the damage occurs during the final two (2) years of the Term, a period of one hundred eighty (180) days, rather than one (1) year, shall apply. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional willful misconduct of Tenant or any Tenant Related Parties. As used herein “Tenant Related Parties” means Tenant’s trustees, members, principals, beneficiaries, partners, officers, directors, employees and agents. In addition, Landlord, by notice to Tenant within 90 sixty (60) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 two (2) years of the Term remaining on the date of the Casualty, except that Landlord shall not have the right to terminate this Lease pursuant to this clause (1) if Tenant shall exercise any unexercised renewal option prior by notice to Landlord within thirty (30) days of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence ; or (4) a fire or other casualty occurs to repair and restore portions of the Building, Common Areas and Building other than the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Premises or any other modifications to the Common Areas deemed desirable by Landlord. Howevernecessary to provide access to the Premises, in no event shall and as a result thereof Landlord be required intends to spend more than substantially reconstruct (or demolish) the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all Building or a material portion thereof. A Casualty to the Garage (as defined in Exhibit F attached hereto) shall not entitle either party to terminate this Lease, and unless this Lease is terminated pursuant to the provisions of this Section 16, Landlord shall restore the Garage together with, and subject to the same terms and conditions as, Landlord’s restoration of the Premises is rendered untenantable Common Areas as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable set forth herein and not used by Tenantbelow.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any portion part of the Premises becomes untenantable is damaged by fire or other casualty to the Premises (collectively a “Casualty”)casualty, Landlord, with reasonable promptness, Tenant shall cause a general contractor selected by immediately notify Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)in writing. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualtyfire or other casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; or (4) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. In addition to Landlord’s right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate (defined in XVII.B. below); (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord available for restoration. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
B. If all or any portion of the Premises shall be made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 30 days after receipt of the Completion Estimate. Notwithstanding the foregoing, if Landlord does not substantially complete the repair and restoration of the Premises within 2 months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process, (ii) any delays caused by Tenant, and (iii) any delays caused by events of Force Majeure.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “"Casualty”"), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“"Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Sources: Sublease Agreement (Enernoc Inc)
Casualty Damage. 16.01 16.1 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that (a) the Premises or (b) any Common Areas necessary to provide access to the Premises or (c) more than 10% of the parking available to Tenant cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion EstimateEstimate (except that in the event of (c) above, Landlord shall have to option of providing commercially reasonable replacement and/or satellite parking, within sixty (60) days of the casualty, whereupon Tenant’s termination right shall be void with respect to such casualty). Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years one year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 16.2 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord which do not materially and adversely affect Tenant’s right under this Lease. Upon notice from Landlord. However, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Alterations (if any); provided if the estimated cost to repair such Alterations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall opt in writing either (a) to have the Premises restored without said Alterations; or (b) to pay the excess cost of such repairs to Landlord prior to Landlord’s commencement of repairs, but in no event later than fifteen (15) days after determination of the amount of such excess costs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereofthereof provided Landlord uses commercially reasonable efforts to minimize the interference with Tenant’s business operations in the Premises during any such repair. Provided that Tenant is not then in Default, during any period of time that all or a material any portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by TenantTenant (and shall a▇▇▇▇ entirely if Tenant cannot operate its business in the Premises as a result of the Casualty).
Appears in 1 contract
Sources: Office Lease Agreement (Gomez Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by Casualty and such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of the Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of Tenant’s receipt of the Completion Estimate.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Alterations performed by or for the benefit of Tenant; provided if the estimated cost to repair such Alterations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Notwithstanding anything to the contrary contained herein, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord in connection with such Casualty (collectively, the “Casualty Proceeds”) in order to perform the repair and restoration required herein. However, if Landlord does not have sufficient Casualty Proceeds to substantially complete the restoration required herein, and if Landlord elects not to fund any shortfall, Landlord shall so notify Tenant (the “Insufficient Proceeds Notice”), and, provided Tenant has maintained the insurance required by Section 14 to be maintained by Tenant, the proceeds from the insurance required to be maintained by Tenant with respect to the Leasehold Improvements has been paid to Landlord as part of the Casualty Proceeds, and Tenant has paid to Landlord any deficiency (“Tenant’s Deficiency Payment”) between the cost to repair the Leasehold Improvements and the amount received by Landlord under Tenant’s insurance in connection with such repair, then Tenant, within 10 days after receipt of the Insufficient Proceeds Notice, shall have the right to terminate this Lease by the giving of written notice to Landlord. If Tenant does not terminate the Lease, then Landlord shall restore the Leasehold Improvements and other portions of the Building affected by the Casualty to the extent possible using the Casualty Proceeds made available to Landlord for such purpose. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
16.03 If Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within 1 month after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays (defined below), then Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean any delays caused by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises or Building becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptnesspromptness (not to exceed forty-five (45) days after the Casualty), shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises Building (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises Building cannot be made tenantable restored within 270 two hundred ten (210) days from the date of the repair is startedCasualty, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged (i.e., damaged such that the restoration thereof will, in the ordinary course, require more than sixty (60) days to complete after the commencement of such work) and there is less than 2 years seventeen (17) months of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occursoccurs provided Landlord maintained the Property insurance required under Section 14(f)(ii).
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Common Areas Premises and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Building. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any other modifications to the Common Areas deemed desirable party designated by Landlord. However, in no event shall Landlord be required ) all property insurance proceeds payable to spend more than Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. In the event Landlord has not Substantially Completed the restoration of the Building or the Premises by the later of (i) two hundred and ten (210) days from the Casualty, or (ii) the period set forth in the Completion Estimate, then Tenant may elect to terminate this Lease by giving Landlord notice of such election at any time after the expiration of the applicable period and before Landlord has Substantially Completed such restoration. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice with the same force and effect as if such date were the Termination Date unless, on or before the expiration of such thirty-day period, Landlord has Substantially Completed such restoration, in which event Tenant’s termination election shall automatically become void.
Appears in 1 contract
Sources: Office Lease Agreement (Zipcar Inc)
Casualty Damage. 16.01 (a) If all or any portion of the Premises becomes untenantable Building is damaged by fire or other casualty to the Premises (collectively a “Casualty”)extent that, in the judgment of an independent architect selected by Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises same cannot be made tenantable fully repaired within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 210 days after the date of the Casualtycasualty occurs (the "Casualty Date"), shall have the right to then either Landlord or Tenant may terminate this Lease if: by notifying the other within thirty (130) days after the Premises have been materially damaged and there is less than 2 years date the architect makes his determination, in which event the rent under this Lease will be abated as of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 Casualty Date. If this Lease is not terminated, then within sixty (60) days after the Casualty Date, or such greater period as may be reasonably necessary, Landlord shall will commence and proceed with reasonable diligence to repair and restore the BuildingPremises and any portion of the Building required for access to the Premises, Common Areas and will diligently complete the Leasehold Improvements same, but Landlord is not required (excluding a) to expend more for such repairs than the net insurance proceeds (after any Alterations that were performed payment required under any mortgage affecting the Premises) reasonably allocable to the Premises, or (b) to rebuild, repair or replace any of Tenant's personal property, furniture, furnishings, fixtures or equipment, all of which Tenant shall promptly and as soon as reasonably possible repair and replace at its sole cost and expense. In the event Landlord does not either (a) commence the repairs to the Building within the time required herein or (b) complete the repairs to the Building within 210 days after the Casualty Date, Tenant may terminate this Lease by Tenant written notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, as the case may be.
(b) If the Building is damaged by fire or other casualty during the last twelve (12) months of the Term to the extent that, in violation the judgment of this Lease). Such restoration shall be to substantially an independent architect selected by Landlord, the same condition that existed prior cannot be fully repaired within sixty (60) days after the Casualty Date, then either Landlord or Tenant may cancel this Lease as of the date of the fire or casualty by notice to the Casualty, except for modifications required by Law or any other modifications to within thirty (30) days after the Common Areas deemed desirable by Landlord. However, in no event shall architect makes his determination.
(c) Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall will not be liable for any inconvenience or annoyance to Tenant, Tenant or injury to Tenant’s the business of Tenant resulting in any way from the Casualty damage caused by fire or other casualty or the repair thereof. Provided that of such damage, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant is not in Default, a fair diminution of rent during any period of the time that and to the extent all or a material portion part of the Premises are rendered unfit for occupancy because of fire or other casualty. If the Premises is rendered untenantable damaged by fire or other casualty resulting from the intentional acts of Tenant or any employee, officer, contractor, agent, subtenant, or licensee of Tenant, rent hereunder shall not be abated.
(d) Notwithstanding anything in the other Paragraphs of this Lease (including, without limitation, Paragraph 4 above) to the contrary, Landlord and Tenant each waive any right of recovery against the other, and the other's agents, officers, or employees, for any damage or loss to the Building or its contents resulting from fire or other "casualty" (as a result defined in subparagraph (a) above). However, without limiting any waivers in other Paragraphs of a Casualtythis Lease, the Rent waiver set out in this paragraph shall ▇▇▇▇▇ be effective insofar, but only insofar, as compensation for such damage or loss is actually recoverable by the portion waiving party (net of the Premises costs of collection) under a valid and collectible insurance policy; provided, that if no such compensation is untenantable available to the waiving party because it has failed to maintain an insurance policy covering such damage or loss with an insurance company qualified to do business in Texas and with a replacement cost endorsement (if such endorsement is available), then the waiver set out in this paragraph shall not used by Tenantbe limited to available insurance proceeds.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly notify Landlord in writing (which may be satisfied by email to the property manager). During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a fire or other casualty (whether to the Premises or to the Building), the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used for the Permitted Use by Tenant. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) there is substantial damage to the Building and any Mortgagee requires that all or a material portion of the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord together with the amount of any insurance deductible or copay. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
B. If all or any portion of the Premises becomes shall be made untenantable by fire or other casualty (whether to the Premises (collectively a “Casualty”or to the Building), LandlordLandlord shall, with reasonable promptness, shall cause a an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 (a) 210 days from the date of the repair is startedfire or other casualty or (b) at least one (1) year prior to the end of the Term of this Lease, then regardless of anything in Section 17.A above to the contrary, either party shall have the right to terminate this Lease upon by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty contractors or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenantlicensees.
Appears in 1 contract
Sources: Office Lease Agreement (Thimble Point Acquisition Corp.)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 60 days after of the date of the Casualtyfire or other casualty (a "CASUALTY"), shall have the right to terminate this Lease if: (1) if all or any part of the Premises have been materially is damaged and there is less than 2 years of to the Term remaining on extent that it cannot reasonably be repaired within 120 days after the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 . If this Lease is not terminated, Landlord shall commence promptly and proceed with reasonable diligence to repair and diligently, restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any other modifications to the Common Areas deemed desirable party designated by Landlord. However, in no event shall Landlord be required ) all property insurance proceeds payable to spend more than Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s 's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ abate for the portion of the Premises that is untenantable and not used ▇▇▇d by Tenant.
Appears in 1 contract
Sources: Office Lease Agreement (Clean Diesel Technologies Inc)
Casualty Damage. 16.01 a. If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “"Casualty”"), Landlord, with reasonable promptnesspromptness (but in any event not less than ninety (90) days after the casualty, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“"Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 one hundred and twenty (120) days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if: :
(1) the Premises have been materially damaged and there is less than 2 years of one (1) year remaining in the Term remaining on Extension Period from the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 b. If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Land lord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s ▇▇▇▇▇▇'s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material any portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Sources: Lease Agreement
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of abat▇ ▇▇▇ the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable and started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Appears in 1 contract
Sources: Office Lease Agreement (Zamba Corp)
Casualty Damage. 16.01 16.1 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 180 days from the date the repair is started, then either party ▇▇▇▇▇ shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related PartiesPatties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 16.2 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 A. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty. Such termination shall be effective as of the date of fire or casualty, with respect to any portion of the Premises that was rendered untenantable, and the effective date of termination specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by Tenant in violation of this Lease) located within the Premises, if any, which Landlord has insured (or is required to insure) to substantially the same condition they were in immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent on a per diem basis during the time and to the extent any damage to the Premises causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises shall be those specifically set forth herein.
B. Notwithstanding anything in this Article XIX to the contrary, if all or any portion of the Premises becomes shall be made untenantable by a fire or other casualty to the Premises (collectively a “Casualty”)casualty, LandlordLandlord shall, with reasonable promptness, shall cause a an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the substantially complete repair and restoration of the Premises and any Common Areas necessary to provide access to make the Premises tenantable again, using standard working methods (“the "Completion Estimate”"). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 one hundred eighty (180) days from the date the repair and restoration is started, then either party shall have the right to terminate this Lease upon by giving written notice to the other of such election within 10 ten (10) days after its receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if in the Casualty event that the fire or casualty in question was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant If the Completion Estimate indicates that the Premises can be made tenantable within 90 one hundred eighty (180) days after from the date of the Casualty, shall have the repair and restoration is started and Landlord has not otherwise exercised its right to terminate the Lease pursuant to the terms hereof, or if the Completion Estimate indicates that the Premises cannot be made tenantable within one hundred eighty (180) days but neither party terminates this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied pursuant to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedArticle XIX, Landlord shall commence and proceed with reasonable diligence promptness to repair and restore the BuildingPremises. Notwithstanding the foregoing, Common Areas if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the Leasehold Improvements repair and restoration of the Premises within two (excluding 2) months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Alterations that were performed Reconstruction Delays, then Tenant may terminate this Lease by Tenant in violation written notice to Landlord within fifteen (15) days after the expiration of such period, as the same may be extended. For purposes of this Lease). Such restoration , the term "Reconstruction Delays" shall be to substantially the same condition that existed prior to the Casualty, except for modifications required mean: (i) any delays caused by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received adjustment process; (ii) any delays caused by LandlordTenant; and (iii) any delays caused by events of Force Majeure. Landlord It is agreed that Reconstruction Delays attributable to items (i) or (iii) above shall not be liable exceed ninety (90) days for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period each such type of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenantdelay.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any portion part of the Premises becomes untenantable is damaged by fire or other casualty to the Premises (collectively a “Casualty”)casualty, Landlord, with reasonable promptness, Tenant shall cause a general contractor selected by notify Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)in writing as promptly as reasonably practicable. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualtyfire or other casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred ten (210) days from the time that repair work would commence; (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than eighteen (18) months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within ninety (90) days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord; provided, however, that if Landlord elects not to fully restore the Premises, Landlord shall notify Tenant in writing as promptly as reasonably practicable. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired (as reasonably determined by Landlord) within 60 days after Landlord’s receipt of all required permits to restore the Premises; (b) there is less than eighteen (18) months of the Term remaining on the date of such casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. In addition, if (A) Landlord has not exercised its termination right pursuant to this Section 17.A, (B) all or a material portion of the Premises is untenantable and not used by Tenant, and (C) Landlord delivers written notice to Tenant that Landlord elects not to rebuild or fully restore the Premises, Tenant shall have the right to terminate this Lease by delivering written notice thereof to Landlord within ten (10) business days following Tenant’s receipt of Landlord’s notice that Landlord will not rebuild or fully restore the Premises.
B. If all or any portion of the Premises shall be made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made tenantable within two hundred ten (210) days from the date the repair and restoration is started, then regardless of anything in Section 17.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) days after receipt of the Completion Estimate. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within two (2) months after the expiration of the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within fifteen (15) days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term “Reconstruction Delays” shall mean: (i) any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and (iii) any delays caused by events of Force Majeure.
Appears in 1 contract
Casualty Damage. 16.01 If all the Premises or any portion common areas of the Premises becomes untenantable Property providing access thereto shall be damaged by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedcasualty, Landlord shall commence and proceed with reasonable diligence use available insurance proceeds to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)same. Such restoration shall be to substantially the same condition that existed prior to the Casualtycasualty, except for modifications required by Law zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas common areas deemed desirable by Landlord. HoweverLandlord (provided access to the Premises is not materially impaired), in no event and except that Landlord shall Landlord not be required to spend more than repair or replace any of Tenant’s furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the insurance proceeds received by Landlordparties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or its visitors, or injury to Tenant’s business resulting in any way from the Casualty such damage or the repair thereof. Provided that However, Landlord shall allow Tenant is a proportionate abatement of Base Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in Defaultwriting of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), during any period if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of time that all overtime or a material portion other premiums, (b) more than 25% of the Premises is rendered untenantable as a result of a Casualtyaffected by the damage, and fewer than 24 months remain in the Rent shall ▇▇▇▇▇ for Term, or any material damage occurs to the portion Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord’s insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord’s obligation to restore, and the abatement of Base Rent provided herein, shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises or Property, including all rights under California Civil Code, Sections 1932(2), 1933(4), and 1942, as the same may be modified or replaced hereafter. Tenant acknowledges that is untenantable and not used by Tenantthis Article represents the entire agreement between the parties respecting damage to the Premises or Property.
Appears in 1 contract
Sources: Office Lease (NGTV)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 210 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by Casualty and such damage cannot reasonably be repaired within 60 days after Tenant’s receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of the Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of Tenant’s receipt of the Completion Estimate.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 15 above, upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. However, in notwithstanding the foregoing, if Tenant has maintained the insurance required to be maintained by Tenant pursuant to the terms of Section 14 of this Lease throughout the Term, and if the proceeds from the insurance required to be maintained by Tenant with respect to the Leasehold Improvements have been paid to Landlord prior to Landlord commencing repair of the Leasehold Improvements, then Landlord agrees Tenant shall not be required to pay any deficiency between the estimated or actual Leasehold Improvement repair costs and the insurance proceeds received by Landlord from Tenant’s insurance until after substantial completion of the repairs to the Leasehold Improvements, and such sums shall be payable by Tenant within 15 days after demand of Landlord. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Sources: Office Lease Agreement (Clearside Biomedical, Inc.)
Casualty Damage. 16.01 (a) If all or any portion of the Premises becomes untenantable by fire or other Property suffers a casualty to the Premises (collectively a “Casualty”) and the reasonably estimated cost of repairing damage caused by the Casualty shall equal or exceed $100,000.00 (the “Upset Loss Amount”), Landlord, with reasonable promptness, shall cause a general contractor selected Buyer may terminate this Agreement by Landlord delivery of written notice to provide Landlord and Tenant with a Seller within 21 days following written estimate notification to Buyer of the amount of time required using standard working methods Casualty and Buyer shall be entitled to Substantially Complete the repair and restoration a return of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)Deposit as provided in Section 2.2 above. If the Completion Estimate indicates Property shall suffer a Casualty, but only to such an extent that the Premises or any Common Areas necessary to provide access to reasonably estimated cost of repairing such damage shall be less than the Premises cannot be made tenantable within 270 days from the date the repair is startedUpset Loss Amount, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminatedSeller shall, Landlord shall commence and at its sole expense, promptly proceed with reasonable diligence to repair and restore the Building, Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be Property to substantially the same condition that existed prior to the Casualty, except (2) neither Seller nor Buyer shall be entitled to terminate this Agreement by reason of such Casualty, and (3) at Buyer’s option, either (i) the Closing Date shall be extended for modifications required by Law or any other modifications a period equal to the Common Areas deemed desirable by Landlord. Howeverlesser of (a) 30 days, in no event shall Landlord be or (b) the time reasonably required to spend more than effect such repairs or (ii) the Closing shall occur without delay and Seller shall complete the repairs following the Closing.
(b) If a Casualty occurs resulting in reasonable repair costs exceeding the Upset Loss Amount and this Agreement is not so terminated by Buyer as provided in the preceding paragraph, then Seller shall either:
(i) By written notice to Buyer within 10 days following the last date on which Buyer could have so terminated this Agreement, elect not to restore the Property. If Seller elects not to restore the Property, then Buyer shall have the right either to (1) terminate this Agreement by written notice to Seller within 10 days following Buyer’s receipt of such notice from Seller, as provided for above, whereupon Buyer shall be entitled to a return of the Deposit as provided in Section 2.2 above, or (2) consummate the acquisition of the Property in accordance with this Agreement and (i) all rights to insurance proceeds received by Landlord. Landlord otherwise payable to Seller on account of such Casualty shall not be liable for any inconvenience assigned to TenantBuyer at Closing, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or (ii) Seller shall pay a material portion of the Premises is rendered untenantable as a result cost to repair the damage caused by the casualty equal to the lesser of a Casualty, the Rent shall ▇▇▇▇▇ for Upset Loss Amount or the uninsured portion of the Premises cost of repair (including any deductible amount required to be paid under any applicable casualty insurance policy), and (iii) pending Closing, Seller shall not adjust or settle such matters with the insurance carriers without the consent of Buyer; or
(ii) Promptly proceed to repair the Property to substantially the same condition that is untenantable existed prior to the Casualty, at Seller’s sole expense. If Seller elects to restore the Property, then Buyer shall have either of the following options: (1) the Closing Date shall be extended for a period equal to the lesser of (i) 30 days or (ii) the time reasonably required to effect such repairs or (2) the Closing shall occur without delay, and not used by TenantSeller shall complete the repairs following the Closing.
Appears in 1 contract
Sources: Purchase Agreement (Genoptix Inc)
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required required, using standard working methods methods, to Substantially Complete substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 30 days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by Casualty and such damage cannot reasonably be repaired within 60 days after Tenant’s receipt of the Completion Estimate; (b) there is less than 1 year of the Term remaining on the date of the Casualty; (c) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of Tenant’s receipt of the Completion Estimate.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverNotwithstanding Section 15, in upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 30 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Leasehold Improvements. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the insurance proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant, provided that if Tenant is not entitled to an abatement of Rent due to a Tenant Default, Tenant shall once again be entitled to an abatement of Rent as a result of such Casualty if Tenant cures such Default within any applicable notice and cure periods.
Appears in 1 contract
Sources: Office Lease Agreement (Rapid7 Inc)
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged) and Landlord is therefore terminating all similarly situated leases in the Building ; (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds over $200,000 be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. In addition to Landlord's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (1) a substantial portion of the Premises has been damaged by fire or other casualty and such damage cannot reasonably be repaired within sixty (60) days after the date of such fire or other casualty; (2) there is less than one (1) year of the Lease Term remaining on the date of such casualty; (3) the casualty was not terminatedcaused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (4) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's Property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 210 days from the date the repair and restoration is untenantable and not used started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by Tenantgiving written notice to the other of such election within 10 days after receipt of the Completion Estimate.
Appears in 1 contract
Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If this Lease is not terminated, Landlord shall commence promptly and proceed with diligently, subject to reasonable diligence to repair and delays for Insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Premises and Common Areas and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease)Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. HoweverUpon notice from Landlord, in no event Tenant shall assign to Landlord be required (or to spend more than any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant.
Appears in 1 contract
Casualty Damage. 16.01 If all or there occurs any portion of the Premises becomes untenantable by fire or other casualty to the Premises Project and: (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by i) insurance proceeds are unavailable to Landlord or are insufficient to provide Landlord and Tenant with a written estimate restore the Project to substantially its pre-casualty condition; or (ii) more than 30% of the amount of time required using standard working methods to Substantially Complete the repair and restoration total area of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair Building is starteddamaged, then either party Landlord shall have the right to terminate this Lease upon and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to Tenant within 60 days after such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to Tenant. If there occurs any casualty to the other within 10 Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 210 consecutive days to complete after receipt the casualty (assuming normal work crews not engaged in overtime); or (ii) the casualty occurs during the last 12 months of the Completion Estimate. TenantTerm, however, Landlord and Tenant shall not each have the right to terminate this Lease and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the other party within 60 days after the date of such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to the other party, but in no event shall the termination date be after the last day of the Term. Notwithstanding the foregoing, if the Casualty casualty was caused by the negligence act or intentional misconduct omission of Tenant or any Tenant Related Parties. In additionAgent, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the no right to terminate this Lease if: (1) due to the casualty. If there occurs any casualty to the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
16.02 If neither party terminates this Lease is not terminatedLease, then Landlord shall commence and proceed with use commercially reasonable diligence efforts to repair and restore cause the Building, Common Areas and the Leasehold Improvements damage to be repaired (excluding any Alterations exclusive of Tenant’s Property) to a condition as nearly as practicable to that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed existing prior to the Casualtydamage, except for modifications with commercially reasonable speed and diligence, subject to delays that may arise by reason of adjustment of the loss under insurance policies, Laws, and Force Majeure Events, provided if such damage was caused by the act or omission of Tenant or any Tenant Agent, then Tenant shall pay Landlord the amount by which Landlord’s cost to repair exceeds the insurance proceeds, if any, actually received by Landlord on account of such damage (or, if Landlord fails to maintain the insurance required by Law or any other modifications Section 12, that Landlord would have received to the Common Areas deemed desirable extent Landlord maintained such insurance required by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by LandlordSection 12). Landlord shall not be liable for any inconvenience or annoyance to TenantTenant or Tenant Indemnitees, or injury to Tenant’s business business, or pain and suffering, resulting in any way from the Casualty such damage or the repair thereof. Provided that Notwithstanding the foregoing, Tenant’s obligation to pay Fixed Rent and Additional Rent shall be equitably adjusted or abated during the period (if any) during which Tenant is not in Default, during any period of time that all or a material portion of reasonably able to use the Premises is rendered untenantable or an applicable portion thereof as a result of such casualty. Tenant shall have no right to terminate this Lease as a Casualty, the Rent shall ▇▇▇▇▇ for the portion result of any damage or destruction of the Premises that is untenantable Premises, except as expressly provided in this Section. The provisions of this Lease, including this Section, constitute an express agreement between Landlord and not used by TenantTenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.
Appears in 1 contract
Casualty Damage. 16.01 A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises becomes is rendered untenantable by as a result of a fire or other casualty to casualty, the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, Rent shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of ▇▇▇▇▇ for the amount of time required using standard working methods to Substantially Complete the repair and restoration portion of the Premises that is untenantable and any Common Areas necessary to provide access to the Premises (“Completion Estimate”)not used by Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualtycasualty; (24) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (35) a material uninsured loss to the Building occurs.
16.02 If . Landlord may exercise its right to terminate this Lease is by notifying Tenant In writing within 90 days after the date of the casualty. If Landlord does not terminatedterminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, Common Areas Building and the Leasehold Improvements leasehold improvements (excluding any Alterations alterations that were performed by Tenant in violation of this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience loss or damage to Tenant, 's personal property or injury to Tenant’s the business of Tenant resulting in any way from the Casualty fire or other casualty or from the repair thereofand restoration of the damage. Provided Landlord and Tenant hereby waive the provisions of any law relating to the matters addressed in this Section, and agree that Tenant is not their respective rights for damage to or destruction of the Premises shall be those specifically provided in Default, during any period of time that this Lease.
B. If all or a material any portion of the Premises is rendered shall be made untenantable as by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a result written estimate of a Casualty, the Rent shall ▇▇▇▇▇ for amount of time required to substantially complete the portion repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 270 days from the date the repair and restoration is untenantable and started, then regardless of anything in Section 28.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not used have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Appears in 1 contract
Sources: Short Term Lease Agreement (Internet Capital Group Inc)