Common use of Casualty Damage Clause in Contracts

Casualty Damage. With reasonable promptness after discovering any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 4 contracts

Samples: Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.)

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Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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 casualty which 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11insurance, Landlord shall will proceed promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law existing immediately prior to such damage or any Security Holder, and (b) any modifications destruction to the Common Areas that are deemed desirable by Landlord, are consistent with the character extent of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenantcollected and made available by any mortgagee of Landlord unless, in Landlord’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementssole judgment, and if the estimated (i) such damage or actual cost destruction is incapable of restoring any Tenant-Insured Improvements exceeds repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds received recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord from shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant’s insurance carrier, . To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty be deprived of the use and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated and other charges due under this Lease as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion of time as the PremisesPremises are restored.

Appears in 4 contracts

Samples: Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 4 contracts

Samples: Office Lease Agreement (Tenfold Corp /Ut), Office Lease Agreement (Gsi Technologies Usa Inc /De), Office Lease Agreement (C Bridge Internet Solutions Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 3 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Acacia Communications, Inc.), Office Lease Agreement (Saflink Corp)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s . In case the Building shall be so damaged that in Landlord's reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedhas 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 if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such casualty. Such termination shall 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 effective as of the Term; date of fire or (v) casualty, with respect to any owner, other than Landlord, of any damaged portion of the Project 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 intend elect to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant 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 to substantially the same condition they were in immediately prior to the preceding clauses (i)happening of the casualty. Notwithstanding the foregoing, (ii)Landlord's obligation to restore the Building, (iii) or (v) unless and the Premises have been materially damaged or Leasehold Improvements, if any, shall not require Landlord also exercises all rights it may have acquired to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the Casualty casualty. When repairs to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable completed by Landlord, are consistent with Tenant shall complete the character restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the ProjectPremises, and do not materially impair access Tenant shall present Landlord with evidence satisfactory to or tenantability Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Notwithstanding Section 10.4Landlord 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 assign be liable to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if for the estimated or actual cost of restoring 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 Tenant-Insured Improvements exceeds law from time to time in effect during the insurance proceeds received by Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord from Tenant’s insurance carrier, and 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from agree that their respective rights in the event of any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.

Appears in 3 contracts

Samples: Office Lease Agreement (Aht Corp), Office Lease Agreement (Ritz Interactive, Inc.), Office Lease Agreement (Symbion Inc/Tn)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (or any part thereof shall be damaged by fire or other than trade fixtures)casualty, or Tenant shall give prompt written notice thereof to any Common Area or Landlord. In case the Building system necessary for access to or tenantability of the Premises, resulting from any shall be so damaged by fire or other casualty that (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate i) substantial alteration or reconstruction of the time Building shall, in the judgment of an independent architect selected by Landlord, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedshall 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 terms of Section 20, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within fifteen (i15) days after the date of Landlord’s receipt of the estimated cost of reconstruction or determination by a mortgagee to take the proceeds in which event the Rent hereunder shall be abated as of the date of such damage. If Landlord does not elect to terminate this Lease, Landlord shall, as soon as practicable, but no more than ninety (90) days after the date of such damage, commence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building to substantially the same condition which it was in immediately prior to the occurrence of the fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any Security Holder terminates part of Tenant’s furniture, fixtures and equipment removable by Tenant under the provisions of this Lease or any ground lease or requires that Alterations to the Premises made by Tenant following the Commencement Date which were not approved by Landlord in writing, and Landlord shall not in any event be required to spend for such work an amount in excess of the insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered actually received 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty fire or other casualty, plus any deductible amounts thereunder. If Landlord determines that insurance proceeds will be insufficient to terminate any other leases of space in restore the BuildingBuilding as required by this Section 24, and Landlord may, at its option, elect to either (y1) Landlord may not terminate this Lease pursuant 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 preceding clause (iv) unless Building within the Premises have been materially damaged time required herein, or Landlord also exercises all rights it may have acquired as a result of complete the Casualty repairs to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises within two hundred seventy (other than trade fixtures270) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result 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 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 an equitable abatement of Rent during the time and to the extent the Premises are unfit for occupancy and are vacated by Tenant. If the Premises or any other portion of the Premises Complex is inaccessible damaged by fire or untenantable and is not occupied by other casualty resulting from the intentional acts of Tenant or any employee, officer, contractor, agent, subtenant, or licensee of Tenant, Monthly the Rent hereunder shall not be abated in proportion to during the rentable square footage repair of such portion of damage, and Tenant shall remain liable for the Premisespayment thereof.

Appears in 3 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Aptinyx Inc.), Office Lease Agreement (Aptinyx Inc.)

Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering service upon Landlord of written notice of such damage by Tenant, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 9(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (a “Casualty”)if any) based upon the damage or casualty. However, if Landlord reasonably believes that Tenant, Tenant’s guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant of Landlord’s reasonable estimate and make disposition of the time required Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Tenant’s acts. Landlord shall have the right to substantially complete repair of such damage (apply the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice Security Deposit and prepaid rent to the damage so caused by Tenant, Tenant’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering from any and all liability, loss, damage to the Project or claim resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used casualty and agree 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 secure from their insurers acknowledgement of the Term; or (v) any owner, other than Landlord, such release and a waiver of any damaged portion rights of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation.

Appears in 3 contracts

Samples: Estate Residential Lease Agreement, Estate Residential Lease Agreement, Estate Residential Lease Agreement

Casualty Damage. With reasonable promptness after discovering If the Premises or any 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 Premises (other than trade fixtures), or same condition in which it was immediately prior to any Common Area or Building system necessary for access to or tenantability the happening of the Premisescasualty, resulting from any and the Base Rental hereunder shall not be abated; however, in case the Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Lessor's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedshall have been damaged by such fire or other casualty), or in the event any mortgagee under a mortgage or 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, Lessor may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if Lessee in writing of such termination within sixty (i60) days after the date of such damage. If Lessor does not thus elect to terminate this Lease, Lessor shall within seventy-five (75) days after the date of such damage commence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Lessor shall not be responsible for delays outside its control) to substantially the same condition in which it Was immediately prior to the happening of the casualty, except that Lessor shall not be required to rebuild, repair, or replace any Security Holder terminates part of Lessee's fixtures, equipment or other personal property removable by Lessee under the provisions of this Lease, and Lessor shall not in any ground lease or requires that any event be required to spend for such work an amount in excess of the insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered actually received 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired Lessor as a result of the Casualty fire or other casualty. Lessor shall not be liable for any inconvenience or annoyance to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant Lessee or injury to the preceding clause (iv) unless business of Lessee resulting in any way from such damage or the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11repair thereof, Landlord shall promptly and diligently perform the Landlord Repairsexcept that, subject to reasonable delays 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 insurance adjustment and other events of Force Majeureoccupancy. The Landlord Repairs shall restore If the Premises (or any other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability portion of the Premises to substantially Building be damaged by fire or other casualty resulting from the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law fault or Tenant Initials ___________ Landlord Initials___________ 10negligence of Lessee or any Security Holderof Lessee's agents, and (b) any modifications to employees, or invitees, the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required rent hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if not be diminished during the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result repair of such damage, any portion and Lessee shall be liable to Lessor for the cost and expense of the Premises is inaccessible or untenantable repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent insurance proceeds. Any insurance which may be carried by Lessor or Lessee against loss or damage to the Building or to the Premises shall be abated in proportion to for the rentable square footage of such portion sole benefit of the Premisesparty carrying such insurance and under its sole control.

Appears in 3 contracts

Samples: Lease Agreement (IElement CORP), Lease Agreement (IElement CORP), Lease Agreement (IElement CORP)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall promptly notify Landlord in writing. During any period of time that all or a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate material portion of the time required to substantially complete repair Premises is rendered untenantable as a result of such damage (the “Landlord Repairs”). If, according to such estimatea fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may or Tenant shall have the right to terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are 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 debthas been damaged); (ii2) any damage to Landlord’s property Landlord is not fully covered permitted by Landlord’s insurance policies; (iii) Landlord decides Law to rebuild the Building in substantially the same form as existed before the fire or Common Areas so that it or they will be substantially different structurally or architecturallycasualty; (iv3) 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have 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 their terms when writing within 60 days after the Casualty occursdate of the casualty. If this Lease is does not terminated pursuant to this Section 11terminate, Landlord shall promptly commence and diligently perform 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 Repairsshall 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 reasonable delays 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 insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access damage to or tenantability destruction of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 3 contracts

Samples: 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. With reasonable promptness after discovering (a) Landlord's Options. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by ------------------ fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration (ie, work which will take in excess of one hundred eighty (180) days’ notice to ) or reconstruction of the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 one (1) year of the Term remaining on the date of the casualty; or (4) a material uninsured loss to the Building occurs (provided that Landlord has complied with Article 14 above regarding insurance to be maintained by Landlord). Landlord may exercise its right to terminate this Lease by notifying Tenant if in writing within one hundred twenty (i120) 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 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building (other than trade fixtures) and excluding any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurredTenant's Property, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, which Tenant shall assign repair). In no event shall Landlord be required to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 2 contracts

Samples: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)

Casualty Damage. With reasonable promptness after discovering If all or any damage portion of the Premises becomes untenantable by fire or other casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (collectively a “Casualty”), Landlord within forty-five (45) days after the occurrence of the Casualty shall notify cause a general contractor selected by Landlord to provide Landlord and Tenant of Landlord’s reasonable 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 such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that the Premises or any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises cannot be substantially completed made tenantable within 180 two hundred ten (210) days after they are commencedfrom the date of the Casualty, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 ten (10) days after Landlord’s delivery receipt of such estimatethe Completion Estimate. Within 90 days after discovering any damage Tenant, however, shall not have the right to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease if the Casualty was caused by notifying the negligence or intentional misconduct of Tenant if or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within ninety (i90) 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 days after 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 date of the Term; or (v) any ownerCasualty, other than Landlord, of any damaged portion of shall have the Project does not intend right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses if: (i), (ii), (iii1) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than two (2) years of the Casualty to terminate any other leases of space in Term remaining on the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Casualty; (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a2) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas Mortgagee requires that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 be applied to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability payment of the Premises is damaged by mortgage debt; or (3) a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion material uninsured loss to the rentable square footage of such portion of the PremisesBuilding occurs.

Appears in 2 contracts

Samples: Office Lease Agreement (Oxford Immunotec Global PLC), Office Lease Agreement (Oxford Immunotec Global PLC)

Casualty Damage. With reasonable promptness after discovering Tenant shall give prompt notice to Landlord of any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any by fire or other casualty of or on the 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 (a “Casualty”120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the Term), Landlord shall notify Tenant of Landlord’s reasonable estimate or if any mortgagee of the time required to substantially complete repair Property requires application of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice insurance proceeds to the other party delivered within 10 days after Landlord’s delivery reduction of the mortgage debt upon the occurrence of any such estimate. Within 90 days after discovering casualty, or if any damage to the Project resulting from any Casualtymaterial uninsured loss occurs, Landlord may, whether or not the Premises are affectedat its option, terminate this Lease by so notifying Tenant if in writing within sixty (i60) any Security Holder terminates any ground lease days after the date of the casualty 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) loss. If the damage occurs 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 12 twelve (12) months of the Term; or (v) any owner), other than Landlord, of any damaged portion of the Project does not intend Tenant may elect to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to by so notifying Landlord in writing within thirty (30) days after the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurscasualty. If this the Lease is not so terminated pursuant to this Section 11by Landlord or Tenant, Landlord shall promptly begin and diligently perform pursue the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events work of Force Majeure. The Landlord Repairs shall restore restoring the Premises (other than trade fixturesincluding the initial Tenant Improvements) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same their former condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premisesas soon as reasonably possible. Notwithstanding Section 10.4, Tenant Landlord shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; providednot, however, that if be required to restore any alterations, additions, or improvements other than the initial Tenant Improvements. Landlord shall allow Tenant an equitable abatement of Base Rent and Additional Rent during the time and to the extent the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of are untenantable as the Premises is damaged by a Casualty, then, during any time that, as a result of fire or other casualty, but such damage, any portion of abatement shall not extend the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesTerm.

Appears in 2 contracts

Samples: Office Lease Agreement (Franklin Financial Network Inc.), Office Lease Agreement (Franklin Financial Network Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or any portion of the Premises is rendered untenantable as a “Casualty”)result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedhas been damaged) and Landlord terminates all other 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 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; (5) a material uninsured loss to the Building occurs; (6) any restoration would be considered “construction” with respect to the Premises within the meaning of Treas. Reg. Section 1.856; or (7) such restoration would not be permitted under the Pooling and Servicing Agreement dated July 1, 2007 by and between J.P. Xxxxxx Xxxxx Commercial Mortgage Securities Corp., as Depositor, Wachovia Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer and Lasalle Bank National Association, as Trustee, to which the Landlord is subject. Landlord may exercise its right to terminate this Lease by notifying Tenant if in writing within 60 days after the date of the casualty. Tenant shall have the right to terminate this Lease if: (iI) 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 Landlord is not fully covered permitted by Landlord’s insurance policies; (iii) Landlord decides Law 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 Building in which the Premises is located to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to substantially the preceding clauses (i), (ii), (iii) same form as existed before the fire or casualty or (vII) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result (i.e. at least 33% is not habitable) and there is less than 1 year of the Casualty Term remaining on the date of the casualty. Tenant may exercise its right to terminate any other leases this Lease by notifying Landlord in writing within 60 days after the date of space in the Building, and (y) casualty. If Landlord may does not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). If such repair and restoration is not completed within two hundred seventy (270) days of the casualty, then Tenant shall have the right to terminate this Lease at any time thereafter until such completion occurs by notifying Landlord in writing. 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 than trade fixtures) casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Common Area or Building system necessary Law relating to the matters addressed in this Article, and agree that their respective rights for access damage to or tenantability destruction of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 2 contracts

Samples: Office Lease Agreement (Collegium Pharmaceutical, Inc), Office Lease Agreement (Collegium Pharmaceutical Inc)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises (other than trade fixtures), becomes untenantable or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any 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 shall notify Tenant of Landlord’s reasonable to provide Landlord with a written estimate of the amount of time required required, using standard working methods, to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according Landlord shall promptly forward a copy of the Completion Estimate to such estimate, Tenant. If the Landlord Repairs Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be substantially completed made tenantable within 180 one hundred eighty (180) days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 ten (10) days after LandlordTenant’s delivery receipt of such estimatethe Completion Estimate. Within 90 days after discovering any damage Tenant, however, shall not have the right to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease if the Casualty was caused by notifying the gross negligence or intentional misconduct of Tenant if or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within ninety (i90) 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 days after 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 date of the Term; or (v) any ownerCasualty, other than Landlord, of any damaged portion of shall have the Project does not intend right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses if: (i), (ii), (iii1) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than two (2) years of the Casualty to terminate any other leases of space in Term remaining on the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Casualty; (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a2) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas Mortgagee requires that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 be applied to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability payment of the Premises is damaged by mortgage debt; or (3) a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion material uninsured loss to the rentable square footage of such portion of the PremisesBuilding or Premises occurs.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (scPharmaceuticals Inc.)

Casualty Damage. With Tenant shall maintain sufficient insurance on the Building in its reasonable promptness after discovering any damage to discretion for casualty damage. If: (a) the Premises (other than trade fixtures), Building shall be so damaged that substantial alteration or to any Common Area or Building system necessary for access to or tenantability reconstruction of the PremisesBuilding shall, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of in Landlord’s reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease shall have been damaged by notifying Tenant if the casualty); or (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; (ivb) the damage occurs Premises shall be partially damaged by casualty during the last 12 months one year of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; or (v) any ownerLandlord may, other than within 90 days after the casualty, give notice to Tenant of Landlord’s election to terminate this Lease, of any damaged portion and the balance of the Project Lease Term shall automatically expire on the fifth day after the notice is delivered. If Landlord does not intend elect to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) Building and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when they were in immediately before the Casualty occurredhappening of the casualty. However, except for (a) Landlord shall not be required to restore any modifications required by Law unleased premises in the Building or any Security Holder, and (b) any modifications portion of Tenant’s property. Rent shall xxxxx in proportion 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability portion of the Premises is damaged not useable by a Casualty, then, during any time that, Tenant as a result of such damageany casualty covered by insurance carried or required to be carried by Landlord under this Lease, any portion as of the date on which the Premises is inaccessible becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or untenantable and is not occupied by any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Monthly Rent shall be abated in proportion Tenant’s sole remedy being the right to the rentable square footage an abatement of such portion of the PremisesRent.

Appears in 2 contracts

Samples: Lease Agreement (Protective Products of America, Inc.), Lease Agreement (Protective Products of America, Inc.)

Casualty Damage. With reasonable promptness after discovering 17.1 If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any are damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Property or the Premises shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Property not covered by insurance shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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 two(2) years of the Term remaining on the date of the casualty: (4) any Mortgages requires that such insurance proceeds be applied to the payment of the mortgage debt: or (5) a material uninsured loss to the Property or the Premises occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant if in writing within ninety (i90) 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 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Leasehold improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant agree that their respective rights from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Zymogenetics Inc)

Casualty Damage. With reasonable promptness after discovering any damage to In the event the Building or Premises (other than trade fixtures)shall be destroyed or rendered untenantable, either wholly or to any Common Area or Building system necessary for access to or tenantability of the Premisesin part, resulting from any by fire or other casualty (a “Casualty”)casualty, unless this Lease is terminated as provided below, Landlord shall notify restore the Building or Premises to as near their previous condition as is reasonably possible and in the meantime the Rent shall be abated in the same proportion as the untenantable portion of the Premises bears to the whole thereof, provided, such abatement (i) shall apply only to the extent the Premises are untenantable for the purposes permitted under this Lease and not used by Tenant as a result thereof, and (ii) shall not apply if Tenant or any other occupant of the Premises or any of their agents, employees, invitees, transferees or contractors caused the damage through such party’s gross negligence or willful misconduct. Landlord shall have the right to terminate this Lease if: (1) the Building shall be significantly damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, have been damaged) and Landlord is terminating all of the office leases for 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 two (2) years of the Term remaining on the date of the casualty; (4) any Lender requires that all or substantially all of the insurance proceeds be applied to the payment of the mortgage debt; (5) an uninsured loss of the Building occurs; or (6) in Landlord’s estimation the Premises or Building cannot be restored within one hundred twenty (120) days after the casualty has occurred. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing as soon as reasonably practicable but no later than sixty (60) days after the date of the casualty. However, if in Landlord’s estimation the Premises cannot be restored and access granted to Tenant for the Permitted Use within one hundred twenty (i120) days following such destruction, but Landlord does not elect to terminate the Lease as provided above, Landlord shall notify Tenant (including providing the Outside Restoration Date, as hereinafter defined) and Tenant may terminate this Lease (regardless of Landlord’s intent to restore) by delivery of notice to Landlord within thirty (30) days of Landlord’s notice. Such restoration by Landlord shall not include replacement of furniture, equipment or other items that do not become part of the Building or any Security Holder terminates improvements to the Premises in excess of those provided for in the allowance for building standard items. If Landlord elects to restore the Building and/or Premises, as the case may be, then Landlord shall promptly begin such restoration and shall proceed with reasonable diligence to restore the Building and/or Premises, as applicable, in accordance with the terms of this Section 12. Tenant agrees that the abatement of Rent and termination right as provided herein shall be Tenant’s sole and exclusive recourse in the event of such damage, and Tenant waives any ground lease other rights Tenant may have under applicable Law to perform repairs or requires that terminate the Lease by reason of damage to the Building or Premises. Notwithstanding the foregoing, if Landlord elects or is required to restore the Building and/or Premises, as applicable, and if Tenant does not terminate the Lease in the circumstances in which is it permitted to terminate the Lease as provided above, and Landlord fails to complete such restoration within the later of (a) one hundred twenty (120) days following the date of destruction or damage or (b) the time set forth in Landlord’s restoration notice as the estimated date of restoration (the “Outside Restoration Date”), then Tenant shall have the right to terminate the Lease upon written notice delivered to Landlord at any insurance proceeds be used to pay any mortgage debt; (ii) any damage time after the Outside Restoration Date and prior to Landlord’s property is not fully covered by Landlord’s insurance policies; completion of such restoration, such termination to be effective forty-five (iii45) Landlord decides to rebuild days after 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 date of delivery of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damagenotice; provided, however, that if Landlord completes such repairs prior to the expiration of the forty-five (x45) Landlord may not day notice period, Tenant’s right to terminate shall be null and void. In addition, and notwithstanding anything to the contrary contained above in this Section 12, Tenant shall have the right to terminate this Lease pursuant to the preceding clauses if: (i), ) the Premises are damaged by casualty in the last two (2) years of the Term; (ii), ) Landlord does not elect to terminate this Lease as provided above; and (iii) or (v) unless in Landlord’s good faith opinion, the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result cannot be restored within the earlier to occur of the Casualty to terminate any other leases of space in the Building, and (yi) Landlord may not terminate this Lease pursuant to the preceding clause ninety (iv90) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result date of such damage, any portion or (ii) the Expiration Date. If Tenant elects to terminate this Lease as provided in the preceding sentence, it must give notice to Landlord no later than thirty (30) days after it receives Landlord’s notice of timing for repair of the Premises is inaccessible damage or untenantable and is not occupied by Tenant, Monthly Rent shall it will be abated in proportion deemed to the rentable square footage of such portion of the Premiseshave waived its right to terminate this Lease.

Appears in 2 contracts

Samples: Office Lease (Carbon Black, Inc.), Office Lease (Carbon Black, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall axxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 2 contracts

Samples: Office Lease Agreement (Ipayment Inc), Office Lease Agreement (Ipayment Inc)

Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises (other than trade fixturesis not materially impaired), and except that Landlord shall not be required to 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 parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any Common Area way from such damage or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”)repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice and to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not extent the Premises are affectedunfit 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 writing 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), 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: (ia) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or 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 material damage occurs to the 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 (vd) any owner, other than Landlord, of any damaged portion the cost of the Project does not intend to repair such damage; providedrepairs, howeveralterations, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) restoration or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result improvement work would exceed 25% of the Casualty to terminate any other leases replacement value of space in the Building, and (y) Landlord may not terminate or the nature of such work would make termination of this Lease pursuant necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result abatement of the Casualty to terminate any other leases of space Rent provided herein, shall be Tenant's sole recourse in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result event of such damage, and waives any portion other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the rentable square footage of such portion of the PremisesPremises or Property.

Appears in 2 contracts

Samples: Agreement (National Financial Partners Corp), Office Lease (Interactive Flight Technologies Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises are affected, 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 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) Building and any Common Area or Building system necessary for access to or tenantability of 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 substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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. Tenant shall pay have the right to terminate this Lease i 1: (a) a substantial portion of the Premises has been damaged by fire or other casualty and such excess to Landlord damage cannot reasonably be repaired (as reasonably determined by Landlord) within 15 60 days after Landlord’s demand. No Casualty and no restoration performed as receipt of all required hereunder shall render Landlord liable permits to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderrestore the Premises; provided, however, that if the Premises (other b) there is less than trade fixtureseighteen (18) or any Common Area or Building system necessary for access to or tenantability months of the Premises is damaged by a Casualty, then, during any time that, as a result Term remaining on the date of such damage, any portion casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the Premises is inaccessible fire or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesother casualty.

Appears in 2 contracts

Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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) 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iiia) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result reasonably be repaired within 60 days after receipt of the Casualty Completion Estimate (defined in XVII.B. below); (b) there is less than 3 years of the Term remaining on the date of such casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate any other leases of space in within 30 days after the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any fire or other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurscasualty. If neither Landlord nor Tenant terminates this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Behringer Harvard Opportunity REIT I, Inc.)

Casualty Damage. With reasonable promptness after discovering any (a) Following the occurrence of casualty that causes damage to the Building or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord or Tenant (as applicable) shall, as soon as is reasonably possible, notify the other in writing of such occurrence (a “Casualty Notice”) Thereafter, Landlord shall notify Tenant use commercially reasonable diligence in determining the amount of time that will be required to make any and all necessary repairs to the Premises and/or Building, as applicable. If: (i) the 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 reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease shall have been damaged by notifying Tenant if (i) any Security Holder terminates any ground lease the Casualty); or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property the restoration or repair of the Building is not fully covered required under the Declaration and will not be undertaken by Landlord’s insurance policiesthe Condominium Association or is otherwise not required under the Declaration and will not be undertaken by the condominium unit owners (or any of them); or (iii) Landlord decides there is any material loss to rebuild the Building that is not covered by insurance required to be maintained by Landlord under this Lease or Common Areas so that it under the Declaration; 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is be partially damaged by a Casualty and the estimated cost of repair exceeds thirty percent (30%) of all Base Rent then remaining to be paid by Tenant for the balance of the Lease Term, then Landlord may, within ninety (90) days after the Casualty, thengive notice to Tenant of Landlord’s election to terminate this Lease, during any time that, as a result of such damage, any portion and the balance of the Premises Lease Term shall automatically expire five (5) days after such notice is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesdelivered.

Appears in 1 contract

Samples: Lease Agreement (SKYX Platforms Corp.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abate for the portion of the Prexxxxx that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (PLM International Inc)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises (other than trade fixtures), becomes untenantable or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any 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 shall notify Tenant of Landlord’s reasonable to provide Landlord with a written estimate of the amount of time required required, using standard working methods, to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according Landlord shall promptly forward a copy of the Completion Estimate to such estimate, Tenant. If the Landlord Repairs Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be substantially completed made tenantable within 180 270 days after they are commencedfrom the date of the Casualty, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered 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 intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord’s delivery of such estimate. Within , by notice to Tenant within 90 days after discovering any damage to the Project resulting from any date of the Casualty, Landlord may, whether or not shall have the Premises are affected, right to terminate this Lease by notifying Tenant if if: (i1) 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than 1 year of the Casualty to terminate any other leases of space in Term remaining on the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Casualty; (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a2) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas Mortgagee requires that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 be applied to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability payment of the Premises is damaged by mortgage debt; or (3) a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion material uninsured loss to the rentable square footage of such portion of the PremisesBuilding or Premises occurs.

Appears in 1 contract

Samples: Office Lease Agreement (Ironwood Pharmaceuticals Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedhas 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) 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 (provided that during the Lease Term, Landlord shall maintain so-called “all-risk” property insurance covering the Building in an amount equal to 90% of the replacement cost thereof at the time in question). Landlord may exercise its right to 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 in writing within 75 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (New Century Equity Holdings Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall notify Landlord in writing as promptly as reasonably practicable. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice 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 other party delivered within 10 days after Landlord’s delivery payment of such estimate. Within 90 days after discovering any damage the mortgage debt; or (5) a material uninsured loss to the Building or the Project resulting from any Casualty, occurs. Landlord may, whether or not the Premises are affected, may exercise its right to terminate this Lease by notifying Tenant if in writing within ninety (i90) 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 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) Building and any Common Area or Building system necessary for access to or tenantability of 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 substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if Landlord elects not to fully restore the Premises (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 than trade fixtures) casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Common Area or Building system necessary Law relating to the matters addressed in this Section, and agree that their respective rights for access damage to or tenantability destruction of the Premises is 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 a Casualty, then, during any time that, fire or other casualty and such damage cannot reasonably be repaired (as a result 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 damagecasualty; 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, any 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 inaccessible or untenantable and is not occupied used by Tenant, Monthly Rent and (C) Landlord delivers written notice to Tenant that Landlord elects not to rebuild or fully restore the Premises, Tenant shall be abated in proportion have the right to the rentable square footage terminate this Lease by delivering written notice thereof to Landlord within ten (10) business days following Tenant’s receipt of such portion of Landlord’s notice that Landlord will not rebuild or fully restore the Premises.

Appears in 1 contract

Samples: Office Lease Agreement (Akamai Technologies Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, casualty provided the effective date of any damaged portion of such termination gives Tenant at least 30 days to vacate the Project Premises.. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, 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 210 days from the date the repair and restoration is inaccessible or untenantable and is not occupied 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, Monthly Rent however, shall be abated in proportion not have the right to terminate this Lease if the rentable square footage fire or casualty was caused by the negligence or intentional misconduct of such portion Tenant, Tenant Related Parties or any of the PremisesTenant's transferees, contractors or licensees. XVIII.

Appears in 1 contract

Samples: Office Lease Agreement (Centura Software Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage 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 Premises (other than trade fixturesproperty manager), . During any period of time that all or to any Common Area or Building system necessary for access to or tenantability a material portion of the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”whether to the Premises or to the Building), the Rent shall xxxxx for the portion of the Premises that is untenantable and not used for the Permitted Use by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 together with the amount of any insurance deductible or copay. Landlord shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Thimble Point Acquisition Corp.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualtyshall be damaged so that, Landlord mayin Landlord's reasonable judgment, substantial alteration or reconstruction of the Building or the Project shall be required (whether or not the Premises are affected, 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 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Commtouch Software LTD)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent and Additional Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affectedhas been damaged) and such alteration or reconstruction shall require in excess of 270 days to complete; (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) 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, and such loss was not required to be insured against by Landlord pursuant to the provisions of this Lease. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend materially more than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 (plus any deductible payment). Landlord 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Expedia Inc)

Casualty Damage. With reasonable promptness after discovering If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall axxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Buildings shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Buildings shall be required (whether or not the Premises are affectedhas been damaged) (ie, if at least 33% of the Rentable Square Footage of the Buildings will require such alteration or reconstruction); (2) Landlord is not permitted by Law to rebuild the Buildings in substantially the same form as existed before the fire or casualty and Tenant has not exercised any extension option; (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 Buildings occurs which is not the result of Landlord's failure to maintain insurance required hereunder. Landlord may exercise its right to 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Buildings and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Siebel Systems Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (is damaged by fire or other than trade fixtures)casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or to any Common Area or Building system necessary for access to or tenantability a material portion of the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”), the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after the date of the casualty .In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iii1) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend reasonably be repaired within 60 days after the date of such fire or other casualty; (2) there is less than one year of the Lease Term remaining on the date of such casualty; (3) the casualty was not caused 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 repair such damage; provided, however, that (x) terminate within 30 days after the date of the fire or other casualty .If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Indus International Inc)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises (other than trade fixtures), becomes unusable for the reasonable operation of Tenant’s business or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any 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 shall notify Tenant of Landlord’s to provide Landlord with a reasonable written estimate of the amount of time required required, using standard working methods, to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according Landlord shall promptly forward a copy of the Completion Estimate to such estimate, Tenant. If the Landlord Repairs Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be substantially completed made usable for the reasonable operation of Tenant’s business within 180 one hundred eighty (180) days after they are commencedfrom the date of the damage, either party may then Landlord shall have the right to terminate this Lease upon 60 days’ written notice to Tenant within ten (10) Business Days after Tenant’s receipt of the other party delivered within 10 days after Landlord’s delivery of such estimateCompletion Estimate. Within 90 days after discovering If the Completion Estimate indicates that the Premises or any damage Common Areas necessary to provide access to the Project resulting Premises cannot be made usable for the reasonable operation of Tenant’s business within one (1) year from any Casualtythe date of the damage, Landlord may, whether or not then Tenant shall have the Premises are affected, right to terminate this Lease by notifying Tenant upon written notice to Landlord within ten (10) Business Days after Tenant’s receipt of the Completion Estimate; except that 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 final two (2) years of the Term; or , a period of one hundred eighty (v180) any ownerdays, other rather than Landlordone (1) year, of any damaged portion of the Project does not intend to repair such damage; providedshall apply. Tenant, however, that (x) Landlord may shall not have the right to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of if the Casualty to terminate any other leases was caused by the gross negligence or willful misconduct of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law Tenant or any 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 or tenantability of the PremisesTenant Related Parties. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.As used herein “

Appears in 1 contract

Samples: Office Lease Agreement (Zulily, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iiia) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend 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 repair such damage; provided, however, that (x) terminate within 30 days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 available for restoration. Landlord 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Idine Rewards Network Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (is damaged by fire or other than trade fixtures)casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or to any Common Area or Building system necessary for access to or tenantability a material portion of the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”whether such casualty directly damages the Premises or other parts of the Building), the Rent shall axxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice if: (1) 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; (2) the Premises have been materially damaged and there is less than one (1) year of the Term remaining on the date of the casualty; (3) any Mortgagee requires that the insurance proceeds be applied to the other party delivered within 10 days after Landlord’s delivery payment of such estimate. Within 90 days after discovering any damage the mortgage debt; or (4) a material uninsured loss to the Building or the Project resulting from any Casualtyoccurs (provided that at the time of the casualty, Landlord may, whether or not maintained commercially reasonable policies of insurance covering the Premises are affected, Building). Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) Building and any Common Area or Building system necessary for access to or tenantability of 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 substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Lease Agreement (Vivani Medical, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (is damaged by fire or other than trade fixtures)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, or to any Common Area or if the Building system necessary for is damaged such that Tenant is deprived of reasonable access to or tenantability of the Premises, resulting from any as a result of a fire or other casualty (a “Casualty”)casualty, the Rent shall abatx xxx the portion of the Premises that is untenantable or inaccessible and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, 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 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 occurs, provided that if the Premises are affectednot damaged, Landlord may not terminate this Lease unless Landlord similarly terminates the leases of at least 50% of the other tenants in the Building. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Engage Inc)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s . In case the Building shall be so damaged that in Landlord's reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedhas 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 and area 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 in excess of $250,000 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 (meaning an uninsured loss of $250,000 or more, unless Tenant pays for any uninsured loss in excess of that amount), 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, provided such election to terminate must be made in good faith and not merely as a means to re-lease the Premises at rates more favorable than those set forth in this Lease. 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 Tenant 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 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 Tenant 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. Tenant shall have the right to terminate this Lease if (i) any Security Holder terminates any ground lease such restoration of the Premises is not completed within 180 days after the date of such casualty and such delays prevent Tenant from occupying the Premises for Tenant's normal business operations; 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 Premises are damaged within the last 12 months two (2) years of the Term; or (v) any owner, other than Landlord, of any damaged portion of Lease Term and such damage prevents Tenant from occupying the Project does not intend Premises for Tenant's normal business operations. When repairs to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable completed by Landlord, are consistent with Tenant shall complete the character restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the ProjectPremises, and do not materially impair access Tenant shall present Landlord with evidence satisfactory to or tenantability Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Notwithstanding Section 10.4Landlord 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 assign be liable to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if for the estimated or actual cost of restoring 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 Tenant-Insured Improvements exceeds law from time to time in effect during the insurance proceeds received by Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord from Tenant’s insurance carrier, and 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from agree that their respective rights in the event of any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.

Appears in 1 contract

Samples: Office Lease Agreement (Onyx Software Corp/Wa)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, the cost of repair and reconstruction will exceed 30% of the replacement cost of 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) more than 30% of the Premises have been damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the other party delivered within 10 days after Landlord’s delivery payment of such estimate. Within 90 days after discovering any damage the mortgage debt; or (5) a material uninsured loss to the Project resulting from any Casualty, Building occurs and Landlord may, whether elects not to repair or not reconstruct the Premises are affected, Building. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant Lease, Landlord shall commence and proceed with reasonable diligence to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in repair and restore the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security HolderPremises, and the Leasehold Improvements (b) excluding any modifications Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord; provided that if Landlord from does not have sufficient 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’s insurance carrier, Tenant within ten (10) days thereafter, shall pay such excess have the right to terminate this Lease by the giving of written notice to Landlord. Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premises.this Lease. 13

Appears in 1 contract

Samples: Office Lease Agreement (Avenue a Inc)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage portion of the Premises becomes untenantable by fire, earthquake or other casualty to the Premises, including, without limitation, a casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty an act of terrorism (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a written estimate of the amount of time required using standard working methods to substantially complete Substantially Complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that the Premises or any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises cannot be substantially completed made tenantable within 180 days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered 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’s delivery of such estimate. Within , by notice to Tenant within 90 days after discovering any damage to the Project resulting from any date of the Casualty, Landlord may, whether or not shall have the Premises are affected, right to terminate this Lease by notifying Tenant if if: (i1) 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 each of the Term; or following conditions exists: (va) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result by Casualty; (b) there is less than 1 year of the Casualty to terminate any other leases Term remaining on the date of space in the Building, Casualty; and (yc) Landlord may either (i) such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate, or (ii) less than 6 months of the Term would remain after expiration of such 60-day period; (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 pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for if: (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any 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) each of the following conditions exists: (i) there is inaccessible less than 1 year of the Term remaining on the date of the Casualty; and (ii) either (x) such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate, or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to (y) less than 6 months of the rentable square footage Term would remain after expiration of such portion 60-day period; (c) the Casualty was not caused by the gross 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 45 days after the Premisesdate on which Landlord provides Tenant with the Completion Estimate.

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (other than trade fixtures), Conduit or to any Common Equipment Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Licensee shall notify Tenant give prompt written notice thereof to Owner. In case the Building shall be damaged such that substantial alteration or reconstruction of Landlordthe Building, in Owner’s reasonable estimate of the time opinion, is required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affectedConduit or Equipment Area shall have been damaged by such casualty) or in the event any mortgagee of Owner’s 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, Owner may, at its option, terminate this Lease License by notifying Tenant if Licensee in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires days after the date of such casualty. If Owner does not thus elect to terminate this License, Owner shall commence and proceed with reasonable diligence to restore the Building and improvements located within the mechanical rooms in which the Conduit is located; except that any Owner’s obligation to restore shall not require Owner to spend for such work an amount in excess of the insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered actually received 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired Owner as a result of the Casualty to terminate any other leases of space casualty. When the repairs described in the Buildingpreceding sentence have been completed by Owner, Licensee shall then complete the restoration of such improvements in excess of the improvements performed by Owner as necessary to permit Licensee’s resumption of operations in the Conduit and (y) Landlord may not terminate this Lease Equipment Area pursuant to the preceding clause final working drawings and specifications approved by Owner (iv“Improvements Restoration”). Construction of the Improvements Restoration shall be completed within two (2) unless months after Owner first notifies Licensee that the Premises improvements have been materially damaged completed. All cost and expense of completing the Improvements Restoration shall be borne by Licensee. Owner shall not be liable for any inconvenience or Landlord also exercises all rights it may have acquired as a result of the Casualty annoyance to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area Licensee or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications injury to the Common Areas that are deemed desirable by Landlord, are consistent with business of Licensee resulting in any way from such damage or the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesrepair thereof.

Appears in 1 contract

Samples: Lease Agreement (AutoTrader Group, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any 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 xxxxx for the portion of the Premises that isuntenantable and not used by Tenant effective from the date that said fire or casualty (a “Casualty”), occurred. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Homebanc Corp)

Casualty Damage. With reasonable promptness after discovering any damage a. Tenant's Right to Terminate: if the Premises (or the Building shall be damaged or destroyed by fire, windstorm or any other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateinsured casualty, the Tenant shall immediately give written notice thereof to Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) and unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant as hereinafter provided, the Landlord, at his own expense, shall repair or rebuild the same so as to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition they were in immediately prior to such damage or destruction, subject however, to zoning and building laws then in existence, provided that existed when the Casualty occurred, except Landlord shall not be responsible for (a) any modifications required by Law delay in such repair or reconstruction which may result from any Security Holdercause beyond its reasonable control, and (b) provided further that the Landlord shall not be required to expend more than the net amount of insurance proceeds, if any modifications received, by Landlord for such purposes, plus the amount of any deductible, so long as the Landlord maintains the insurance required of it under this Lease. Notwithstanding the foregoing, the Landlord within 30 days after receipt of said written notice of damage, shall inform the Tenant if said damage can be repaired within 120 days, based upon a reasonable estimate of the Landlord's architect and Engineer. If the Landlord notifies the Tenant it cannot repair or rebuild the Premises so as to restore the same to substantially the same condition they were in immediately prior 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 destruction within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionsaid 120 days, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of in fact the Premises is damaged by a Casualtynot restored within 120 days, then, during any time that, as a result then in either of such damageevent, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion Tenant may elect to cancel this Lease upon notice to the rentable square footage of such portion of the PremisesLandlord.

Appears in 1 contract

Samples: Avici Systems Inc

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall axxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises are affected, 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 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Perlegen Sciences Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Lessor and Lessee agree that if the Premises (other than trade fixtures), shall be materially damaged or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any destroyed by fire or other casualty (a “Casualty”)covered under the policies of fire and extended coverage insurance on the Leased Premises, Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of and such damage or destruction could reasonably be repaired within one hundred twenty (120) days from the “Landlord Repairs”). Ifhappening thereof, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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 then Lessee shall proceed with all reasonable speed to repair such damage; provideddamage or destruction and to restore the Premises as nearly as practicable to their condition immediately preceding such damage or destruction to the extent of the available net insurance proceeds and subject to the approval by Lessor of all plans and specifications for such repair. If the Premises cannot reasonably be restored within the number of days set forth above but can be restored within one hundred eighty (180) days, howeverthen Lessee may, that (x) Landlord may but shall not terminate this Lease be required to, restore the Premises in accordance with the foregoing. If Lessee does not elect to restore the Premises pursuant to the preceding clauses (i)sentence, (ii)then Lessor may, (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty by prompt written notice to terminate any other leases of space in the BuildingLessee, and (y) Landlord may not terminate this Lease pursuant elect to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) at its sole cost and any Common Area or Building system necessary for access expense using the net insurance proceeds to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications apply to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, cost and do not materially impair access expense necessary to or tenantability of restore the Premises. Notwithstanding Section 10.4If neither party elects to restore the Premises, Tenant then this Lease shall assign to Landlord (terminate as of the date of such damage or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementsdestruction and both parties shall be released from further liability hereunder, 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; providedwithout prejudice, however, that if to any rights accruing to either party prior to the date of such damage or destruction. If in any case Lessee elects or is required to restore the Premises (other than trade fixtures) and promptly commences and thereafter diligently pursues such restoration, this Lease shall not terminate, notwithstanding that the actual time required for such repairs or any Common Area or Building system necessary restoration may exceed that contemplated by the parties. The rent for access to or tenantability of the Premises during the time Lessee is damaged by a Casualty, then, during any time that, as a result deprived of possession on account of such damage, any portion of damage or destruction or the Premises is inaccessible repair or untenantable and is not occupied by Tenant, Monthly Rent restoration thereof shall be abated in proportion to the rentable square footage of such portion of the Premiseson a per diem basis.

Appears in 1 contract

Samples: Lease (Aas Capital Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualtyshall be materially damaged so that, Landlord mayin 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 are affected, 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 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 if in writing within 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, the Initial Alterations and the Leasehold Improvements (i) excluding any Security Holder terminates any ground lease or requires Alterations that any 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 used to pay liable for any mortgage debt; (ii) any loss or damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides Tenant's Property or to rebuild the Building business of Tenant resulting in any way from the fire or Common Areas so that it other casualty or they will be substantially different structurally or architecturally; (iv) from the damage occurs during the last 12 months repair and restoration of the Term; or (v) any owner, other than Landlord, damage. Landlord and Tenant hereby waive the provisions of any damaged portion Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Project does not intend Premises shall be those specifically provided in this Lease. If Landlord has the right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to this Article XVII, Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result Project. Consideration of the Casualty following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the Lease, time needed to terminate any other leases repair and restore, costs of space in 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 (y) Landlord may not terminate this Lease pursuant other relevant factors of Landlord's decision as long as they are applied to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space Tenant in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and same manner as other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisestenants.

Appears in 1 contract

Samples: Lease Agreement (Aerogen Inc)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage portion of the Premises becomes untenantable by fire or other casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable 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 such damage the Premises and any Common Areas necessary to provide access to the Premises (the “Landlord Repairs”"Completion Estimate"). If, according If the Completion Estimate indicates that the Premises or any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises cannot be substantially completed made tenantable within 180 days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice given to the other party delivered within 10 days after receipt of the Completion Estimate, and the effective date of termination shall be the date that is ninety (90) days after the date of said termination notice. 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’s delivery of such estimate. Within , by notice to Tenant within 90 days after discovering any damage to the Project resulting from any date of the Casualty, Landlord may, whether or not shall have the Premises are affected, right to terminate this Lease by notifying Tenant if if: (i1) 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than 2 years of the Casualty to terminate Term remaining on the date of the Casualty; (2) any other leases of space in Mortgagee requires that the Building, and (y) Landlord may not terminate this Lease pursuant insurance proceeds be applied to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result payment of the Casualty mortgage debt; or (3) a material uninsured loss to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If Landlord so elects, then this Lease shall terminate on the date that is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises ninety (other than trade fixtures90) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of delivers such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisestermination notice.

Appears in 1 contract

Samples: Office Lease Agreement (Ambient Corp /Ny)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (shall be damaged by fire or other than trade fixtures)casualty, Tenant shall give prompt written notice to Landlord. If the Building or to any Common Area part thereof or Building system necessary for access to thereto shall be so damaged or tenantability of the Premises, resulting from any destroyed by fire or other casualty (a “Casualty”)that substantial alteration or reconstruction of the Building and access thereto shall, Landlord shall notify Tenant in the good faith and reasonable determination of the Landlord’s reasonable estimate of the time architect, be required to substantially complete with such repair of such damage taking longer than one hundred eighty (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 180) days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, (whether or not the Premises are affectedshall have been damaged by such casualty), or in the event any Mortgagee should require that the insurance proceeds be applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, or in the event of any substantial damage to the Building within the final two (2) Lease Years of the Initial Term or an exercised Renewal Term, Landlord may, at its option, terminate the Lease by notifying Tenant in writing within thirty (30) days after the date of such damage. In case the Premises shall be so damaged by fire or other casualty that substantial alteration or reconstruction of the Building shall, in the mutual good faith and reasonable determination of the Landlord’s architect, be required, Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to Landlord if Landlord (i) has not completed, (ii) cannot complete or (iii) in the opinion of the Landlord’s architect, cannot reasonably be expected to complete substantially the making of any required repairs and restorations within one hundred eighty (180) days from the date of such damage or destruction. In addition, if any such damage or destruction shall occur during the last two (2) Lease Years of the Initial Term or an exercised Renewal Term, Tenant, at its option, may terminate this Lease by notifying Tenant if giving prior written notice to Landlord within thirty (i30) 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 days after 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding events specified in clauses (i), (ii), or (iii) above occur or (v) unless become determinable. Rent shall xxxxx and be prorated as of the date such damage occurs and during any period of repair and restoration to the extent the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result any material part thereof are rendered unusable or access thereto is denied Tenant. Subject to the provisions of the Casualty to terminate any other leases deed of space in trust encumbering the Building, and (y) if Landlord may or Tenant does not thus elect to terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform proceed to restore and repair (to the Landlord Repairs, subject to reasonable delays for extent of the insurance adjustment proceeds received by Landlord) the Building or the Project and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications in which it was immediately prior to the Common Areas happening of the casualty except that are deemed desirable by Landlord’s obligation to restore shall not exceed the scope of Landlord’s Work, are consistent with adjusted for inflation, in originally constructing the character of Building or the Project, as applicable. When the Landlord’s Work with respect to such reconstruction or restoration has been completed, Landlord and do not materially impair access to or tenantability Tenant shall complete the restoration of the Premises, including the reconstruction of all leasehold improvements and the restoration of Tenant’s furniture and equipment. Notwithstanding Section 10.4, Tenant Landlord shall assign to Landlord (not be liable for any inconvenience or its designee) all insurance proceeds payable annoyance to Tenant under Tenant’s insurance required under Section 10.2 with respect or injury to the business of Tenant resulting in any Tenant-Insured Improvementsway from such damage or repair, except that Landlord shall allow Tenant a fair diminution of Rent during the time and if to 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if extent the Premises (other than trade fixtures) or any Common Area material portion thereof are unfit for occupancy or Building system necessary for access to or tenantability of the Premises is damaged by a Casualtymaterially affected. Notwithstanding anything contained herein to the contrary, thenif the casualty results from the fault or gross negligence of Tenant or any of Tenant’s agents, employees or invitees, (i) Rent shall not be diminished during any time that, as a result the repair of such damage, any portion (ii) Tenant shall be liable to Landlord for the cost of the Premises is inaccessible or untenantable repair and restoration of the Building to the extent such cost and expense is not occupied covered by Tenantinsurance proceeds, Monthly Rent and (iii) Tenant shall be abated in proportion have no right to the rentable square footage of such portion of the Premisesterminate this Lease.

Appears in 1 contract

Samples: Lease Agreement (Chelsea Therapeutics International, Ltd.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abate for the portion of the Premises that is untenantabxx xxd not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building lasting more than 180 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 (plus the applicable deductible amount, provided that Landlord shall in no event be required to spend the deductible amount in the event of damage by earthquake or acts of terrorism), provided that if Landlord does not have sufficient insurance proceeds (taking into account the applicable deductible amount, provided that Landlord shall in no event be required to spend the deductible amount in the event of damage by earthquake or acts of terrorism) 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’s insurance carrier, Tenant within 10 days thereafter, shall pay such excess have the right to terminate this Lease by the giving of written notice to Landlord. Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Inktomi Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abatx xxx the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iii1) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend reasonably be repaired within 60 days after the date of such fire or other casualty; (2) there is less than1 year of the Lease Term remaining on the date of such casualty; (3) the casualty was not caused 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 repair such damage; provided, however, that (x) terminate within 30 days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Quokka Sports Inc)

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Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abatx xxx the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Zamba Corp)

Casualty Damage. With reasonable promptness after discovering If all or any damage to material part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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 in writing within 90 days after 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 date of the Termfire or other casualty; or (v) any owner, other than Landlord, of any damaged portion of the Project provided that Tenant is provided at least 60 days to vacate. If Tenant does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to under this Section 1116, Landlord Tenant shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixturesincluding the Tenant Improvements) and any Common Area or Building system necessary for access to Alterations made by, or tenantability of installed by Tenant, in the Premises to substantially and the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character payment of the Project, and do Fixed Rent will not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderxxxxx; 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 or Alterations as set forth in Section 27 of this Lease. 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 loss or damage to Tenant’s Personal Property or to the business of Tenant resulting in any way from the fire or other than trade fixtures) casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Common Area or Building system necessary Law relating to the matters addressed in this Section, and agree that their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to this Lease, which shall constitute an express agreement between the rentable square footage of such portion of the Premisesparties with respect thereto.

Appears in 1 contract

Samples: Lease Agreement (Good Works Acquisition Corp.)

Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage portion of the Premises becomes untenantable by fire or other casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (collectively a “Casualty”), Landlord, as quickly as reasonably possible, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a written estimate of the amount of time required using standard working methods to substantially complete Substantially Complete (as defined below) the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that the Premises or any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises cannot be substantially completed made tenantable within 180 270 days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered 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’s delivery of such estimate. Within , by notice to Tenant within 90 days after discovering any damage to the Project resulting from any date of the Casualty, Landlord may, whether or not shall have the Premises are affected, right to terminate this Lease by notifying Tenant if if: (i1) 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than 1 year of the Casualty 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 (provided Landlord’s Insurance was in full force and effect as required by Section 14). In addition to Landlord’s right to terminate any other leases of space in as provided herein, Tenant shall have the Building, and (y) Landlord may not right to terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for if: (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any substantial portion of the Premises is inaccessible or untenantable has been damaged by Casualty and is such damage cannot occupied by Tenant, Monthly Rent shall reasonably be abated in proportion to the rentable square footage of such portion repaired within 60 days after receipt of the PremisesCompletion 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.

Appears in 1 contract

Samples: Office Lease Agreement (Magma Design Automation Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affectedhas 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iiia) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend 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 repair such damage; providedterminate within 30 days after the receipt of the Completion Estimate. Notwithstanding the foregoing, however, that (x) Landlord may will not be entitled to terminate this Lease pursuant solely because there is less than 2 years on the Term if Tenant has an exercisable right to renew or extend the preceding clauses (i)Term and Tenant, (ii)within 10 days after receipt of Landlord's notice of termination, (iii) or (v) unless the Premises have been materially damaged or validly exercises such right. The foregoing shall not prohibit Landlord also exercises all rights it may have acquired as a result from exercising its right to terminate for any of the Casualty other reasons set forth herein. If neither Landlord or Tenant elect to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord, provided that if Landlord from 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’s insurance carrier, Tenant within 10 days thereafter, shall pay such excess have the right to terminate this Lease by the giving of written notice to Landlord. Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Jamdat Mobile Inc)

Casualty Damage. With reasonable promptness after discovering 17.01 If all or any damage portion of the Premises becomes untenantable by fire or other casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a good faith written estimate of the amount of time required using standard working methods to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the “Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that the Premises or any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises cannot be substantially completed made tenantable within 180 two hundred ten (210) days after they are commencedfrom the date of such casualty, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 ten (10) days after Landlord’s delivery receipt of such estimatethe Completion Estimate. Within 90 In addition, Landlord or Tenant, by notice to the other within ten (10) business days after discovering any damage receipt of the Completion Estimate, shall have the right to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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 notifying the gross negligence or intentional misconduct of Tenant if or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within ninety (i90) days after the date of the Casualty, shall have the right to terminate this Lease if: (1) any Security Holder terminates any ground lease or Mortgagee requires that any the insurance proceeds be used applied to pay any the payment of the mortgage debt; or (ii2) any damage a material uninsured loss 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 1 contract

Samples: Office Lease Agreement (Alarm.com Holdings, Inc.)

Casualty Damage. With reasonable promptness after discovering 16.1 If all or any damage portion of the Premises becomes untenantable by fire or other casualty to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a written estimate of the amount of time required using standard working methods to substantially complete Substantially Complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that (a) the Premises or (b) any Common Areas necessary to such estimate, provide access to the Landlord Repairs Premises or (c) more than 10% of the parking available to Tenant cannot be substantially completed made tenantable within 180 270 days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 ten (10) days after Landlord’s delivery receipt of such estimate. Within 90 days after discovering any damage to the Project resulting from any CasualtyCompletion Estimate (except that in the event of (c) above, Landlord mayshall have to option of providing commercially reasonable replacement and/or satellite parking, whether or 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 Premises are affected, right to terminate this Lease if the Casualty was caused by notifying the negligence or intentional misconduct of Tenant if or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within ninety (i90) 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 days after 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 date of the Term; or (v) any ownerCasualty, other than Landlord, of any damaged portion of shall have the Project does not intend right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses if: (i), (ii), (iii1) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result and there is less than one year of the Casualty to terminate any other leases of space in Term remaining on the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Casualty; (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a2) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas Mortgagee requires that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 be applied to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability payment of the Premises is damaged by mortgage debt; or (3) a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion material uninsured loss to the rentable square footage of such portion of the PremisesBuilding occurs.

Appears in 1 contract

Samples: Office Lease Agreement (Gomez Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualtyshall be damaged so that, Landlord mayin 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 are affected, 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 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Marketfirst Software Inc)

Casualty Damage. With reasonable promptness 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 is untenantable as a result of a fire or other casualty, the Rent allocable to the portion of the Premises rendered untenantable shall xxxxx from the date of such damage and such abatement shall continue until the earlier of (y) thirty (30) days after discovering any damage to the Landlord delivers possession of the Premises (other than trade fixtures)or affected part thereof) to Tenant with Landlord’s restoration work complete, or to any Common Area or Building system necessary for access to or tenantability (z) the date Tenant re-occupies and commences business operations in such portion of the Premises, resulting from any fire . Unless prohibited by applicable Laws or other casualty (a “Casualty”), safety reasons reasonably determined by Landlord shall notify Tenant of and subject to Landlord’s reasonable estimate requirements in connection with the performance of the time required Landlord’s repair work, Tenant shall have the right to substantially complete continue to occupy any damaged portions of the Premises even though the same may be untenantable. Landlord shall be obligated to repair of such damage (the “Landlord Repairs”). If, according or provide services to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice damaged space only to the other party delivered within 10 days after Landlordextent reasonable under the circumstances. As used in this Section XVII, “untenantable” shall include any material adverse effect on the Premises and Tenant’s delivery use thereof or access thereto, including the inability of such estimate. Within 90 days after discovering Tenant to lawfully occupy or use any damage to part of the Project resulting from Premises by reason of any Casualty, Landlord mayorder or direction of any governmental authority, whether or not the Premises or any particular portion thereof are affecteddamaged. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, demolition, substantial alteration or substantial reconstruction of the Building shall be required (whether or not the Premises has been damaged); or (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; or (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty unless within ten (10) Business Days after receipt of Landlord’s notice of termination pursuant to this Section, Tenant exercises its Renewal Option contained in Section I of Exhibit E, in which case this Lease shall remain in effect through the end of such Renewal Term; or (4) any Mortgagee requires that a material portion of the insurance proceeds be applied to the payment of the mortgage debt and there are not sufficient remaining proceeds to complete the necessary restoration; or (5) in spite of the fact that Landlord is maintaining the insurance coverages required under this Lease, a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 75 days after the date of the casualty. If Landlord elects to rebuild pursuant to this paragraph or fails to deliver a termination notice within the applicable 75 day period, Landlord shall promptly notify Tenant in writing if the Building will not be rebuilt to a standard that is substantially consistent with Class A buildings in the Downtown Minneapolis Central Business District (icontaining substantially similar amenities to those in the Building as of the date immediately prior to the casualty). If the Building will not be rebuilt to a standard that is substantially consistent with Class A buildings in the Downtown Minneapolis Central Business District (containing substantially similar amenities to those in the Building as of the date immediately prior to the casualty), Tenant shall have the right for a period of thirty (30) days after receiving Landlord’s notice to terminate this Lease by delivering written notice of such election to Landlord. If Landlord and Tenant have not elected to terminate the Lease pursuant to this paragraph, Landlord will use commercially reasonable efforts to commence to repair and restore the Building and the Leasehold Improvements within 75 days after the date of the casualty. Thereafter, Landlord will proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements, provided that Landlord receives sufficient proceeds from Tenant or Tenant’s insurance to restore the Leasehold Improvements (excluding any Security Holder terminates any ground lease or requires Alterations that any insurance proceeds be used to pay any mortgage debt; (ii) any damage were performed by Tenant in violation of this Lease), within 365 days after the date of the casualty. The timing set forth herein with respect to Landlord’s property is not fully covered obligation to commence and complete repair and restoration of the Building and the Leasehold Improvements shall be extended due to events of Force Majeure or delays caused solely by Tenant. If Landlord fails to complete such repair and/or restoration within such 365 day period, then Tenant shall have the right to terminate this Lease on thirty (30) days prior written notice to Landlord, except that such termination shall be rescinded if Landlord delivers possession of the Premises (or affected part thereof) to Tenant with Landlord’s insurance policies; (iii) Landlord decides to rebuild restoration work complete before 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 end of the Term; thirty (30) day notice period. Landlord shall not be liable for any loss or (v) damage to Tenant’s Property or to the business of Tenant resulting in any owner, way from the fire or other than Landlord, casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any damaged portion Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Project does not intend Premises shall be those specifically provided in this Lease. Any provision of the Lease to repair such damage; providedthe contrary notwithstanding, however, that (x) Landlord may shall not terminate this Lease pursuant to this Section XVII.A., unless Landlord simultaneously terminates the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space other similarly situated and affected tenants in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 1 contract

Samples: Office Lease Agreement (Piper Jaffray Companies)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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) 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other than trade fixtures) excluding any of Tenant’s personal property and any Common Area or Building system necessary for access Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Oxigene Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) one or both of the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Buildings or the Project resulting from any Casualtyshall be damaged so that, Landlord mayin Landlord's reasonable judgment, substantial alteration or reconstruction of one or both of the Buildings or the Project shall be required (whether or not the Premises are affected, has been damaged); (2) Landlord is not permitted by Law to rebuild one or both of the Buildings 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 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 one or both of the Buildings or the Project occurs. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixturesBuilding(s) and the Leasehold Improvements (excluding any Common Area or Building system necessary for access Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Intrabiotics Pharmaceuticals Inc /De)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 one (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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iiia) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend reasonably be repaired within sixty (60) days after the date of such fire or other casualty; (b) there is less than one (1) year of the Lease 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 repair such damage; provided, however, that terminate within thirty (x30) days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Casualty Damage. With reasonable promptness after discovering If any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability part of the Premises is damaged by fire or other casualty, Tenant shall give prompt notice to Landlord. If damage by fire or other casualty renders any substantial part of the Premises untenantable and the repair time to restore the Premises to a Casualtytenantable 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), thenor if any 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 reduction of the mortgage debt, or if any material uninsured loss occurs, Landlord may, at its option, terminate this Lease by so notifying Tenant in writing within sixty (60) days after the date of the casualty. 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), Tenant may elect to terminate this Lease by so notifying Landlord in writing within sixty (60) days after the date of the 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 (including the initial Tenant Improvements) to substantially their former condition as soon as reasonably possible. Landlord shall not, however, be required to restore any time thatalterations, additions, or improvements other than the initial Tenant Improvements or to spend any amount in excess of the insurance proceeds actually received by Landlord as a result of such damage, any portion the casualty. Landlord shall allow Tenant an equitable abatement of Minimum Rent and Additional Rent during the time and to the extent the Premises is inaccessible are untenantable as the result of fire or untenantable and is other casualty, but such abatement shall not occupied by Tenant, Monthly Rent shall be abated in proportion to extend the rentable square footage of such portion of the Premisesterm.

Appears in 1 contract

Samples: Office Lease Agreement (Pinnacle Financial Partners Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or more than 1,000 rentable square feet of the Premises is rendered untenantable as a “Casualty”)result of a fire or other casualty, the Rent shall abatx xxx the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) One Riverside Center shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction costing 50% or more of the other party delivered within 10 days after replacement cost of One Riverside Center shall be required, or the Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building costing 50% or more of the replacement cost 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; or (3) a material uninsured loss to the Building occurs that arises out of a casualty of a type that is not covered under typical "all-risk" property insurance for the area in which the Building is located. In addition, if Two Riverside Center or Three Riverside Center shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction costing 75% or more of the replacement cost of Two Riverside Center or Three Riverside Center, as the case may be, shall be required, Landlord shall have the right to terminate this Lease with respect to the portion of the Premises located with such damaged portion of the Building. Notwithstanding the foregoing, except with respect to a casualty only affecting the Premises, Landlord's termination rights herein are affectedconditioned upon Landlord's termination of all other tenancies within the Building where (i) the premises under such tenancies are similarly affected by the fire or other casualty, and (ii) Landlord has the right to terminate the lease with respect to such tenancy. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurscasualty. If this Lease is shall not be terminated by either party pursuant to this Section 11Article XVII, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 1 contract

Samples: Office Lease Agreement (Allaire Corp)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (other than trade fixtures)are totally destroyed by storm, or to any Common Area or Building system necessary for access to or tenantability of the Premisesfire, resulting from any fire lightning, earthquake or other casualty (a “Casualty”), Landlord ) this Lease shall notify Tenant of Landlord’s reasonable estimate terminate as of the time required to substantially complete repair date of such damage (the “destruction and rental shall be accounted for as between Landlord Repairs”)and Tenant as of that date. If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not If the Premises are affecteddamaged but not wholly destroyed by any such casualties, 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 rental shall xxxxx in such proportion as use of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have has been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, destroyed and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition as before damage as speedily as is practicable, whereupon full rental shall recommence. If this Lease is not terminated, Landlord shall promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Law. Upon notice from Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s '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 such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse injury to Tenant's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is inaccessible or rendered untenantable and is not occupied by Tenantas a result of a Casualty, Monthly the Rent shall be abated in proportion to xxxxx for the rentable square footage of such portion of the PremisesPremises that is untenable and unable to be used by Tenant.

Appears in 1 contract

Samples: Office Lease Agreement (ForgeHouse, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (is damaged by fire or other than trade fixtures)casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or to any Common Area or Building system necessary for access to or tenantability a material portion of the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”)to the Premises or Building, the Rent shall abatx xxx the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, has been damaged) and such damage cannot reasonably be repaired within 60 days after the date of such fire or other casualty; (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 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 occurs (other than due to Landlord's failure to maintain the All Risk property insurance required to be maintained by Landlord under Article XV of this Lease). Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) in writing as soon as reasonably practicable, but in any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage event within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides 's rights to rebuild terminate as provided herein, Tenant shall have 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 right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for if: (a) any modifications required by Law all or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any material portion of the Premises is inaccessible rendered untenantable as a result of a fire or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion other casualty to the rentable square footage of such portion of the Premises.the

Appears in 1 contract

Samples: Office Lease Agreement (Nova Corp \Ga\)

Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering service upon Landlord of written notice of such damage by Xxxxxx, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 9(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (a “Casualty”)if any) based upon the damage or casualty. However, if Landlord reasonably believes that Xxxxxx, Xxxxxx’s guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant of Landlord’s reasonable estimate and make disposition of the time required Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Xxxxxx’s acts. Landlord shall have the right to substantially complete repair of such damage (apply the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice Security Deposit and prepaid rent to the damage so caused by Xxxxxx, Xxxxxx’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering from any and all liability, loss, damage to the Project or claim resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used casualty and agree 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 secure from their insurers acknowledgement of the Term; or (v) any owner, other than Landlord, such release and a waiver of any damaged portion rights of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation.

Appears in 1 contract

Samples: Estate Residential Lease Agreement

Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the more than 50% of the Building is damaged or in the event there is less than one (1) year 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 (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, an uninsured loss resulting from any fire or other casualty (a “Casualty”Landlord’s failure to carry the insurance required under Section 1l.A above), Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of such casualty. If Landlord does not elect to terminate this Lease pursuant to the foregoing termination right, Landlord shall notify deliver to Tenant within sixty (60) days after the date of Landlord’s the damage, a reasonable estimate of the time required to substantially complete repair of such damage and restore the Building (the “Landlord RepairsRepair Estimate”). If, according to such estimate, the If Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are 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 thus elect to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty foregoing and Tenant does not elect to terminate any other leases of space in this Lease as provided below, Landlord shall commence and proceed with reasonable diligence to restore the Building, and excluding the improvements installed or placed in the Premises by Landlord or Tenant at Tenant’s expense (y) Landlord may not terminate whether under the Existing Lease or this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications in which it was immediately prior to the Common Areas that are deemed desirable by Landlord, are consistent with the character happening of the Project, casualty and do not materially impair access shall use commercially reasonable efforts to or tenantability of complete such restoration within the Premisestime period set forth in the Repair Estimate. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, If as a result of such damage, any portion of fire or casualty the Premises is inaccessible or untenantable any part thereof have been damaged, and is not occupied by Tenant, Monthly Rent shall be abated in proportion to provided that the rentable square footage of such portion of the Premises.Repair Estimate states that repair and

Appears in 1 contract

Samples: Industrial Building Lease Agreement (Scynexis Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 In writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the leasehold improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 not be liable for any loss or damage to Tenant's personal 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Short Term Lease Agreement (Internet Capital Group Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Interliant Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if plus the Premises deductible (other than trade fixtureswith respect to an earthquake damage claim) applicable to the insurance claim in question. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any Common Area way from the fire or Building system necessary 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 access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Summit Bank Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment and subject to the other party delivered within 10 days after Landlord’s delivery Completion Estimate in Article XVII.B herein, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 not be liable for any loss or damage to Tenant, constitute a constructive eviction, 's Property or excuse 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 obligation hereunder; provided, however, Law relating to the matters addressed in this Article and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Lecg Corp)

Casualty Damage. With A. If all or any part of the Premises or a material portion of the parking spaces or all reasonable promptness after discovering any damage means of access to the Premises (is damaged by fire or other than trade fixtures)casualty, Tenant shall immediately notify Landlord in writing. During any period of time that any portion of the Premises or to any Common Area the parking spaces or Building system necessary for a reasonable means of access to the Premises is rendered unusable as a result of a fire or tenantability other casualty, the Rent shall xxxxx to the extent of the portion of the Premises, resulting from any fire parking or other casualty (a “Casualty”), access that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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) 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 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant Lease, Landlord shall commence and proceed with reasonable diligence to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in repair and restore the Building, the parking garage and the Leasehold Improvements (y) excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord may not terminate this Lease pursuant be required to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less spend more than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office and Laboratory Lease Agreement (Viacell Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iii1) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend 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 caused 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 repair such damage; provided, however, that terminate within thirty (x30) days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Brightmail Inc)

Casualty Damage. With reasonable promptness after discovering 17.1 If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Property or the Premises shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Property not covered by insurance shall be required (whether or not the Premises are affected, 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 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that such insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Property or the Premises occurs. Landlord may exercise its right to 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Zymogenetics Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abate for the portion of the Premises that is untenantable and xot used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides 's rights to rebuild terminate as provided herein, Tenant shall have 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 right to terminate this Lease if all of the Term; or following conditions occur: (v1) any owner, other than Landlord, of any damaged a substantial portion of the Project does Premises (i.e., greater than 25%) has been damaged by fire or other casualty and such damage cannot intend to repair reasonably be repaired within sixty (60) days after the date of such damagefire or other casualty; provided, however, that and (x2) Landlord may not terminate this Lease pursuant to the preceding clauses there is less than one (i), (ii), (iii1) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result year of the Casualty Lease Term remaining on the date of such casualty; and (3) the casualty was not caused 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 any other leases of space in within thirty (30) days after the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result date of the Casualty to terminate any fire or other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurscasualty. If neither Landlord nor Tenant terminates this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Fundtech LTD)

Casualty Damage. With reasonable promptness after discovering 17.1 If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises has been damaged) and Landlord estimates more than 180 days from the date of such casualty are affectedrequired 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 12 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 occurs, provided that Landlord has carried the insurance required to be carried under this Lease. Landlord may exercise its right to 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 in writing within 60 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Tenant Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Summit Office Lease (Avanir Pharmaceuticals, Inc.)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (is damaged by fire or other than trade fixtures)casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or to any Common Area or Building system necessary for access to or tenantability a material portion of the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”whether to the Premises or to the Building), the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair constituting more than 30% of such damage the full replacement cost value of the Building (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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; or (4) a material uninsured loss to the Building occurs (provided that the lack of insurance is not due to Landlord’s failure to maintain the insurance required by this Lease). Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used in writing within 90 days after the date of the casualty. Landlord shall only exercise its right to pay any mortgage debt; (ii) any damage terminate this Lease in a good faith and non-discriminatory manner so as to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild avoid treating Tenant in a fashion different than other tenants in the Building similarly affected by the fire 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 casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 (provided that the lack of insurance is not due to Landlord’s failure to maintain the insurance required by this Lease). Landlord shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Centrexion Therapeutics Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall axxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises are affected, 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 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 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 in writing within 90 days after 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 date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvement (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. Landlord from shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: D Lease Agreement (SMTC Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is damaged as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualtyshall be damaged so that, Landlord mayin 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 are affected, 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 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 or the Project occurs. Landlord may exercise its right to 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iii1) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend reasonably be repaired within 60 days after the date of such fire or other casualty; (2) there is less than one (1) year of the Term remaining on the date of such casualty; (3) the casualty was not caused by the gross 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 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 substantially to the condition that existed immediately prior to such damage (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. 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; provided. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, howeverand agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease. Notwithstanding the foregoing to the contrary, in the event that (x) Landlord may not has the right to terminate this Lease pursuant to the preceding clauses (i)this Article XVII, (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as agrees to exercise such right in a result nondiscriminatory fashion. Consideration of the Casualty following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the lease, time needed to terminate any other leases repair and restore, costs of space in repair and restoration not covered by insurance proceeds, Landlord's plans to repair and restore common areas serving the BuildingPremises, Landlord's plans for repair and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result restoration of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of and/or the Project, and do not materially impair access to or tenantability other relevant factors of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable Landlord's decision as long as they are applied to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if in 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 same manner as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisestenants.

Appears in 1 contract

Samples: Office Lease Agreement (E Stamp Corp)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 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 occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant if 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: (ia) any Security Holder terminates any ground lease a substantial portion of the Premises has been damaged by fire or requires that any insurance proceeds other casualty and such damage cannot reasonably be used to pay any mortgage debtrepaired within 60 days after receipt of the Completion Estimate (defined in XVII.B. below); (iib) any damage to Landlord’s property there 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 less than 18 months of the TermTerm 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 (vd) any owner, other than Landlord, Tenant provides Landlord with written notice of any damaged portion its intent to terminate within 30 days after the date of the Project does not intend to repair such damage; provided, however, that (x) fire or other casualty. If neither Landlord may not nor Tenant terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Ziprealty Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises are affected, 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 casualty; (4) any Mortgagee requires that the insurance proceeds over $200,000 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; 's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iii1) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend 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 caused 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 repair such damage; provided, however, that terminate within thirty (x30) days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord. 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 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, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, and agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Infospace Com Inc)

Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, 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 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 in writing within 90 days after the date of the casualty. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; right to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (iiia) 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 a substantial portion of the Project does Premises has been damaged by fire or other casualty and such damage cannot intend 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 repair such damage; provided, however, that (x) terminate within 30 days after the date of the fire or other casualty. If neither Landlord may not nor Tenant elect to terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment repair and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Leasehold Improvements (other 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 trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to 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 available for restoration. Landlord shall not be liable for any loss or damage to Tenant’s insurance carrierProperty 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, 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 liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, agree that if the Premises (other than trade fixtures) or any Common Area or Building system necessary their respective rights for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Idine Rewards Network Inc)

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