Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.
Appears in 4 contracts
Sources: Consent to Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered or required to be covered by Landlord’s insurance's insurance hereunder, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole 's reasonable judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) daystwelve months following the date of damage or destruction; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, are inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restorationrestoration (provided Landlord is not in default under its mortgage documents), in any of which events Landlord may, at Landlord’s '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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, then so long as and to the extent Landlord's recovery of Rent as a result of a casualty is covered or required to be covered by Landlord's insurance hereunder, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due entitled to an equitable reduction in rent under this Lease as the amount of damaged or useless unusable space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored. Landlord and Tenant shall reasonably determine the amount of damaged or unusable space and the square footage of the Premises referenced in the prior sentence. Tenant shall have the right to terminate this Lease if (i) Landlord elects not to restore the Building and intends to demolish the Building; or (ii) Landlord fails to restore the Building within twelve (12) months following the date of damage or destruction.
Appears in 2 contracts
Sources: Lease (Archemix Corp.), Lease (Archemix Corp.)
Casualty Damage. Tenant shall promptly notify Landlord or (a) Except as provided below in Section 24(b), if the Building Manager of any is damaged by fire or other casualty to the Premises or extent of more than fifteen percent (15%) of its then replacement cost to the extent it knows of damageMinimum Standard, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to if such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration cannot be repaired within one hundred eighty twenty (180) days; or (ii) the insurance proceeds 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 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 (60120) days after such damage or destruction, declare this Lease terminated as the date of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, event causing 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 Buildingdamage, Landlord shall have the right to (i) cause the damage to be repaired with due diligence to at least the Minimum Standard or (ii) terminate this Lease and all unaccrued obligations by written notice to Tenant within thirty (30) days after the date of the parties hereto event causing such damage. In the event Landlord repairs the Building pursuant to clause (i) above, Landlord shall have the right to use all applicable insurance proceeds awarded to, and actually received by, Landlord, and shall have no obligation to pay or contribute any additional amounts to cause such repairs to occur beyond such insurance proceeds received therefor.
(b) If the Warehouse is damaged by sending a notice of such termination to Tenant. To the extent after fire or other casualty that to the extent of more than fifteen percent (15%) of its then replacement cost to the Minimum Standard, of if such damage cannot be repaired within one hundred twenty (120) days after the date of the event causing the damage, Landlord or Tenant shall be deprived have the option to terminate this Lease by written notice to the other party within thirty (30) days after the date of the use and occupancy event causing such damage. If the Warehouse is damaged by fire or other casualty to the extent of fifteen percent (15%) or less of the Premises then replacement cost to the Minimum Standard or if neither party terminates pursuant to the foregoing sentence, Landlord shall cause the damage to be repaired so that the Warehouse is in a useable condition, but in any portion thereof as a result event shall not be required to make any repairs that exceed the Minimum Standard; provided, however, that Landlord shall only be required to repair the Warehouse to the extent of any such damagethe amount of insurance proceeds awarded to, destruction or and actually received by, Landlord. In the repair thereofevent that the insurance proceeds are insufficient to bring the Warehouse to the Minimum Standard, Tenant shall be relieved obligated to pay the balance of the same ratable portion costs to bring the Warehouse to at least the Minimum Standard within thirty (30) days of the Monthly Rent and other charges due under this Lease as the amount of damaged demand therefor. If all or useless space in the Premises bears to the rentable square footage any part of the Premises until shall be damaged by fire or other casualty and the fire or other casualty is caused by the gross negligence or willful misconduct of Tenant or Tenant’s agents, guests or invitees, Tenant shall have no termination rights under this Section 24 (b).
(c) If Landlord is obligated, or exercises its election to repair, restore or replace the improvements, it shall proceed with due diligence, and at its sole cost and expense, to make such time repairs, restoration or replacement in such manner as to at least the Minimum Standard, excluding therefrom improvements or betterments to the Premises are restoredconstructed or installed by Tenant or at Tenant’s direction. In no event shall Landlord be required to repair, restore or replace the items constructed or installed by Tenant or at Tenant’s direction. All property of Tenant and all property kept, stored or maintained in or upon the Premises, adjacent sidewalks, loading areas or other common areas shall be at the sole risk of Tenant. In determining “due diligence,” consideration shall be given to matters of force majeure.
(d) If Landlord’s mortgagee requires the insurance proceeds to be applied to the payment of its mortgage debt or if the Lease is terminated pursuant to this Section 24, Tenant shall deliver vacant possession of the Premises as promptly as practicable in accordance with the terms of this Lease. In the event that Landlord proceeds with repairing the Premises pursuant to this Section 24, upon being notified by Landlord that Landlord’s repairs have been substantially completed, Tenant shall diligently perform all other work required to fully restore the Premises to the Minimum Standard for use in Tenant’s business, in every case at Tenant’s cost and without any contribution to such cost by Landlord, whether or not Landlord has at any time made any contribution to the cost of supply, installation, or construction of leasehold improvements in the Premises. Tenant agrees that during any period of reconstruction or repair of the Premises, it will continue the operation of its business within the Premises to the extent reasonably practicable. If all or any part of the Premises shall be damaged by fire or other casualty, the Operating Expenses shall not ▇▇▇▇▇.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (McClatchy Co)
Casualty Damage. Tenant shall promptly notify give immediate written notice to Landlord of any damage caused to or suffered by the Premises or the Building Manager of Project. Tenant shall be responsible for any fire or other casualty subsequent waste which may occur to the Premises or to the extent it knows of damage, to the Building. In Project in the event Tenant fails to timely notify Landlord of any damage to the Premises or any substantial part the Project. If the Premises or the Project are totally destroyed, or so partially damaged such that Tenant's use of the Building Premises is materially interfered with, from a risk which is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceinsurance proceeds made available to Landlord for such purpose, Landlord will shall proceed promptly with reasonable diligence to restore repair the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 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 and the Lease terminated as shall not terminate; provided, however, that if in the opinion of Landlord's architect the Project or repairs cannot reasonably be completed within 180 days after the date of Landlord's actual knowledge of such damage, either party may at its election terminate the Lease by delivering written notice of said election to the other party, in which event the rent payable for any unexpired portion of the happening of Lease shall be abated, effective upon the date such damage occurred. If the Premises or destruction without further recourse to either party. Ifthe Project are substantially damaged, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason such a way that Tenant's use of the damage or destruction and Premises is materially interfered with, from a risk not wholly covered by insurance made available to Landlord for repair or reconstruction, Landlord may terminate the Lease by delivering written notice of said termination to Tenant, in which event all rights and obligations under the Lease shall cease and terminate, effective upon the date such damage occurred, except any mortgagee liability of Tenant accruing prior to the Lease being terminated. If the Premises or the Project are substantially damaged during the final 24 months of the Term or any renewal Term, Landlord will shall not be adequate required to complete rebuild or repair the restoration damage to the Project or the Premises unless Tenant exercises a renewal option, if any, within 15 days after the date of receipt by Landlord of Tenant's notification of the Buildingoccurrence of the damage. If Tenant does not elect to exercise its renewal option, or if there is no previously unexercised renewal option contained within the Lease, Landlord shall have the right option to terminate this Lease the Lease, and all unaccrued obligations rent shall be abated for the unexpired portion of the parties hereto by sending a notice Term, effective upon the date such damage occurred. If the Lease is not terminated pursuant to the preceding paragraphs, then Landlord shall proceed immediately and shall use reasonable diligence to rebuild or repair the Project and the Premises to substantially the condition in which they existed prior to the damage; provided, however, that Landlord shall not be required to rebuild, repair, or replace any part of such termination to Tenant. To the extent after fire partitions, fixtures, additions, or other casualty that Tenant improvements or personal property required to be covered by Tenant's insurance described in article XI above. If the Premises is untenable, in whole or in part, during the period beginning on the date such damage occurred, and ending on the date of substantial completion of Landlord's repair or restoration work, then, under such circumstances, the rent for such period shall be deprived of reduced to such extent as may be fair and reasonable under the use and occupancy circumstances, as determined by that portion of the Premises which may reasonably be utilized by Tenant. Except for abatement of rent, Tenant shall have no claim against Landlord for any loss suffered by Tenant due to damage or destruction of the Project or the Premises, or for any portion thereof work or repair undertaken by Landlord as a the result of any such damage, destruction damage or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoreddestruction.
Appears in 2 contracts
Sources: Net Lease (Ebaseone Corp), Net Lease (Ebaseone Corp)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 2 contracts
Casualty Damage. Tenant shall promptly notify Landlord (a) Landlord's Options. If all or any part of the Building Manager of any Premises is damaged by ------------------ fire or other casualty to casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises or to the extent it knows is rendered untenantable as a result of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by a fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially Rent shall ▇▇▇▇▇ for the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason portion 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 shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used 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 partyTenant. 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 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) or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending 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 notice 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 in writing within one hundred twenty (120) days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building (excluding any Tenant's Property, which Tenant shall repair). 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. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy 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 or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.
Appears in 2 contracts
Sources: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one two hundred eighty seventy (180270) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events Landlord mayevent either party, at Landlordeach party’s respective option and by written notice given to Tenant the other party within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, opinion the net insurance proceeds recoverable recovered 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, provided that Landlord simultaneously terminates the leases of all the similarly situated tenants in the Building. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.may be restored and Tenant is able to recommence its ordinary and usual conduct of business from the Premises. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. Notwithstanding anything to the contrary contained in this Article 10, in the event of damage to the Premises in the last twelve (12) months of the Term, and the damage, in the reasonable opinion of Landlord, cannot be repaired within sixty (60) days from the date of discovery of such damage, Landlord shall give written notice to Tenant that the damage cannot be repaired within sixty (60) days of its discovery, in which event (i) either party may terminate the Lease by giving the other written notice of termination, and (ii) Tenant may terminate the Lease if Landlord has not commenced such repairs within such sixty (60) day period and diligently pursued same to completion. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the Premises, damage to Tenant’s personal property or any inconvenience occasioned by any damage, repair or restoration. Tenant hereby waives the provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, and Sections 1941 and 1942 of the California Civil Code, and the provisions of any similar Legal Requirement (whether now or hereafter in effect). Ring Central, Inc. Lease 16
Appears in 2 contracts
Sources: Office Lease, Office Lease (RingCentral Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, unless (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s 's sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail elects not to make insurance proceeds available for restorationrepair or restore the Building, in any of which events Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of 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 Tenantdestruction. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Casualty Damage. Tenant In the event the structure or other improvements on the leased premises or any portion thereof shall promptly notify Landlord be damaged by fire or other cause or casualty and in the Building Manager event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall ▇▇▇▇▇ to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the Premises or other party, in which event the rental due hereunder shall be adjusted to the extent it knows date of damagethe occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, to fixtures, machinery, and equipment of the Building. In the event the Premises Lessee or any substantial part third parties installed in or situated on the leased premises, regardless of the Building is wholly cause or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 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 . Any insurance payment or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage recovery made 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof had as a result of any such damage, destruction an insurable loss of or damage to the repair thereof, Tenant structures or other improvements located on the leased premises shall be relieved used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the same ratable portion inception of the Monthly Rent this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and other charges due under this Lease as the amount of damaged or useless space in the Premises bears equipment owned by Lessee shall be payable to and shall be and belong to the rentable square footage of the Premises until such time as the Premises are restoredLessee.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s 's sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s 's sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s '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 '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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.
Appears in 1 contract
Sources: Lease (Alnylam Pharmaceuticals Inc)
Casualty Damage. Tenant shall promptly notify Landlord or (A) If the Building Manager of any fire or other casualty to Property and/or the Leased Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially should be damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will this Lease shall not automatically terminate, but Tenant shall at its option proceed promptly with reasonable diligence to restore rebuild or repair the same Building and/or any and all other improvements to substantially the same condition existing immediately conditions in which they existed prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unlessdamage. Notwithstanding the foregoing, in Landlord’s sole judgment, (i) such damage or destruction the event the building located on the Property is incapable of repair or restoration within so destroyed and it shall take longer than one hundred eighty (180) days; days to rebuild or (ii) repair the insurance proceeds recovered by reason Building or the Tenant determines that the Building is a total loss, then Tenant at its option may terminate the Lease Agreement, and all rents and obligations accruing after the date of damage shall be abated and not owed. Tenant shall restore the damage or destruction are, Property to Landlord in Landlord’s sole judgment, inadequate a reasonably similar condition to complete that which existed at the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice time possession was originally given to Tenant without the structure or improvements constructed by Tenant.
(B) In the event that Tenant determines the building to be a total loss Tenant shall deliver written notice to Landlord of that determination and the intent to terminate the Lease Agreement within sixty ninety (6090) days after such damage or destruction, declare this Lease terminated as from the date 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 occurrence of the damage fire or destruction and made available by casualty.
(C) Loss through Condemnation or Regulation. If any mortgagee of Landlord will not be adequate to complete the restoration part of the BuildingProperty is condemned or taken for any public or quasi-public use or if Tenant’s operation becomes subject to regulations which make it no longer feasible to operate, Landlord then Tenant shall have the right to terminate this Lease Agreement effective with the date the condemning authority takes possession or the regulations take effect. Landlord shall be entitled to receive the entire condemnation award allocable to the Property and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of receive the use award allocable to any improvements it has constructed thereon, the Personal Property and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, other amounts separately awarded to Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredits own right.
Appears in 1 contract
Sources: Lease Agreement
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgment, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage. Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgment of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8. and occupancy of the Premises or any portion thereof to such other conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgmentjudgement, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgmentjudgement, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage. Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgement of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8, and occupancy of the Premises or any portion thereof to such other conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgmentjudgement, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgmentjudgement, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage. Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgement of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8 and occupancy of the Premises or any portion thereof to such other reasonable conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgmentjudgement, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgmentjudgement, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage, Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other properly of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgement of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8. and occupancy of the Premises or any portion thereof to such other conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgmentjudgement, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgmentjudgement, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage. Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgement of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8. and occupancy of the Premises or any portion thereof to such other conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. If the Premises shall be destroyed or damaged by fire or any other casualty, Tenant shall promptly notify Landlord or the Building Manager immediately give written notice of any fire or other casualty that occurrence to the Premises or to the extent it knows of damage, to the BuildingLandlord. In the event that any portion of the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, if (ia) such damage is such that the necessary restoration work or destruction is incapable of repair or restoration repairs cannot reasonably be completed within one hundred eighty (180) days; days after the date of the casualty, (b) less than one (1) year remains in the Lease Term at the time of any damage to the Premises, or (iic) the holder of a Financing Lien or lessor under a Ground Lease elects to take the applicable insurance proceeds recovered by reason of the damage or destruction areproceeds, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord maythen either party, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destructionits sole option, 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 Lease. In such event, all unaccrued obligations Rent owed up to the time of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty shall be paid by Tenant to Landlord, whereupon this Lease shall cease and come to an end as of the date of written notice to the other party regarding such fire or other casualty. During the period from the occurrence of a casualty until the completion of the restoration work which is necessary to render the Premises tenantable, Rent shall be reduced to the extent that the Premises are rendered Untenantable. If, however, the Premises is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any Tenant Related Party, Tenant shall not have the option to terminate this Lease unless clauses (b) or (c) of this Section 7.2 are applicable. If neither party elects to terminate this Lease as the result of such casualty, then Tenant shall commence and proceed with reasonable diligence to restore the Premises. Tenant's restoration work shall be deprived conducted in accordance with the provisions of Section 5.2 above. In no event shall Landlord or Tenant have the use and occupancy obligation to expend for the restoration or repair of the Premises or any portion thereof an amount in excess of the insurance proceeds actually received as a result of such casualty. Landlord shall not be liable for any such damage, destruction inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from any casualty or the repair thereof, Tenant shall be relieved or restoration work made necessary by the occurrence of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredany casualty.
Appears in 1 contract
Sources: Lease Agreement (SMTC Corp)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. 13.1 In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Demised Premises caused by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to or any such damage or destruction to the extent Building or the facilities necessary to provide services and normal access to the Demised Premises in accordance herewith, Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence as hereinafter provided, unless this Lease has been terminated by Landlord or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (i) the damage is of Landlord unlesssuch nature or extent that, in Landlord’s sole judgmentjudgement, (i) such damage or destruction is incapable of repair or restoration within more than one hundred eighty and twenty (180120) days; days would be required (with normal work crews and hours) to repair and restore the part of the Demised Premises or Building which has been damaged, or (ii) the insurance proceeds recovered by reason of the damage Demised Premises or destruction areBuilding is so damaged that, in Landlord’s sole judgmentjudgement, inadequate it is uneconomical to complete restore or repair the restoration of Demised Premises or the Building; , as the case may be, or (iii) any mortgagee of less than two (2) years then remain on the current Lease Term, Landlord shall fail to make insurance proceeds available for restorationso advise Tenant promptly, and either party, in any of which events Landlord maythe case described in clause (i) above, at or Landlord’s option and by written notice given to Tenant , in the cases described in clauses (ii) or (iii) above, within sixty thirty (6030) days after such damage or destruction, declare this Lease terminated as of the happening of any 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 by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenant. To notice.
13.2 In the extent after event of fire or other casualty damage, provided this Lease is not terminated pursuant to the terms of this Article 13 and is otherwise in full force and effect, and sufficient casualty insurance proceeds are available for application to such restoration or repair, Landlord shall proceed diligently to restore the Demised Premises to substantially its condition prior to the occurrence of the damage. Landlord shall not be obligated to repair or restore any alterations, additions, fixtures or equipment which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Demised Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs as may be incurred by Landlord in connection therewith.
13.3 Landlord shall not insure any improvements or alterations to the Demised Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment and personal property located in or on the Demised Premises, for the purpose of providing funds to Landlord to repair and restore the Demised Premises to substantially its condition prior to occurrences of the casualty occurrence. If there are any such alterations, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to restore the Demised Premises to substantially the same condition as existed prior to the damage, excepting such alterations, additions or fixtures.
13.4 The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Demised Premises or of the Building within one hundred and twenty (120) days after commencement of the work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Demised Premises which is of a nature or extent that Tenant’s continued occupancy is in the reasonable judgement of Landlord and Tenant substantially impaired, then the Annual Fixed Rent and Tenant’s Proportionate Share otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Tenant shall be deprived responsible to repair all of Tenant’s leasehold improvements and all equipment, fixtures and personal property located in or on the use Demised Premises subject to Article 8. and occupancy of the Premises or any portion thereof to such other conditions as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLandlord may require.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify A. In the event that more than 30% of the habitable area of the Premises is destroyed or rendered uninhabitable by an uninsured peril, Landlord or the Building Manager of any fire or other casualty Tenant may, upon written notice to the other, given within thirty (30) days after the occurrence of such damage or destruction, elect to terminate this Lease; provided, however, that either party may, within thirty (30) days after receipt of such notice, elect to make the required repairs and/or restoration at such party's sole cost and expense, in which event this Lease shall remain in full force and effect, and the party having made such election to restore or repair shall thereafter diligently proceed with such repairs and/or restoration.
B. In the event the Premises are damaged or destroyed from any insured peril to the extent it knows of damageseventy percent (70%) or more of the then replacement cost of the Premises, Landlord or 11 Tenant may, upon written notice, given to the Buildingother within thirty (30) days after the occurrence of such damage or destruction, elect to terminate this Lease. If neither party gives such notice in writing within such period, Landlord shall be deemed to have elected to rebuild or restore the Premises, in which event Landlord shall, at its expense, promptly rebuild or restore the Premises to their condition prior to the damage or destruction. In the event the Premises or any substantial part of the Building is wholly or partially are damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction from any insured peril to the extent of insurance proceeds collected and made available by any mortgagee less than seventy percent (70%) of the then replacement cost of the Premises, Landlord unlessshall at Landlord's expense, in Landlord’s sole judgment, (i) such damage promptly rebuild or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of restore tl1e Premises to their condition prior to the damage or destruction aredestruction. Notwithstanding the foregoing, in Landlord’s sole judgmentTenant may upon written notice, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord 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 Landlord prior to Landlord's commencement of rebuilding or restoration activities and no later than thirty (6030) days after the occurrence of such damage or destruction, declare elect to terminate this Lease terminated as if the Premises are damaged or destroyed to the extent of fifty percent ( 50%) or more of the happening then replacement cost of the Premises.
C. In the event that, pursuant to the foregoing provisions, Landlord is to rebuild or restore the Premises, Landlord shall, within thirty (30) days after the occurrence of such damage or destruction without further recourse to either party. Ifdestruction, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason provide Tenant with written notice of the damage time required for such repair or destruction and made available restoration. If such period is longer than one hundred twenty (120) days from the issuance of a building permit, Tenant may, within thirty (30) days of receipt of Landlord's notice, elect to terminate the Lease by any mortgagee giving written notice to Landlord of such election, whereupon the Lease shall immediately terminate. The period of time for Landlord will not be adequate to complete the repair or restoration shall be extended for delays caused by the fault or neglect of Tenant or because of acts of God, labor disputes, strikes, fires, freight embargoes, rainy or stormy weather, inability to obtain materials, suppliers or fuels, acts of contractors or subcontractors, or delays of contractors or subcontractors due to such causes or other contingencies beyond the control of Landlord. Landlord's obligation to repair or restore the Premises shall not include restoration of Tenant's trade fixtures, equipment, merchandise, or any improvements, alterations, or additions made by Tenant to the Building, Landlord shall have the right to terminate Premises.
D. Unless this Lease is terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect; provided, however, that during any period of repairs or restoration, rent and all unaccrued obligations of the parties hereto other amounts to be paid by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of abated in proportion to the use and occupancy area of the Premises or any portion thereof as a result rendered not reasonably suitable for the conduct of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredTenant's business thereon.
Appears in 1 contract
Sources: Lease Agreement
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the balance of the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is fully covered by Landlord’s insuranceinsurance and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) days from the insurance proceeds recovered by reason date of the damage fire or destruction areother casualty, as determined by Landlord, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as respects the applicable Building(s) as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, reasonable opinion the net insurance proceeds recoverable recovered by Landlord and made available by Landlord’s Lender 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. To the extent that after the fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant shall be relieved of did not cause the same ratable portion of fire or other casualty, the Monthly Rent hereunder shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. In the event that (i) the Premises or any of the Common Areas necessary for Tenant to use and occupy the Premises are damaged or destroyed by fire or other charges due under casualty, (ii) Landlord reasonably determines that such damage or destruction is incapable of repair or restoration within one (1) year from the date of the fire or other casualty (or ninety (90) days if the fire or other casualty occurs during the final one hundred eighty (180) days of the term of this Lease), and (iii) Landlord does not exercise its right to terminate this Lease pursuant to the foregoing provisions, then Tenant shall have the right to terminate this Lease as respects the amount applicable Building(s) by written notice to Landlord within fifteen (15) days after Tenant’s receipt of damaged or useless space in the Premises bears to the rentable square footage Landlord’s written notice setting forth Landlord’s estimate of the Premises until such time as repair and restoration period. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the Premises are restoredthing hired and Sections 1941 and 1942, providing for repairs to and of premises.
Appears in 1 contract
Sources: Office Lease (Intersil Corp/De)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after clays of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered 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. Tenant To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction destruction, or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space Space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Sources: Office Lease (C B Com Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In , hi the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Sources: Office Lease (Texen Oil & Gas Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, opinion the net insurance proceeds recoverable recovered 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, provided that Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Sources: Lease (Wilshire Bancorp Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, then Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, in Landlord’s sole judgmentopinion, 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. If the Premises is substantially damaged by fire or other casualty within the last 12 months of the Term and it is reasonably determined by Landlord that the Premises cannot be restored within 120 days from the date the damage occurred, Tenant shall have the right to terminate this Lease effective 60 days after the delivery of written notice of termination to Landlord.
Appears in 1 contract
Sources: Office Lease (Medivation, Inc.)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event a. If the Premises or any substantial part of the Building is wholly thereof shall be destroyed or partially damaged or destroyed by fire or other unavoidable casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore so that the same to substantially the same condition existing immediately prior to shall be thereby rendered unfit for use, then, and in such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, case: (i) if such damage fire or destruction is incapable of repair or restoration within one hundred eighty (180) daysunavoidable casualty occurs during the Initial Term, then Tenant shall have the right to terminate this Lease; or (ii) if such fire or unavoidable casualty shall occur following the insurance proceeds recovered by reason expiration of the damage Initial Term and during the Renewal Term or destruction areany other term, in Landlord’s sole judgmenteither Landlord or Tenant shall have the right to terminate this Lease. Such right of termination, inadequate to complete if available, shall be exercised by giving the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by other party written notice given to Tenant of such termination within sixty thirty (6030) days after such damage or destruction, declare and upon the giving of such notice, the Term of this Lease terminated Agreement shall cease and come to an end 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 earlier 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. To the extent after fire or other casualty that date Tenant shall be deprived of the use and occupancy fully moves out of the Premises or any portion thereof the expiration or earlier termination of the then application term of the Lease. Upon the date Tenant fully moves out of the Premises, Tenant’s obligation to pay utilities shall end, except for such charges for utilities as a result shall have accrued prior to the date of any such damage, destruction or the repair thereofmove-out. Notwithstanding anything else contained in this Lease Agreement, Tenant shall be relieved not receive any rent refund or credit for such early termination of the same ratable portion Lease or for any early move out, but Tenant shall not be obligated to continue to pay rent due if the Lease is so terminated during any Renewal Term. For avoidance of doubt, Landlord and Tenant hereby agree no rent shall be refunded to Tenant upon such termination (or under any other circumstance) and that the Monthly Rent Credit shall be permanently retained by Landlord.
b. Tenant shall be responsible for covering its equipment and other charges due under this Lease supplies with such property and casualty insurance as it deems necessary and Landlord shall have no responsibility therefor. Tenant assumes all risk of damage, loss or casualty to its property, equipment and/or supplies while located at the amount of damaged Premises, whether it is owned or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredleased by Tenant.
Appears in 1 contract
Sources: Lease Agreement
Casualty Damage. Tenant shall promptly notify Landlord If the Project, the Building, or any systems serving the Building or the Building Manager of any Premises, are damaged by fire or other casualty ("Casualty"), then the Landlord shall within THIRTY (30) days of such casualty notify the Tenant (the "LANDLORD'S NOTICE") whether or not in the reasonable determination of the Landlord the damage can be repaired within ONE HUNDRED EIGHTY (180) days of such notice (the "RESTORATION PERIOD"). If repairs and restoration cannot be completed within the Restoration Period, either party may at its option within THIRTY (30) days of the receipt of the Landlord's Notice, terminate this Lease effective as of the date of the casualty and all rents, Operating Costs or other sums due shall be prorated as of that date. If the repairs and restoration can be accomplished within the Restoration Period, or if the repairs cannot be done within the Restoration Period and neither party chooses to terminate this Lease, the Landlord shall within THIRTY (30) days from the date of the Landlord's notice, commence the repairs and restoration and proceed with all due diligence to restore the Project or the Building or the Premises to substantially the same condition in which it was immediately prior to the happening of the Casualty. As soon after the Landlord commences the repairs and restoration as is practical, the Tenant shall commence and pursue to completion the repair and restoration or replacement of Tenant's fixtures and personalty. Each party shall proceed with their respective work in a timely and diligent manner using the same or better quality materials as existing prior to the Casualty, and they shall use their best efforts not to interfere with, annoy, or inconvenience the other party. For such period of time as the Tenant cannot conduct its business from the Premises in a reasonable, prudent and businesslike manner as a result of the condition of the Project or the Premises, or the Building or the services to the Building, or caused by an interruption thereof because of reconstruction activities, all Rent shall abat▇. ▇▇ the extent and during the time that only a portion of the Premises is tenantable and to the extent it knows that the Tenant is able to conduct its business therefrom in a reasonable, prudent and businesslike manner, the Tenant shall receive a fair diminution of damage, to Rent based on an estimated percentage of unusable space in the BuildingPremises. In the event the Premises Landlord fails to deliver to the Tenant a Landlord's Notice within the required THIRTY (30) day period as to whether or not the damage can be repaired within the Restoration Period, the Tenant shall have the right any substantial part time after the expiration of the Building is wholly THIRTY (30) day notice period to terminate the Lease as of the date of the Casualty, or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, to advise the Landlord will proceed promptly of its intent to restore the same to substantially Project or the same condition existing immediately prior to such damage Building or destruction to the extent of insurance proceeds collected Premises (the "TENANT'S NOTICE") and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) may commence the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the repairs and restoration of the Building; Project or the Building or the Premises at the cost and expense of the Landlord, whereupon the Landlord shall be deemed to have waived its right to terminate this Lease as provided above. The Landlord shall reimburse Tenant within TEN (iii10) business days of demand for all costs and expenses of any mortgagee of kind incurred by the Tenant to make repairs or restorations. If the Landlord shall fail to make insurance proceeds available for restorationpay when due any sums owed by the Landlord to the Tenant, 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 set-off all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair amounts due in accordance with SECTION 33 thereof, until the sums advanced by Tenant shall be relieved are paid in full, plus all costs of the same ratable portion of the Monthly Rent collection, including but not limited to reasonable attorneys' fees and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredcourt costs incurred.
Appears in 1 contract
Sources: Lease (Big Lake Financial Corp)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to Lessor and Lessee agree that if the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially shall be materially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceunder the policies of fire and extended coverage insurance on the Leased Premises, Landlord will and such damage or destruction could reasonably be repaired within one hundred twenty (120) days from the happening thereof, then Lessee shall proceed promptly with all reasonable speed to repair such damage or destruction and to restore the same Premises as nearly as practicable to substantially the same their condition existing immediately prior to preceding such damage or destruction to the extent of the available net insurance proceeds collected and made available subject to the approval by any mortgagee Lessor of Landlord unless, in Landlord’s sole judgment, (i) all plans and specifications for such damage or destruction is incapable repair. If the Premises cannot reasonably be restored within the number of repair or restoration days set forth above but can be restored within one hundred eighty (180) days; or (ii) , then Lessee may, but shall not be required to, restore the Premises in accordance with the foregoing. If Lessee does not elect to restore the Premises pursuant to the preceding sentence, then Lessor may, by prompt written notice to Lessee, elect to restore the Premises at its sole cost and expense using the net insurance proceeds recovered by reason of to apply to the damage or destruction arecost and expense necessary to restore the Premises. If neither party elects to restore the Premises, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord 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 then this Lease terminated shall terminate as of the happening date of such damage or destruction and both parties shall be released from further liability hereunder, without further recourse prejudice, however, to any rights accruing to either party. If, in Landlord’s sole judgment, party prior to the net insurance proceeds recoverable by reason date of the such damage or destruction destruction. If in any case Lessee elects or is required to restore the Premises and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Buildingpromptly commences and thereafter diligently pursues such restoration, Landlord shall have the right to terminate this Lease and all unaccrued obligations shall not terminate, notwithstanding that the actual time required for such repairs or restoration may exceed that contemplated by the parties. The rent for the Premises during the time Lessee is deprived of the parties hereto by sending a notice possession on account of such termination to Tenant. To the extent after fire damage or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant or restoration thereof shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredabated on a per diem basis.
Appears in 1 contract
Sources: Lease Agreement (Aas Capital Corp)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing existing, immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within within, one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; which event Landlord or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord tenant may, at Landlord’s their option and by written notice given to Tenant the other within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, 's reasonable opinion the net insurance proceeds recoverable recovered 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 fight to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored.* Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. Provided if as a result of partial damage or restriction, in access to Building or elimination of parking, Tenant cannot reasonably use the Premises, Tenant shall be relieved of the Monthly Rent hereunder until repairs to the Premises are completed.
Appears in 1 contract
Sources: Office Lease (Saville Systems PLC)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, then Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) 180 days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgmentwhich event Landlord and Tenant, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restorationeach, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant the other within sixty (60) 60 days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, in Landlord’s sole judgmentopinion, 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. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. A. In the event that any portion of the Premises are destroyed or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancean uninsured peril, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction and Tenant may, upon written notice to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unlessother, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds 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 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 the occurrence of such damage or destruction, declare elect to terminate this Lease; provided, however, that either Party may, within thirty (30) days after receipt of such notice, elect to make the required repairs and/or restoration at such Party's sole cost and expense, in which event this Lease terminated as shall remain in full force and effect, and the Party having made such election to restore or repair shall thereafter diligently proceed with such repairs and/or restoration.
B. In the event the Premises are damaged or destroyed from any insured peril to the extent of seventy percent (70%) or more of the happening then replacement cost of the Premises, Landlord or Tenant may, upon written notice, given to the other within thirty (30) days after the occurrence of such damage or destruction without further recourse destruction, elect to either partyterminate this Lease. IfIf neither Party gives such notice in writing within such period, Landlord shall be deemed to have elected to rebuild or restore the Premises, in Landlord’s sole judgmentwhich event Landlord shall, at its expense, promptly rebuild or restore the net insurance proceeds recoverable by reason of Premises to their condition prior to the damage or destruction and made available by destruction. In the event the Premises are damaged or destroyed from any mortgagee insured peril to the extent of Landlord will not be adequate to complete the restoration less than seventy percent (70%) of the Buildingthen replacement cost of the Premises, Landlord shall have at Landlord’s expense, promptly rebuild or restore the right Premises to their condition prior to the damage or destruction. Notwithstanding the foregoing, Tenant may upon written notice, given to Landlord prior to Landlord’s commencement of rebuilding or restoration activities and no later than thirty (30) days after the occurrence of such damage or destruction, elect to terminate this Lease if the Premises are damaged or destroyed to the extent of fifty percent (50%) or more of the then replacement cost of the Premises.
C. In the event that, pursuant to the foregoing provisions, Landlord is to rebuild or restore the Premises, Landlord shall, within sixty (60) days after the occurrence of such damage or destruction, provide Tenant with written notice of the time required for such repair or restoration. If such period is longer than one hundred eighty (180) days from the issuance of a building permit, Tenant may, within thirty (30) days of receipt of Landlord’s notice, elect to terminate the Lease by giving written notice to Landlord of such election, whereupon the Lease shall immediately terminate. The period of time for Landlord to complete the repair or restoration shall be extended for delays caused by the fault or neglect of Tenant or because of acts of God, labor disputes, strikes, fires, freight embargoes, rainy or stormy weather, inability to obtain materials, suppliers or fuels, acts of contractors or subcontractors, or delays of contractors or subcontractors due to such causes or other contingencies beyond the control of Landlord. Landlord’s obligation to repair or restore the Premises shall not include restoration of Tenant’s trade fixtures, equipment, merchandise, or any improvements, alterations, or additions made by Tenant to the Premises.
D. Unless this Lease is terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect; provided, however, that during any period of repairs or restoration, rent and all unaccrued obligations of the parties hereto other amounts to be paid by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of abated in proportion to the use and occupancy area of the Premises or any portion thereof as a result rendered not reasonably suitable for the conduct of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredTenant’s business thereon.
Appears in 1 contract
Sources: Lease Agreement
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or Premises, or, to the extent it knows of such damage, of any fire or other casualty to the Building. In the event the Premises Premises, or any substantial part of the Building Building, is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to unless Landlord notifies Tenant (the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i“Casualty Notice”) that such damage or destruction is incapable of repair or restoration within one two hundred eighty forty (180240) days; or (ii) the insurance proceeds recovered days from commencement thereof as determined by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete architect. If the restoration of the Building; Building cannot be rebuilt or restored within two hundred forty (iii240) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord days Tenant may, at Landlord’s option and by written notice given to Tenant the other party within sixty twenty (6020) days after such damage or destructionof Tenant’s receipt of the Casualty Notice, 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 Tenantdestruction. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Base Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises of damage to or any substantial part destruction of the Building is wholly or partially damaged or destroyed Leased Premises caused by fire or other casualty casualty, or of the entrances and other common facilities necessary to provide normal access to the Leased Premises, or to other portions of the Building or its equipment which portions and equipment are necessary to provide services to the Leased Premises in accordance herewith, Landlord shall undertake to make and complete repairs and restorations as hereafter provided, unless this Lease be terminated by Landlord or Tenant or unless any mortgagee which is covered by Landlord’s insurance, Landlord will proceed promptly entitled to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of receive casualty insurance proceeds collected fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and made available by any mortgagee restoration. If (a) the damage is of Landlord unlesssuch nature or extent, in Landlord’s 's sole judgment, (i) such damage or destruction is incapable of repair or restoration within that. more than one hundred and eighty (180) consecutive days; , after commencement of the work, would be required (with normal work crews and hours) to repair and restore the part of the Leased Premises or the Building which has been damaged, or (iib) the insurance proceeds recovered by reason a substantial portion of the damage Leased Premises or destruction arethe Building is so damaged that, in Landlord’s sole 's .sole judgment, inadequate it is uneconomic to complete restore or repair the restoration of the Building; Leased Premises or (iii) any mortgagee of Landlord 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, as the case may be, or (c) less than two (2) years remain on the Lease Term, Landlord shall so advise Tenant promptly, and either party, in the case described in clause (a) above, or Landlord, in the case described in clauses (b) or (c) above, for a period of ten (10) days thereafter, shall have the right to terminate this Lease and all unaccrued obligations by written notice to the other, as of the parties hereto by sending a notice date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such termination to Tenantnotice. To In the extent after event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 22, if sufficient casualty insurance proceeds are available for use for such restoration or repair, and if this Lease is then in full force and effect, Landlord shall proceed diligently to restore the Leased Premises to substantially its condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Leased Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all cost as may be incurred by Landlord in connection therewith. Landlord is not required hereunder to insure any improvements or alterations made by Tenant, to the Leased Premises, or any fixtures, equipment or other property of Tenant. Tenant shall be deprived have the right, at its sole expense, to insure the value of its leasehold improvements, fixtures, equipment or other property located in the Leased Premises, for the purpose of providing funds to Landlord to repair and restore the Leased Premises to substantially its condition prior to the occurrence of the use damage. If there be any such alteration, fixtures or additions and occupancy Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to determine the manner in which the Leased Premises shall be restored so as to be substantially as the Leased Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not then been made or installed. The validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Leased Premises or of the Building within one hundred eighty (180) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Leased Premises which is of a nature or extent that Tenant's continued occupancy is substantially impaired, the Annual Fixed Rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Anything to the contrary in this Lease notwithstanding, expressed or implied, Landlord shall have no liability to Tenant for and shall have no duty to repair, replace or restore any portion thereof damage whatsoever, occurring as a result of leakage or seepage of water or any such damageother liquid from any source whatsoever, destruction or breakage of any pipes, mains or other plumbing located in or about the repair thereofBuilding, or snow, frost, steam, excessive heat or cold, falling plaster, sewage, gas, odors, noise, or by air conditioning or heating apparatus. Provided, however, Landlord shall repair, replace and restore as an Operating Expense of the Building, all damage to the Building structure, systems and fixtures. Tenant shall be relieved responsible to insure and/or repair all of the same ratable portion of the Monthly Rent Tenant's leasehold improvements and other charges due under this Lease as the amount of damaged or useless space all equipment, fixtures and personal property located in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLeased Premises.
Appears in 1 contract