Common use of Casualty Clause in Contracts

Casualty. If the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 3 contracts

Samples: Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.)

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Casualty. Tenant shall give Landlord written notice of any fire or -------- other casualty occurring within the Premises on the next business day following such occurrence or Tenant's knowledge thereof, whichever is later. If the Building is totally destroyed Premises or Project (provided such damage to the Project would constitute an interference with Tenant's quiet enjoyment of the Premises), or any portion of either, shall be damaged by fire or other casualty or if covered by the insurance carried by Landlord hereunder and the cost of repairing such damage shall not be greater than 10% of the then full replacement cost thereof, then, subject to the following provisions of this Article. Landlord shall repair the Premises and/or Project. If the Premises or Building is Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord's mortgagee requires that such insurance proceeds be used to retire the mortgage debt, or (c) to an extent greater than 40% of the then full replacement cost thereof, then Landlord shall have the option (i) to repair or reconstruct the damaged Premises or Project to substantially the same condition as immediately prior to such fire or other casualty, or (ii) to terminate this Lease by so damaged that rebuilding or repairs cannot be completed notifying Tenant within one hundred eighty twenty (180120) days after the date of such damagefire or other casualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall such termination to be abated during the unexpired portion effective as of this Lease effective from the date of such damagefire or other casualty. The Rent required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed or if the Premises are not repaired, until the Expiration Date hereunder. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction. If the Building damage results from the fault or the Premises are damaged by firenegligence of Tenant, tornado its agents, employees, licensees or invitees, Tenant shall not be entitled to any abatement or reduction of any Rent or other casualty covered sums due hereunder, and such damage shall be repaired by Tenant, or at Landlord's option by Landlord’s insurance, but only at Tenant's expense. If this Lease is terminated as provided in (c)(ii) above, all Rent shall be apportioned and paid up to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentfurnishings, fixtures and or other improvements which personal property that Tenant may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time entitled to remove from the Premises are unfit or any property constructed and installed by or for occupancy. If Tenant pursuant to Section 6.01 hereof or any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord installations in excess of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlStandard.

Appears in 2 contracts

Samples: Centre Lease Agreement (Ticketmaster Online Citysearch Inc), Centre Lease Agreement (Citysearch Inc)

Casualty. If the Building Premises or a substantial portion of the Property is totally destroyed damaged in whole or in part by fire or other casualty or casualty, and if the Premises or Building is so damaged that rebuilding or repairs are made untenantable as a result thereof, Landlord shall deliver to Tenant, within sixty (60) days after such casualty, a good faith estimate of the time necessary to repair such damages (“Casualty Notice”). If in Landlord’s reasonable estimation such damages cannot be completed substantially repaired within one the shorter of two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If casualty, or within two-thirds (2/3) of the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after then remaining Term as of the date of such damagecasualty (“Estimated Restoration Period”), this Lease may be terminated by either Landlord or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior by delivering written notice to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, party within thirty (30) days after Tenant’s receipt of the Casualty Notice, in the event neither party timely terminates this Lease, or if in Landlord’s reasonable estimation such damages can be substantially repaired within the Estimated Restoration Period then, subject to Landlord’s rights below, this Lease shall remain in full force and effect, and Landlord shall proceed in good faith to repair and restore the Premises to a condition substantially similar to that condition which existed prior to such casualty. Landlord’s obligation with respect to repair and restoration shall be limited to the extent of the insurance proceeds actually received by Landlord in connection with such casualty and shall only extend to the repair of Landlord’s building and improvements, and shall not extend to Tenant’s fixtures, equipment, alterations, Telecommunications Equipment, or any interior finish constructed within the Premises by either Landlord or Tenant, regardless of the cause of such mortgagee gives a casualty. In the event the repair and restoration of the Premises extends beyond the Estimated Restoration Period, this Lease shall remain in full force and effect and Landlord shall not be liable therefor, but Landlord shall continue to complete such repairs and restoration with all due diligence. Notwithstanding the aforesaid, if Landlord reasonably determines that repair of the Premises/Property is or will become uneconomical or that the insurance proceeds (after any required payments to any mortgagees of the Property) will be insufficient to complete all repairs and restoration, then Landlord may terminate this Lease by giving written notice to Landlord Tenant. In the event this Lease is terminated, the parties shall have no further obligations to the other, except for those obligations accrued through the effective date of such election to apply such proceeds against termination, which obligations shall survive the mortgage debtTerm. Upon termination of this Lease, Tenant shall immediately surrender possession of the fact Premises to Landlord. Tenant shall not be required to pay any Base Rent for any period in which the Premises are wholly untenantable; and, in the event only a portion of the Premises are untenantable, Tenant’s Base Rent shall be equitably abated in proportion to that portion of the Premises which are so unfit for such mortgagee has done soperiod of time as the Premises (or such portion) remains untenantable. Except as hereinafter provided, any insurance which may There shall be carried by Landlord or Tenant against loss or damage no Rent abatement if the damages are due to the Building fault or to the Premises shall be for the sole benefit negligence of the party carrying such insurance and under its sole controlTenant or Tenant’s agents, employees, licensees, invitees or contractors.

Appears in 2 contracts

Samples: Office Building Lease (Eargo, Inc.), Office Building Lease (Eargo, Inc.)

Casualty. If Each Party shall give prompt written notice to the Building is totally destroyed by fire other Party of any casualty to the Landfill, the Gas Collection Systems, the CCS or other casualty the LCS or if any part thereof of which causes such facilities to become Damaged Facilities. In the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date event of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent all proceeds of insurance shall be abated during payable either (1) to a Lender financing the unexpired portion Damaged Facilities or, (2) if there is no Lender financing the Damaged Facilities or such Lender does not require payment of this Lease effective from insurance proceeds to it, to the date affected Party. Subject to any rights that a Lender may have with respect to such insurance proceeds, the affected Party shall use such proceeds, at the Party’s option, either (i) to fund reconstruction of such damagethe Damaged Facilities, or (2) to construct Replacement Facilities reasonably acceptable to the other Party serving the same function as the Damaged Facilities, or (3) to repay any outstanding indebtedness of the affected Party that is secured by the Damaged Facilities. If the Building or insurance proceeds are used to reconstruct the Premises are damaged by fireDamaged Facilities, tornado or other casualty covered by Landlord’s insurance, but only the Damaged Facilities shall be promptly and diligently restored to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after at least the date equivalent of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same their condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace and disbursements of such insurance proceeds (and any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There deficiency) shall be a fair diminution of Rent during the time the Premises are unfit for occupancyin accordance with disbursement procedures reasonably acceptable to each Party. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds (and any deficiency) are used to construct Replacement Facilities, the Replacement Facilities shall be applied against the mortgage debtpromptly and diligently constructed, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord disbursements of such election insurance proceeds (and any deficiency) shall be in accordance with disbursement procedures reasonably acceptable to apply such proceeds against each Party. Notwithstanding anything in this Section 11.3 to the mortgage debtcontrary, if the Agreement is terminated pursuant to Section 1.1 before reconstruction of the fact Damaged Facilities or construction of the Replacement Facilities has been completed, then, subject to any rights that such mortgagee has done so. Except as hereinafter provideda Lender may have with respect to the insurance proceeds, any insurance which may excess proceeds shall be carried by Landlord or Tenant against loss or damage delivered to the Building affected Party for it’s own use, whether or not related to the Landfill, the Gas Collection Systems, the CCS or the LCS. For purposes of this Section 11.3, “excess proceeds” shall be any insurance proceeds not required to restore the Damaged Facilities to full operation or to complete the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlReplacement Facilities.

Appears in 2 contracts

Samples: Landfill Gas Services Agreement (Ridgewood Electric Power Trust Iv), Landfill Gas Services Agreement (Ridgewood Electric Power Trust Iii)

Casualty. Tenant immediately shall give written notice to Landlord of any damage to the Premises, the Building, Project, or the Land. If the Building is Premises, Building, Project, or the Land are totally destroyed by fire an insured peril, or other casualty or if the Premises or Building is so damaged that by an insured peril that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within one two hundred eighty ten (180210) days after the date of such Landlord’s actual knowledge of the damage, then Landlord or Tenant may at its option terminate this Lease, in which event Lease by delivering to Tenant written notice of termination within thirty (30) days after the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building Premises, Building, Project, or the Premises Land are totally destroyed by an insured peril, or so damaged by firean insured peril that, tornado or other casualty covered by in Landlord’s insuranceestimation, but only to such extent that rebuilding or repairs can cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within one two hundred eighty ten (180210) days after the date of such Landlord’s actual knowledge of the damage, then Landlord may, at its expense, relocate Tenant to space reasonably comparable to the Premises, provided that Landlord notifies Tenant of its intention to do so in a written notice delivered to Tenant within thirty (30) days after the damage. Such relocation may be for a portion of the remaining Term or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, entire Term. Landlord shall complete any such relocation within ninety (90) days after Landlord has delivered such written notice to Tenant. If the Premises, Building, Project, or the Land are totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within two hundred ten (210) days after the date of Landlord’s actual knowledge of the damage, and if Landlord does not elect to relocate Tenant following such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualtyPremises or the Building, except and a Tenant Party did not cause such damage, then Tenant may terminate this Lease by delivering to Landlord shall not be required to rebuild, repair or replace any part written notice of termination within (15) days following the date on which Landlord notifies Tenant in writing of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in estimated time for the Premisesrestoration. There shall be a fair diminution of Rent during the time If Landlord estimates that the Premises are unfit will remain untenantable for occupancy. If any mortgagee under a deed in excess of two hundred ten (210) days, then Tenant may elect to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and terminate this Lease shall terminate upon by written notice delivered to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a following Landlord’s delivery to Tenant of the estimated duration that the Premises will remain untenantable. If Landlord estimated the duration that the Premises would remain untenantable at two hundred ten (210) days or less, and following two hundred ten (210) days’ from the date of casualty the Premises remains untenantable, then Tenant may thereafter terminate this Lease upon ten (10) business days’ prior written notice to Landlord of (and such election termination shall be effective unless Landlord delivers the Premises in the required condition within said ten (10) business day period). If Landlord estimated the duration that the Premises would remain untenantable at more than two hundred ten (210) days (but neither party elected to apply terminate this Lease), and the Premises remains untenantable for more than thirty (30) days following the estimated completion date (subject to extension for force majeure and delays caused by Tenant), then Tenant may thereafter terminate this Lease upon ten (10) business days’ prior written notice to Landlord (and such proceeds against termination shall be effective unless Landlord delivers the mortgage debt, Premises in the required condition within said ten (10) business day period). If there is a casualty during the last twelve (12) months of the fact Term, and if due to such casualty Landlord estimates that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be remain untenantable for the sole benefit in excess of thirty (30) days, then Tenant may elect to terminate this Lease by written notice delivered to Landlord within ten (10) business days following Landlord’s delivery to Tenant of the party carrying such insurance and under its sole controlestimated duration that the Premises will remain untenantable.

Appears in 2 contracts

Samples: Industrial Lease Agreement (Li-Cycle Holdings Corp.), Industrial Lease Agreement (Li-Cycle Holdings Corp.)

Casualty. If In case following the Building is totally execution hereof and prior to the expiration of the Term hereof the Premises shall be damaged or destroyed in whole or in part by fire or other casualty casualty, this Lease shall, except as hereinafter provided in this Section, remain in full force and effect and Landlord shall, upon notice of such damage from Tenant and proceeding with reasonable dispatch, repair or if rebuild so much of the Premises as have been damaged by fire or Building is so damaged that rebuilding or repairs canthe elements to substantially their condition at the time of the Term Commencement Date (subject, however, to zoning laws and building codes then in existence). Landlord shall in all events not be completed within responsible for any delay which may result by reason of adjustment of insurance claims, collection of insurance proceeds, labor troubles, or from any other cause beyond Landlord’s reasonable control, with the understanding and agreement by Tenant that repair or restoration work will not occur prior to receipt of sufficient insurance proceeds, nor sums be expended in excess of net recovered insurance proceeds. Tenant shall concurrently repair or restore so much of the Premises as was constructed by Tenant and shall repair and restore its fixtures and personal property with the understanding and agreement by Landlord that repair or restoration work will not occur prior to receipt of sufficient insurance proceeds, nor sums be expended in excess of net recovered insurance proceeds. In the event that the provisions of this Section shall become applicable, the Base Rent and Additional Rent for real estate taxes and Operating Expenses shall be abated or reduced proportionately during any period in which, by reason of any such damage or destruction, there is substantial interference with the operation of the business of Tenant in the Premises, having regard to the extent to which Tenant may be required to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the substantial completion of such work, repair and/or reconstruction by Landlord. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease following: (i) damage or destruction to the Premises to the extent of twenty-five percent (25%) or more of the replacement cost thereof; or (ii) the refusal of the applicable insurance carrier to pay funds sufficient for the cost to repair or replace or the refusal of any applicable mortgagee to release the insurance proceeds for such purposes or the imposition of unsatisfactory conditions by the insurance carrier or the applicable mortgagee. Landlord or Tenant may exercise the right to so terminate this Lease by written notice to the other given by the later of (a) ninety (90) days of the date of the damage, or (b) thirty (30) days after the date the insurer or mortgagee notifies Landlord of its refusal or failure to release sufficient proceeds or imposes unsatisfactory conditions but in no event later than one hundred eighty and twenty (180120) days after the date of such damage, whichever is later. Such notice of termination shall be effective on the date thereof. Notwithstanding the foregoing, if the Premises shall have been damaged or destroyed as aforesaid and if the Landlord or exercises its right to terminate this Lease in accordance with the foregoing provisions of this Section 17A as a result of an insufficiency of insurance proceeds, then the Tenant may shall have the right at its option terminate this Leaseelection to nullify the Landlord’s termination thereof by paying to the Landlord, in which event the Rent shall be abated during the unexpired portion of this Lease effective from within fifteen (15) days after the date of such damagethe Landlord’s termination notice, the amount of the insufficiency, as reasonably determined and estimated by the Landlord, of any net insurance proceeds available to the Landlord to cover the cost to restore and repair the Premises. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurance, but only and are not substantially repaired or restored to the condition existing on the date of such extent that rebuilding or repairs can be completed damage within one hundred eighty (180) days after following the date of such damagefire or other casualty as provided herein, or if the damage should be more serious but neither Landlord nor Tenant elects to may thereafter terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a prior written notice to Landlord of unless such election to apply repair or restoration is completed within such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlthirty day period.

Appears in 2 contracts

Samples: NxStage Medical, Inc., NxStage Medical, Inc.

Casualty. If the Premises or the Project is damaged or destroyed, in whole or in part, by fire or other casualty at any time during the Term and if, after such damage or destruction, Tenant is not able to use the portion of the Premises not damaged or destroyed to substantially the same extent and for the Authorized Use for which the Premises were leased to Tenant hereunder, and within sixty (60) days after Landlord’s receipt of written notice from Tenant describing such damage or destruction Landlord provides notice to Tenant that the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, cannot be repaired or rebuilt to the condition which existed immediately prior to such destruction or casualty within two hundred forty (240) days following the date of such destruction or casualty, then either Landlord or Tenant may by written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is totally the result of the negligence or willful misconduct of Tenant or its employees, agents, contractors or invitees, the Rent shall be abated for the period and proportionately to the extent that after such damage or destruction Tenant is not able to use the portion of the Premises damaged or destroyed for the Authorized Use and to substantially the same extent as Tenant used the Premises prior thereto. If this Lease is not terminated pursuant to the foregoing, then upon receiving the available insurance proceeds, Landlord shall restore or replace the damaged or destroyed portions of the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, or Project; Tenant shall restore or replace the improvements to the Premises required to be insured by Tenant hereunder; and this Lease shall continue in full force and effect in accordance with the terms hereof except for the abatement of Rent referred to above, if applicable, and except that the Term shall be extended by a length of time equal to the period beginning on the date of such damage or destruction and ending upon completion of such restoration or replacement. Landlord shall restore or replace the damaged or destroyed portions of the Premises or Project that Landlord is required to restore or replace hereunder within a reasonable time, subject to Force Majeure Events and the availability of insurance proceeds. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate on the date which is thirty (30) days following the date of the notice of termination as if the Term hereof had been scheduled to expire on such date, and, except for obligations which are expressly stated herein to survive the expiration or earlier termination of this Lease, neither party shall have any liability to the other party as a result of such termination. Landlord shall not be obligated to repair any damage to Above Standard improvements or fixtures, Tenant’s inventory, trade fixtures or other personal property. If the Premises or any portion of the Project are damaged or destroyed by fire or other casualty caused by the negligence or if willful misconduct of Tenant, its employees, agents, contractors, or invitees, then any repair or restoration of the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after by Landlord pursuant to the date terms of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent Section shall be abated during the unexpired portion of at Tenant’s sole cost and expense. Notwithstanding anything in this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Section to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debtcontrary, Landlord shall have no obligation to rebuild repair or restore the Premises or the Project on account of damage resulting from any casualty which occurs during the last twelve (12) months of the Term, or if the estimated cost of such repair or restoration would exceed fifty percent (50%) of the reasonable value of the Building prior to the casualty. The abatement of Rent, if applicable hereunder, and termination of this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify by Tenant, within thirty (30) days after any such mortgagee gives a notice if applicable hereunder, are the sole remedies available to Landlord of such election to apply such proceeds against Tenant in the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to event the Premises shall be for or the sole benefit of the party carrying such insurance and under its sole controlProject is damaged or destroyed, in whole or in part, by fire or other casualty.

Appears in 2 contracts

Samples: Lease Agreement (Upland Software, Inc.), Lease Agreement (Upland Software, Inc.)

Casualty. If all or any portion of the Premises becomes untenantable or all or any material portion of the Building is totally destroyed necessary for access to or beneficial use of the Premises shall be damaged by fire or other casualty (collectively a “Casualty”), then Landlord, with reasonable promptness, shall cause a licensed general contractor reasonably selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises (exclusive of Tenant’s Property and the Tenant Insured Improvements) and any Common Areas necessary to provide access to or if beneficial use of the Premises to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or Building is so damaged that rebuilding any Common Areas necessary to provide access to or repairs beneficial use of the Premises cannot be completed restored to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Casualty, then either party shall have the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Lease upon written notice to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease in accordance with this Section 14.01 if the Casualty was caused by the negligence or intentional misconduct of Tenant or any such mortgagee gives a Tenant Related Parties. In addition, Landlord, by notice to Landlord Tenant within sixty (60) days after the date of such election the Casualty, shall have the right to apply such terminate this Lease if: (1) the Premises have been materially damaged during the last twelve (12) months of the Term; (2) any Mortgagee requires that all or a material portion of the insurance proceeds against be applied to the payment of the mortgage debt, of the fact that debt owed to such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord Mortgagee; or Tenant against (3) a material uninsured loss or damage to the Building or Premises occurs. If this Lease is terminated by either party on account of any Casualty as provided in this Article 14, then Tenant shall pay to Landlord (by assignment or otherwise) an amount equal to the insurance proceeds actually received by Tenant under the policy(ies) referred to in Section 13.02(b) on account of the damage to or loss of the Leasehold Improvements in the Premises less a reasonable allocation of Tenant’s actual out-of-pocket third party costs, if any, to adjust and collect such proceeds; however, from any such proceeds actually received by Tenant, Tenant shall be for entitled to retain an amount equal to the sole benefit unamortized portion (amortized over the initial Term on a straight-line basis) of the party carrying such insurance and under its sole controlhard costs paid by Tenant to perform any Alterations (excluding, however, any amounts paid by Landlord to perform the Initial Tenant Work).

Appears in 2 contracts

Samples: Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Monte Rosa Therapeutics, Inc.)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty, Landlord agrees to promptly restore and repair the Building or Leased Premises; provided, however, Landlord's obligation hereunder shall be limited to the reconstruction of the Building, Leased Premises and the Tenant Finish Improvements as were originally required to be made by Landlord. Landlord shall give Tenant written notice within thirty (30) days of the casualty or if of Landlord's estimated date to complete such restoration and repair. In the Premises or Building event that such notice discloses that such date of completion is so damaged that rebuilding or repairs cannot be completed within more than one hundred eighty (180) days after from the date casualty date, Landlord and Tenant shall endeavor in good faith to agree upon a schedule for the completion of such damage, Landlord repair or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagerebuilding. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to no such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, is reached within thirty (30) days after of Tenant's receipt of notice estimating the date of completion, Tenant may terminate this Lease, effective upon the date of casualty, by delivery of written notice thereof to Landlord within fifteen (15) days of the expiration of the thirty (30) day negotiating period identified above. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, damage until substantial completion of the fact that restoration. Notwithstanding the foregoing, if the Leased Premises are destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee has done so. Except as hereinafter providedentitled thereto or are insufficient to rebuild the Building, any insurance which may be carried by then Landlord or may, upon thirty (30) days' written notice delivered to Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit within thirty (30) days of the party carrying such insurance and under its sole controlcasualty, terminate this Lease with respect to matters thereafter accruing. All restoration shall comply with all construction requirements imposed hereby on the original construction of the Building, Leased Premises or the original Tenant Finish Improvements.

Appears in 2 contracts

Samples: Office Lease Agreement (Interactive Intelligence Inc), Office Lease Agreement (Interactive Intelligence Inc)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred and eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage, or Landlord may proceed to rebuild the Building and the Premises. If the damage prohibits Tenant’s use of the Premises, cannot be repaired within one hundred and eighty (180) days and was not caused by Tenant, then Tenant can elect to terminate this Lease by written notice to Landlord received within sixty (60) days of the date of damage. In the event the Building or the Premises are should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord’s reasonable estimation can be completed within one hundred and eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety sixty (9060) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building and rent shall equitably xxxxx from the date of damage until such damage is repaired if such casualty results in the Premises. There shall be a fair diminution of Rent during the time damage to Tenant’s Premises or prohibits its access to the Premises are unfit for occupancyor use thereof. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 2 contracts

Samples: Office Lease (Wells Real Estate Fund Ix Lp), Office Lease (Gaiam Inc)

Casualty. If the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy, which shall be based on a good faith determination of the degree of the impairment to Tenant's use and enjoyment of the Premises. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, Tenant within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Office Building Lease Agreement (Continucare Corp)

Casualty. (a) Tenant shall give immediate notice to Landlord in case of fire or other casualty in the Premises. If (a) so much of the Building is totally destroyed damaged or rendered untenantable (whether or not the Premises or a portion thereof shall be damaged) by fire or other cause that Landlord shall reasonably determine not to restore the same or to demolish the remainder thereof; or (b) if the Premises shall suffer damage or be rendered untenantable by fire or other casualty and Landlord shall determine (i) that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction or (ii) that each Superior Lessor and Superior Mortgagee will not permit Landlord to apply the net proceeds of Landlord's insurance to the restoration of the Building or the Premises, then and in any such event Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days of the occurrence of such fire or other casualty. If either (y) the Premises shall be totally or substantially damaged or rendered wholly or substantially untenantable (whether or not any other portions of the Building shall be damaged) or (z) the Building shall be substantially damaged, so that Tenant's access to and use and enjoyment of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, and in case of either (y) or (z) Landlord reasonably determines that the same cannot reasonably be expected to be restored or rendered tenantable under a normal working schedule within a period of twelve (12) months after the occurrence of such damage or destruction, then Landlord shall promptly notify Tenant of such fact, and within thirty (30) days thereafter either Landlord or Tenant may terminate this Lease by notice to the other party. If during the last year of the Term the Building or the Premises shall be damaged by fire or casualty, and if such fire or casualty damage, whether to the Premises or Building is so damaged that rebuilding or repairs the Building, cannot reasonably be completed expected to be repaired or restored within one hundred eighty (180) days after from the date time that repair or restoration work would commence or prior to the Expiration Date, whichever first occurs, then Landlord shall promptly notify Tenant of such damagefact, and Landlord or Tenant may at its option terminate this Leaseshall have the right, in which event by giving notice to the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty not later than thirty (18030) days after the date of such damagethereafter, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease. If either Landlord or Tenant shall give notice of termination pursuant to this Section 7.05, Landlord the Term shall within ninety (90) days after expire by lapse of time upon the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within is thirty (30) days after any such mortgagee gives a notice is given and Tenant shall vacate the Premises and surrender the same to Landlord Landlord. Upon the termination of this Lease under the conditions provided for in this Section 7.05, Tenant's liability for rent shall cease as of the date of such election termination, subject, however, to apply abatement thereof between the date of such proceeds against casualty and the mortgage debt, date of such termination pursuant to Section 7.05(b) below. Tenant hereby expressly waives the provisions of Section 227 of the fact that such mortgagee has done so. Except as hereinafter provided, Real Property Law or any insurance like law which may hereafter be carried by Landlord enacted and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof, this Article being an express agreement governing any case of damage or Tenant against loss or damage to the Building or to destruction of the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlby fire or other casualty.

Appears in 1 contract

Samples: Lease (Intercept Pharmaceuticals Inc)

Casualty. If the Building is totally destroyed by fire or other -------- casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s Tenant's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Base Rent and Additional Rent during the time the Premises are unfit for occupancyoccupancy until the Premises are substantially completed and restored by Landlord to substantially the same condition they were in as of the Commencement Date. In the event of restoration by Landlord, (i) Landlord shall advise Tenant in writing of its good faith estimate of the time necessary to ensure the restoration; and (ii) all restoration by Landlord shall be commenced and completed utilizing diligent efforts. Landlord shall use its best efforts to prepare the necessary plans and specifications and apply for the issuance of a building permit as soon as possible following destruction. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, Tenant within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Lease Agreement (Universal Beverages Holdings Corp)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty and upon receipt of the insurance proceeds with respect to the casualty, Landlord agrees to promptly restore and repair the Leased Premises; provided, however, Landlord's obligation hereunder shall be limited to the reconstruction of such of the tenant finish improvements as were originally required to be made by Landlord, if any. Tenant agrees to also pay Landlord any deductible amount elected to be maintained by Tenant. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises or Building is are (i) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one hundred eighty (180) days after from the date casualty date; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (i) casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (ii) casualty, then Landlord may, upon thirty (30) days' written notice to the other party, terminate this Lease with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph and in the event of a destruction agrees to accept any offer by Landlord to provide Tenant with comparable space within the project in which the Leased Premises are located on the same terms as this Lease. Notwithstanding the provisions of this paragraph, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Landlord, in which event its sole discretion, may, without regard to the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within aforesaid one hundred eighty (180) days after day period, terminate this Lease by written notice to Tenant. In the event of such termination, Tenant's obligation to pay Minimum Annual Rent and Additional Rent shall cease as of the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Industrial Lease Agreement (United Stationers Supply Co)

Casualty. Tenant shall promptly give Landlord written notice of any fire or other casualty occurring within the Premises. If the Premises or other parts of the Building is totally destroyed or Project reasonably required for Tenant's use and quiet enjoyment of the Premises are damaged by fire or other casualty then, subject to the following provisions of this Article, Landlord shall promptly repair the damage. If, however, the damage (a) is not covered by insurance carried by Landlord hereunder, (b) is covered by insurance carried by Landlord hereunder, but Landlord's mortgagee requires that proceeds of such insurance be used to retire the mortgage debt, (c) is so extensive that the cost of repairs will be greater than 10% of the then full replacement cost of the Building, or if (d) occurs during the last 12 months of the then effective Term of this Lease, then Landlord shall have the option to repair the damaged Premises and any other damaged parts of the Building or Project reasonably necessary to Tenant's use and quiet enjoyment of the Premises to substantially the same condition as immediately prior to such fire or other casualty. If Landlord does not so elect to repair the damaged Premises and such other damaged parts of the Building or Project reasonably necessary for Tenant's use and quiet enjoyment of the Premises to substantially the same condition as existed prior to such damage, then Landlord will so notify tenant by the date that is so damaged that rebuilding or repairs cannot be completed within one hundred eighty forty-five (18045) days after the date of such damage, and thereafter either Landlord or Tenant may at its will have the option to terminate this Lease, in which event Lease by so notifying the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed party within one hundred eighty sixty (18060) days after the date of such damage, or if the damage should such termination to be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after effective as of the date of such damage commence the fire or other casualty causing the damage. The Rent required to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition be paid hereunder shall be abated in which it was immediately prior proportion to the casualtyportion of the Premises, except if any, which is rendered untenantable by fire or other casualty hereunder until repairs specified in clause (i) of the preceding sentence are completed. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction. Notwithstanding the foregoing, Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentfurnishings, fixtures or other personal property that Tenant may be entitled to remove from the Premises or any alterations to the Premises constructed and other improvements which may have been placed installed by or for Tenant pursuant to Section 6.01 hereof. Notwithstanding the foregoing, if Tenant cannot operate in the Premises. There shall be a fair diminution of Rent during Premises for more than one hundred eighty (180) days, Tenant will have the time the Premises are unfit for occupancy. If any mortgagee under a deed right to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and terminate this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within by so notifying Landlord. Within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or casualty to the Premises shall be for the sole benefit or Building, Landlord must give Tenant notice of the estimate of time to repair or restore the Premises and Building to a condition existing prior to the casualty. This estimate is to be prepared by a third party carrying architect or contractor, with a copy of such insurance report given to Tenant within such thirty (30) day period. If the estimate of time to repair or restore the Premises and under its sole controlBuilding to a condition existing prior to the casualty is over one hundred twenty (120) days following the date of the casualty, Tenant will have the right to terminate this Lease by so notifying Landlord. Further, Tenant will have the right to terminate this Lease upon notification to Landlord if such repair and restoration is not complete within one hundred twenty (120) days following the date of the casualty.

Appears in 1 contract

Samples: Pointe Lease Agreement (Financial Industries Corp)

Casualty. If the Premises or the Building are damaged by fire or other -------- casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. If the Building or the Premises is totally destroyed damaged by fire or other casualty or if so that the Premises or Building is so damaged that rebuilding or repairs are rendered unsuitable for the conduct of Tenant's business, then Tenant shall have the right to terminate this Lease, upon written notice to Landlord, if such damage cannot be or is not repaired within sixty (60) days after the damage occurs. Within twenty (20) days from the date of any damage, Landlord shall notify Tenant if the Building is damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord may elect to terminate the Lease. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or the Premises damaged, but not including Tenant Finish in excess of Building-Standard Tenant Finish (which Tenant shall be obligated to repair at its own expense) or any of Tenant's Property. In the event of Major Damage. if Landlord gives its written notice to Tenant electing to rebuild or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs are completed within one hundred eighty (180) days after the date of such damagethe damage occurred, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Xxxxxxxx agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice cause to Tenant; provided's Property, howeverincluding without limitation, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord all Tenant Finish in excess of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Building-Standard Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlFinish.

Appears in 1 contract

Samples: Lease Agreement (Inflow Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the Tenant Improvements required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately axxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, in the event the Building is so or the Leased Premises should be totally or substantially destroyed or damaged as provided herein, then within thirty (30) days following the date of such destruction or damage, Landlord will provide Tenant with written notice, stating Landlord’s good faith estimate of the length of time necessary for reconstruction and restoration. If Landlord reasonably and in good faith determines that rebuilding or repairs cannot be completed within the reconstruction and restoration will take more than one hundred eighty (180) days after from the date of casualty to substantially complete, either party shall be entitled to terminate this Lease upon thirty (30) days prior written notice to the other party. Upon such termination, both parties shall be released from all liability hereunder, except for any right or obligation arising prior to the date of such damagetermination or which survives termination hereof. However, if neither party terminates within such thirty (30) day period, Landlord or Tenant may at its option terminate this Leaseshall promptly thereafter commence and diligently perform the necessary reconstruction. If, in which event after undertaking such reconstruction, the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only not restored to such extent that rebuilding or repairs a stage where Tenant can be completed use the Leased Premises for the Permitted Use within the one hundred eighty (180) days after the date day period, as extended as a result of such damageForce Majeure or Tenant Delays (as hereinafter defined), or if the damage should Tenant shall be more serious but neither Landlord nor Tenant elects entitled to terminate this Lease, Lease upon written notice delivered to Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after the 180-day period. Upon such termination, both parties shall be released from all liability hereunder, except for any such mortgagee gives a notice right or obligation arising prior to Landlord the date of such election to apply such proceeds against termination or which survives termination hereof. Tenant waives any right under applicable laws inconsistent with the mortgage debt, terms of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlthis paragraph.

Appears in 1 contract

Samples: Office Lease (Akorn Inc)

Casualty. If more than 20% of the Building is totally destroyed rendered untenantable by fire or other casualty and Landlord reasonably determines (based on the determination of an architect or if engineer named by Landlord and reasonably approved by Tenant) that the Premises or Building is so damaged that rebuilding or repairs damage cannot be completed repaired within one hundred eighty (180) days after Landlord is notified of the date of such damagecasualty, then either Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenantmay, within thirty (30) days after any such mortgagee gives a determination (which shall be provided to Tenant), give the other notice to Landlord of termination of this Lease, and the Term and Guaranty shall expire thirty (30) days after such election to apply such proceeds against the mortgage debtnotice is given, with rent being apportioned and as of the fact that such mortgagee has done sodate of Lease termination. Except as hereinafter provided, any insurance which may be carried by If either Landlord or Tenant against loss have not elected to terminate as herein provided, Landlord shall repair the Building and Premises to the same condition as existed as of the Commencement Date, reasonable wear and tear excepted with reasonable dispatch and in compliance with all Laws at the time of such repair. During any period Tenant is not able to occupy the Premises on account of any repair or restoration, Tenant will have no obligation to pay rent or other amounts due hereunder. Tenant shall give Landlord prompt written notice of any damage to the Building by fire or other casualty. Landlord's obligations to restore are strictly limited to the Premises replacement of the Building and Common Areas. Landlord shall not be obligated to restore any Alterations, personal property, furniture, fixtures or equipment. In the event Landlord fails to perform its restoration obligations by the date which shall be for 30 days after the sole benefit of time estimate provided by the party carrying such insurance architect's or engineer's determination noted above, Tenant shall have the right, but not the obligation, to terminate this Lease and under its sole controlthe Guaranty upon ten (10) days' prior notice without any further obligation to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Iec Electronics Corp)

Casualty. If the Building is totally destroyed Leased Premises are damaged by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs and such damage cannot be completed repaired within one hundred eighty (180) days from the date of occurrence (as estimated by either party in good faith as soon as reasonably practicable after the date occurrence of such damage), then either party may terminate this Lease by giving written notice thereof to the other party within thirty (30) days after the occurrence of such damage, Landlord or Tenant may at its option will terminate this Lease, in which event the Rent shall be abated during the unexpired portion as of this Lease effective from the date such notice is given. On any such termination the Tenant will pay Rent and all other obligations of the Tenant apportioned to the date on which such damagedamage occurs and will immediately surrender the Leased Premises to the Landlord. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs damage can be completed repaired within one hundred eighty (180) days, or if the damage cannot be repaired within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects party exercises the option to terminate this Lease, the Landlord shall within ninety (90) days after proceed to repair, restore and rebuild the Leased Premises and the Building to their former condition and complete such work with reasonable promptness, and this Lease will continue in effect; but the Rent shall abatx xxxm the date of the fire or other casualty until the repairs, restoration and rebuilding are completed. To the greatest extent possible, the costs of such damage commence to rebuild or repair the Building and/or Premises repairs, restoration and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There rebuilding shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the satisfied from insurance proceeds be applied received under all insurance policies insuring against the mortgage debtlosses and damages incurred and naming either the Landlord, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; providedthe Tenant or both of them as parties insured. To the extent, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord the costs of such election to apply repairs, restoration and rebuilding are not satisfied through insurance proceeds, such proceeds against costs will be borne by the mortgage debtparties hereto as follows: (a) the costs of repairing, of restoring or replacing the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to Tenant's personal property located in the Building or to the Leased Premises shall be for borne solely by the sole benefit of Tenant; and (b) all other costs incurred in repairing, restoring and replacing the party carrying such insurance Leased Premises and under its sole controlthe Building shall be borne solely by the Landlord.

Appears in 1 contract

Samples: Lease Agreement (Zymetx Inc)

Casualty. If the Premises or the Building is totally damaged or destroyed by fire or other casualty covered by insurance, then (unless this Lease is terminated by Landlord as hereinafter provided) this Lease shall continue in full force and effect and Landlord shall proceed, after adjustment of such loss, to repair or if restore the Premises or Building is so damaged that rebuilding or repairs cannot to the condition which Landlord furnished to Tenant upon the commencement of the Term. Landlord shall be completed within one hundred eighty (180) days after the date of such damage, Landlord under no obligation to restore any Alterations or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Improvements to the Premises are damaged made by fire, tornado or other casualty Tenant unless the same is covered by Landlord’s insurance, but only nothing herein shall be construed to require Landlord to insure such extent property. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds received by Landlord for such repair or restoration. In the event the Premises are repaired as provided herein, then Tenant shall repair and restore its merchandise, furnishings, furniture, equipment, all Alternations and Tenant Improvements made by or for Tenant to at least a condition equal to that rebuilding prior to its damage. Notwithstanding the foregoing, if any destruction or repairs can be completed within one hundred eighty damage to the Premises or Building (180whether or not the Premises are affected) days after is so extensive that Landlord, in its sole discretion, elects not to repair or restore the Premises or Building, or the proceeds of insurance are not sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date of such damage, or if the damage should be more serious but neither by written notice to Tenant within ninety (90) days of the casualty. The provisions of this Section are subject to the rights of Landlord’s mortgagees, if any. Except in the case of an event of force majeure (defined below), if Landlord nor Tenant elects does not make the determination to terminate this Lease, Landlord shall restore or rebuild the Premises within ninety (90) days after the date of such damage commence to rebuild casualty, or repair if the Building and/or Premises are not repaired or rebuilt within two hundred and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to ten (210) days after the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation the right to rebuild and terminate this Lease shall terminate upon notice to Tenant; providedLease, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a by giving notice to Landlord of such election to apply such proceeds against within twenty (20) days following the mortgage debt, expiration of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlapplicable time period.

Appears in 1 contract

Samples: Commercial Lease

Casualty. Section 10.01. If the Building is totally damaged or destroyed by fire fire, explosion, the elements or other casualty otherwise during the Term so as to render the Building unfit for Tenant to conduct its business, or if should the Demised Premises or Building is be so damaged badly injured that rebuilding or repairs the same cannot be completed reasonably repaired within one two hundred eighty seventy (180270) days after from the date happening of such damageinjury, Landlord or Tenant may then, and in such case, the Term hereby created shall, at its the option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, exercised within thirty (30) days of the casualty, terminate upon the giving of a written notice of termination. Additionally, if the Demised Premises are not in fact repaired within three hundred sixty five (365) days of the casualty, through no fault of the Tenant, Tenant may, upon ninety five (95) days’ written notice (the “Notice/Cure Period”) to Landlord, given on or after the two hundred seventieth (270th) day following the casualty, terminate this Lease unless the repairs to the Demised Premises are completed within the Notice/Cure Period. In either of the aforesaid cases, Landlord shall have a similar right to cancel this Lease if at the time of the casualty (A) there is not at least three (3) years remaining to the Lease Term (as the same may be extended by Tenant exercising any such available renewal); or if (B) Landlord’s mortgagee gives will not make insurance proceeds available to Landlord to restore the Demised Premises and/or Building, and said proceeds are not adequate to restore the Demised Premises and/or Building. If a notice to Landlord of termination is given, the Term of this Lease shall terminate effective as of the date of such election damage or destruction, and Tenant shall immediately surrender the Demised Premises and all Tenant’s interest therein to apply such proceeds against the mortgage debtLandlord, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage and pay Basic Rent to the Building time of such damage or to destruction, and Landlord may re-enter and repossess the Demised Premises shall be for the sole benefit of the party carrying such insurance discharged from this Lease and under its sole controlmay remove all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Merisel Inc /De/)

Casualty. If In case during the Term all or any substantial part -------- of the Building (i.e. require greater than nine (9) months to rebuild) is totally destroyed damaged by fire or any other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage"Substantial Casualty"), then this Lease shall, except as hereinafter provided terminate at Landlord or Tenant Tenant's election, which may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged made by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior notice given to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, party within thirty (30) days after the casualty, which notice of termination shall specify the effective date of termination which shall not be more than sixty (60), days after the date of notice of such termination. In such event the Fixed Rent and additional rent shall be abated as of the date of such casualty. In the event of any fire or casualty to the Building, unless the Lease is so terminated, Landlord shall, as promptly as practicable, repair, replace and restore the Building into substantially the same condition as it was prior to the casualty for use and occupation to the extent of the proceeds of insurance, less adjuster's fees and other reasonable expenses of collection, but including the insurance deductible(s ). In the event of fire or other casualty which does not damage all or a substantial part of the-Building, the Fixed Rent and additional rent shall xxxxx on an equitable basis from the date of such mortgagee gives casualty until such area is restored to substantially the same condition as it was prior to the casualty. In addition, if such damage is not repaired and the Building restored to substantially the same condition as it was prior to such damage within nine months from the date of such damage, plus, a reasonable period of time (not exceeding 90 days after such fire or other casualty) to recover the insurance proceeds, Tenant, within five days from the expiration of such nine month period or from the expiration of any extension thereof pursuant to the terms hereof, may terminate this Lease by notice to Landlord Landlord, specifying a date not more than 10 days after the giving of such election to apply such proceeds against notice on which the mortgage debt, term of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.this

Appears in 1 contract

Samples: Davox Corp

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises or Building is are (a) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one two hundred eighty ten (180210) days after from the date casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (a) casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days’ written notice to the other party, terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only with respect to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantmatters thereafter accruing; provided, however, that if the casualty is not covered by insurance as a result of Landlord’s failure to maintain the insurance required herein or if Landlord failed to use commercially reasonable efforts to negotiate terms in a mortgage which would require a mortgagee to release insurance proceeds to Landlord for use in rebuilding, Landlord shall notify Tenant, not have the right to terminate this Lease under clause (b). Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. Landlord and Tenant shall reasonably determine within thirty (30) days after of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against casualty event whether the mortgage debt, of Leased Premises can be restored within two hundred ten (210) days from the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcasualty date.

Appears in 1 contract

Samples: Office Lease (Salix Pharmaceuticals LTD)

Casualty. If It is agreed by and between the Building is totally parties hereto that in case the Demised Premises, or the Building, shall be destroyed or damaged in part or in whole by fire or other casualty elements, or if by any other cause, to an extent which shall render the Demised Premises untenantable or Building is so damaged that rebuilding unfit for occupancy for the purposes intended, the Tenant shall pay the accrued Rent to the time of such destruction. Landlord shall, at its sole option, either (a) terminate this Lease, in which case Tenant shall have no further liability for future Rent, or repairs can(b) repair the Demised Premises with all reasonable speed, not be completed within one exceeding one-hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagesaid casualty. If Landlord cannot represent that the Building or repairs shall be substantially completed and Tenant may re-occupy the Demised Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one one-hundred eighty (180) days after from the date of said casualty (as determined by Landlord's engineer), then Tenant may terminate this Lease without further liability by either party. Upon completion of such damagerepairs, Tenant shall resume paying Rent as provided herein. If, however, the Demised Premises shall be partially damaged by fire or if other causes, then the damage should shall be more serious but neither repaired by Landlord nor with all reasonable speed, and the Rent for the portions not usable by the Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after be apportioned and abated for the term beginning with the date of such damage commence to rebuild or repair and ending when such damage shall have been repaired and such portions of the Building and/or Demised Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior again made usable to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, if the repairs are not completed within thirty one-hundred eighty (30180) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done sodate of said casualty, then Tenant may terminate this Lease without further liability of either party upon sixty (60) days written notice. In no event shall Landlord have any liability or be required to repair or replace Tenant's merchandise, trade fixtures, furnishings, equipment, leasehold improvements, personal property, or other items of Tenant and the insurance proceeds on account thereof shall be sufficient for Landlord to repair the improvements. Except to the extent specifically provided in this Lease, no damage or destruction of the Demised Premises, or any portion thereof, by fire or other casualty, nor the untenantability of the Demised Premises, or any portion thereof as hereinafter provideda result of fire or other casualty, shall permit Tenant to terminate this Lease or surrender the Demised Premises, or any part thereof, nor shall relieve Tenant from its obligations to pay Rent. Tenant shall not be entitled to and hereby waives any and all claims against Landlord for any compensation or damage for loss of use of the Demised Premises, or any portion thereof, and/or for any inconvenience or annoyance resulting from any damage, destruction, repair or restoration including, without limitation, any insurance which may be carried by Landlord injury (or Tenant against loss death) to persons or damage to property, or interruption of Tenant's business, resulting from fire or other casualty, unless caused by the Building gross negligence or to the Premises shall be for the sole benefit willful misconduct of the party carrying such insurance and under Landlord, its sole controlemployees or agents.

Appears in 1 contract

Samples: Lease for Real Property (Unigene Laboratories Inc)

Casualty. If the Building is totally Premises or a substantial portion thereof, are damaged or destroyed by fire or other casualty or if cause, the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty Landlord may elect (180a) days after to terminate this Agreement as of the date of such damagecasualty by notice to the Tenant within thirty days after that date, Landlord or Tenant may at its option terminate this Lease, in which event (b) to repair all damage to the Rent Premises so that the same shall be abated during the unexpired portion of this Lease effective from the date of restored to such condition as existed immediately prior to such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this LeaseAgreement, Landlord the rent shall within ninety (90) days after be abated on a per-diem basis and be paid to the date of such damage commence to rebuild the fire or repair casualty. If the Building and/or Premises and proceed with reasonable diligence Landlord elects to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualtyPremises, except such restoration shall be completed with reasonable promptness, provided that Landlord shall not be required to rebuildrestore any improvements made by Tenant. If the Premises are unusable during such restoration, or if the Tenant is reasonably required to close its operation while such repairs are made, the rent shall xxxxx during such period of repair or replace any part while such operations have ceased and the Premises are completely closed. If the Tenant continues to operate on the Premises during such repairs, but is unable to use a substantial portion of the furniturePremises, equipment, fixtures and other improvements then the rent shall be prorated in the proportion which may have been placed the area of unusable leased space bears to the total Premises for the period that said space is unusable. The Landlord will not be liable for business losses to the Tenant by Tenant in reason of damage to the Premises. There shall If the untenantability is caused by the fault of the Tenant, there will be a fair diminution no apportionment or abatement of Rent during rent. Notwithstanding anything contained in this Section 10 to the time contrary, if the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement not or mortgage requires the insurance proceeds cannot be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, made tenantable within thirty (30) 120 days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, date of the fact that such mortgagee has done so. Except as hereinafter providedcasualty for any reason whatsoever, any insurance which the Tenant may be carried by Landlord or Tenant against loss or damage to terminate this Agreement and the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controllease.

Appears in 1 contract

Samples: Office Lease Agreement

Casualty. If the Premises or the Building is totally damaged or destroyed by fire or other casualty covered by insurance, then (unless this Lease is terminated as hereinafter provided) this Lease shall continue in full force and effect, Tenant shall not be entitled to any abatement of rental, and Landlord shall promptly and diligently proceed, after adjustment of such loss, to repair or restore the Premises to the condition which Landlord furnished to Tenant upon the commencement of the Term. Landlord shall be under no obligation to restore any Alterations to the Premises made by Tenant unless the same is covered by the casualty insurance required to be maintained hereunder, and nothing herein shall be construed to require Landlord to insure such property. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds available to Landlord for such repair or restoration. If the Premises are repaired as provided herein, then Tenant shall repair and restore its furnishings, furniture, equipment and personal property at its own expense. Notwithstanding the foregoing, if any destruction or damage to the Premises or Building (whether or not the Premises are affected) is so damaged extensive that rebuilding Landlord will be commercially and financially unable to repair or repairs canrestore the Premises or Building within one hundred fifty (150) days, or the proceeds of insurance are not be completed sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date of the damage by written notice to Tenant within 30 days of the casualty. Except in the case of an event of force majeure (defined below), if Landlord has not terminated this Lease pursuant to the preceding sentence and the Premises are not repaired or rebuilt within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option shall have the right to terminate this Lease, in which event Lease by giving notice to Landlord within twenty (20) days following the Rent shall be abated during expiration of the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date day period. The provisions of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Section are subject to the casualtyrights of Landlord’s mortgagees, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlif any.

Appears in 1 contract

Samples: Lease (Alliance Laundry Corp)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty casualty, Landlord agrees to promptly restore and repair the Leased Premises; provided, however, that Landlord's obligation hereunder shall be limited to the reconstruction of such of the tenant finish improvements as were originally required to be made by Landlord, if any. Any insurance proceeds not used by Landlord in restoring or repairing the Leased Premises shall be the sole property of Landlord. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage thereto. Notwithstanding the foregoing, if the Leased Premises or Building is are (i) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one hundred eighty (180) days after from the date on which the insurance claim is adjusted; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient (excluding any deductible) to rebuild the Building and the Leased Premises; then, in case of a clause (i) casualty, either Landlord or Tenant may, or, in the case of a clause (ii) casualty, then Landlord may, upon thirty (30) days written notice to the other party, terminate and cancel this Lease; and all further obligations hereunder shall thereupon cease and terminate. Landlord hereby agrees to notify Tenant (i) within sixty (60) days of the date of such damage, the casualty whether or not Landlord or Tenant may at its option terminate this Lease, in which event believes the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed repaired or rebuilt within such one hundred eighty (180) days after day time period, and (ii) as soon as reasonably possible in the date of such damage, or if the damage should be more serious but neither event Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety the Lease pursuant to clause (90ii) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlabove.

Appears in 1 contract

Samples: Lease Agreement (August Technology Corp)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Office Lease (Usurf America Inc)

Casualty. If any portion of the Building Leased Premises is totally damaged or destroyed by fire or other casualty casualty, or if the Building is materially damaged or destroyed by fire or other casualty, Landlord is to repair or restore the Leased Premises (but excluding Tenant's Property) or the Building, as the case may be, with reasonable diligence to the condition the Leased Premises or the Building was in immediately preceding the occurrence of such damage or destruction. From the date of such damage or destruction and continuing throughout the period of such restoration or repair, the Base Rent, Additional Rent, and other charges, if any, payable hereunder equitably abate to the extent the Leased Premises or Tenant's use and occupancx xxxreof are materially affected thereby. However, if such damage is so damaged extensive that rebuilding such repair or repairs restoration cannot be completed by Landlord within one hundred eighty (180) a period of 150 days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after following the date of such damage, or if more than 50% of the damage should be more serious but neither net rentable square footage of the Leased Premises is damaged, Landlord nor or Tenant elects has the right to terminate this LeaseLease by giving notice thereof to the other within 30 days following the occurrence of such casualty. In such case, (a) Landlord shall within ninety has no obligation to repair or restore the Leased Premises or Building, (90b) days after this Lease automatically terminates as of the date of such damage commence notice, (c) the Base Rent, Additional Rent, and other charges, if any, are to rebuild be adjusted as of the date of the occurrence of such casualty, and (d) neither party has any liability by reason of such termination or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior further obligation to the casualtyother hereunder except the obligations under Article XIV and such other obligations which survive the termination of this Lease. Except for the abatement of rent and other charges as set forth above, except Tenant is not entitled to, and hereby waives all claims against Landlord shall not be required to rebuildfor, repair any compensation or replace damage for loss of use of the whole or any part of the furnitureLeased Premises or Appurtenances, equipmentor for any inconvenience or annoyance occasioned by any such damage, fixtures and other improvements destruction, repair or restoration except for any claim based upon the negligence or wilful misconduct of Landlord or its agents or employees. The provisions of any Applicable Law under which may have been placed a lease is automatically terminated or a tenant is given the right to terminate a lease upon the occurrence of any such damage or destruction, are hereby expressly waived by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and maximum extent permitted under its sole controlApplicable Law.

Appears in 1 contract

Samples: Lease Agreement (D & K Healthcare Resources Inc)

Casualty. If the Premises or the Building are damaged by fire or -------- other casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within twenty (20) days from the date of such damage, Landlord shall notify Tenant if the Building is totally destroyed damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by fire Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or other less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord by written notice to Tenant within thirty (30) days from the date of casualty may elect to terminate the Lease, provided, however, 18 LEASE AGREEMENT that if Major Damage occurs in the last year of the Lease Term, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days of the casualty. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or if the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or Building is so damaged that rebuilding or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Xxxxxxxx agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Colorado Business Bankshares Inc)

Casualty. If the Building is totally destroyed by fire fire, tornado, or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit unsuitable for occupancyoccupancy and Landlord is unable to move Tenant to a substitute space in the Building. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon [Missing page from original] continue for a period of thirty (30) days following Tenant's receipt of written notice to Tenantcure from Landlord; provided, however, that Landlord shall notify Tenant, if such failure is not capable of cure within said thirty (30) days after any day period, but is capable of cure, Tenant shall not be deemed in default, if Tenant commences to cure within said thirty (30) day period and diligently and in good faith prosecutes such mortgagee gives a notice cure to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcompletion.

Appears in 1 contract

Samples: Sublease Agreement (Nfront Inc)

Casualty. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Building is totally shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable (defined below) in whole or if in part, the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date rental provided for herein shall, commencing as of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior destruction, abate as to the casualty, except Landlord shall not be required to rebuild, repair or replace any part portion of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in Leased Premises rendered untenantable xxxxl such time as the Premises. There shall be a fair diminution of Rent during the time the Leased Premises are unfit for occupancyreturned to a tenantable condition as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence. If any mortgagee under a deed to secure debt, security agreement or mortgage requires Notwithstanding the insurance proceeds be applied against the mortgage debtabove, Landlord shall have no obligation the right to terminate this Lease in the event such destruction (a) occurs at any time during the last twenty-four (24) calendar months of the term of this Lease, and (b) results in damage to or destruction of all or substantially all of the Building. If such destruction results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building is twelve (12) months or more, then Tenant shall have the right to terminate this Lease. In the event either Landlord or Tenant terminate this Lease pursuant to a right granted under this Section 6.03, all rental owed up to the time of such damage or destruction shall be paid by Tenant and thenceforth this Lease shall terminate upon cease and come to an end as of the date of such termination as to all obligations thereafter accruing. Landlord and Tenant shall give the other party written notice to Tenant; providedof any decisions, however, that Landlord shall notify Tenant, within thirty estimates or elections under this Section 6.03 as soon as possible but in no event more than sixty (3060) days after any such mortgagee gives a notice damage or destruction. Notwithstanding anything contained in this Section 6.03, to the extent Landlord is required to restore the Leased Premises, Landlord shall only be obligated to restore or rebuild the Leased Premises to the condition existing immediately prior to such casualty, but in no event shall Landlord be required to expend more sums than received from the proceeds of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss would have received if insurance had been carried as required hereunder plus the deductible thereunder. The Leased Premises or damage to the Building or to the Premises a portion thereof shall be considered "untenantable" hereunder when the Leased Premises, or such portion thereof, are not reasonably usable for the sole benefit conduct of the party carrying such insurance and under its sole controlTenant's business.

Appears in 1 contract

Samples: Lease Agreement (Howell Corp /De/)

Casualty. If In the event that the Building is totally destroyed damaged by fire or other casualty casualty, the same shall be restored by Landlord, at its own expense, with reasonable dispatch. In the event the cost of repairs and restoration exceeds fifty percent (50%) of the full insurable value of the Leased Premises, then either party may terminate this Lease as of the date of destruction or if damage by providing written notice to the Premises or Building is so damaged that rebuilding or repairs cannot be completed other party within one hundred eighty fifteen (18015) days after the date of destruction or damage. Upon the giving of such damagenotice, Landlord or Tenant may at its option terminate this Lease, in which event the Rent Lease shall be abated during terminated and cancelled and the unexpired portion of this Lease effective Leased Premises surrendered by Tenant, and any advance rentals which may have been paid by Tenant shall be re-paid to Tenant from and after the date of such damage. If this Lease is not so terminated, Landlord shall restore the structure and exterior of the Building and the Leased Premises and the interior of the Leased Premises (to the extent of the additions, alterations and improvements that would be required to be surrendered to Landlord upon termination of this Lease or that would be required to be removed by Tenant, as described on Exhibit E), at its own expense, within a reasonable time after such destruction or damage. All rents payable to Landlord shall xxxxx during the period of any restoration in proportion to the area of the Leased Premises are damaged rendered unusable by firereason of such casualty. In the event that the damage or loss to the Leased Premises is a result of Tenant’s negligence, tornado or other casualty covered Tenant shall be responsible for the deductible portion of any insurance proceeds and the rent hereunder shall not xxxxx. In the event that any restoration of the Leased Premises required to be performed by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed Landlord under this paragraph 30 is not complete within one hundred eighty twenty (180120) days after from the date of such destruction or damage, or if the damage should be more serious but neither Landlord nor Tenant elects may, at its option and upon ten (10) days’ written notice to Landlord, terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except . Landlord shall not be required to rebuildliable or responsible, repair or replace any part of and the furniture, equipment, fixtures and other improvements which may have been placed by Tenant one hundred twenty (120)-day period mentioned in the Premises. There preceding sentence shall be a fair diminution extended, for any delays in repairing or rebuilding due to war, strikes, labor unrest or activities, riots, government action, acts of Rent during the time the Premises are unfit for occupancy. If God, inclement weather or any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole other cause beyond Landlord’s control.

Appears in 1 contract

Samples: Lease Extension Agreement (Novelos Therapeutics, Inc.)

Casualty. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Building is totally Leased Premises shall be destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Base Rental shall abate equitably thereafter as to the portion of the Leased Premises xxxxxred untenantable (based upon the square footage of the Net Rentable Area rendered untenantable) until the earlier to occur of (i) sixty (60) days after the date Tenant is permitted to commence repair of its leasehold improvements for the portion of the Leased Premises so damaged, or (ii) the date the Leased Premises are made tenantable. Landlord agrees to commence and prosecute repair of the Building Standard Improvements promptly and with all due diligence, and Tenant agrees to commence and prosecute repair of its leasehold improvements promptly and with all due diligence, subject in each case to delays for insurance adjustments and delays caused by matters beyond the applicable party's control, zoning laws and building codes then in effect, and to the termination rights set forth below. In the event any portion of the Project is damaged by fire or other casualty, and if the Premises or Building such damage is so damaged such that rebuilding or repairs Landlord cannot reasonably be completed expected to substantially complete its repair work within one hundred and eighty (180) days after the date of such damagecasualty, as reasonably estimated by a responsible contractor selected by Landlord, then Landlord or Tenant may at its option shall have the right to terminate this Lease, in which event Lease and all Rent owing under this Lease up to the Rent time of such destruction or termination shall be abated during paid by Tenant and thenceforth this Lease shall cease and come to an end. Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 6.5 within sixty (60) days after any such damage or destruction. In the unexpired event any portion of this Lease effective from the date Leased Premises is damaged by fire or other casualty, and if such damage is such that Landlord cannot reasonably be expected to substantially complete its repair work of such damage. If the Building or Standard Improvements within the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred and eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior casualty to the casualtyextent necessary to allow Tenant to commence repair of its leasehold improvements, except as reasonably estimated by a responsible contractor selected by Landlord, and Landlord shall has not be required to rebuildterminated this Lease as herein provided, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by then Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenantthe right, within thirty (30) days after Landlord delivers the estimate to Tenant of time to restore, to terminate this Lease. Notwithstanding anything to the contrary contained in this Section 6.5. if at the time of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or Project, less than one (1) year remains in the Term, then Landlord, at Landlord's sole option, shall have the right to terminate this Lease. Additionally, notwithstanding anything to the Premises contrary contained in this Section 6.5, (a) Landlord shall be for obligated to restore or rebuild (i) the sole benefit damaged property only to the extent of the party carrying such net insurance proceeds made available to Landlord for restoration or rebuilding by the holder of any mortgage or deed of trust or lessor under any ground lease, and (ii) only the portion of the Leased Premises that consists of Building Standard Improvements and only to the condition that existed immediately prior to the casualty, and nothing herein shall be construed to obligate Landlord under any circumstances to repair or restore any of Tenant's leasehold improvements in excess of Building Standard Improvements, and (b) if the Leased Premises, the Project, or any portion thereof shall be damaged through the negligence or willful misconduct of Tenant or any of its sole controlagents, employees or invitees, the cost of any repairs made by Landlord not covered by insurance proceeds received by Landlord shall be paid by Tenant and Rent shall continue unabated.

Appears in 1 contract

Samples: Lease Agreement (Zixit Corp)

Casualty. If less than twenty-five percent (25%) of the Premises or the Building is totally destroyed or damaged by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Leasecasualty, Landlord shall within ninety (90) days after restore the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantdiligence; provided, however, that Landlord shall notify have no obligation to restore improvements not originally provided by Landlord or its Predecessor, or to replace any of Tenant's fixtures, furnishings, equipment or personal property, Upon completion of Landlord's restoration work, Tenant shall promptly replace and restore all of Tenant's fixtures, furnishings and equipment damaged or destroyed by the casualty. Landlord shall not be required to commence repairs until insurance proceeds are available. If twenty-five percent (25%) or more of the Premises or the Building is destroyed, then Landlord may elect, not to rebuild the Premises, or the Building (as applicable) and, upon such election, this Lease shall terminate as of the date of the casualty. If Landlord notifies Tenant that the restoration is anticipated to take more than one hundred twenty (120) days to substantially complete, then either party may terminate this Lease by notice thereof to the other party within thirty ten (3010) days after any notice of such mortgagee gives a fact has been given. If the fire orcasualty occurs within the last three (3) years of the Lease term, then Landlord, by written notice to Landlord of such election Tenant, may terminate this Lease. If this Lease is not terminated as provided above, this Lease shall continue in full force and effect, but if Tenant is unable to apply such proceeds against use the mortgage debteffect, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or but if Tenant against loss or damage is unable to the Building or to use the Premises during the restoration, then Base Rent and additional rent shall be xxxxx until the restoration is substantially complete. Tenant shall carry business interruption insurance covering loss of income for the sole benefit of the party carrying such insurance and under its sole controltwelve (12) months from any event causing an interruption.

Appears in 1 contract

Samples: Office Lease (Tradeshow Marketing Co. Ltd.)

Casualty. If all or any portion of the Premises becomes untenantable or all or any material portion of the Building is totally destroyed necessary for access to or beneficial use of the Premises shall be damaged by fire or other casualty (collectively a “Casualty”), then Landlord, with reasonable promptness, shall cause a licensed general contractor reasonably selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises (exclusive of Tenant’s Property and the Tenant-Insured Improvements) and any Common Areas necessary to provide access to or if beneficial use of the Premises to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or Building is so damaged that rebuilding any Common Areas necessary to provide access to or repairs beneficial use of the Premises cannot be completed restored to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Casualty, then either party shall have the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Lease upon written notice to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease in accordance with this Section 14.01 if the Casualty was caused by the negligence or intentional misconduct of Tenant or any such mortgagee gives a Tenant Related Parties. In addition, Landlord, by notice to Landlord Tenant within sixty (60) days after the date of such election the Casualty, shall have the right to apply such terminate this Lease if: (1) the Premises have been materially damaged during the last twelve (12) months of the Term; (2) any Mortgagee requires that all or a material portion of the insurance proceeds against be applied to the payment of the mortgage debt, of the fact that debt owed to such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord Mortgagee; or Tenant against (3) a material uninsured loss or damage to the Building or Premises occurs. If this Lease is terminated by either party on account of any Casualty as provided in this Article 14, then Tenant shall pay to Landlord (by assignment or otherwise) an amount equal to the insurance proceeds actually received by Tenant under the policy(ies) referred to in Section 13.02(b) on account of the damage to or loss of the Leasehold Improvements in the Premises less a reasonable allocation of Tenant’s actual out-of-pocket third party costs, if any, to adjust and collect such proceeds; however, from any such proceeds actually received by Tenant, Tenant shall be for entitled to retain an amount equal to the sole benefit unamortized portion (amortized over the initial Term on a straight-line basis) of the party carrying such insurance and under its sole controlhard costs paid by Tenant to perform any Alterations (excluding, however, any amounts paid by Landlord to perform the Initial Tenant Work).

Appears in 1 contract

Samples: Lease Agreement (Ikena Oncology, Inc.)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or -------- other casualty or if casualty, Landlord shall forthwith repair the Premises or Building same unless this Lease is so damaged that rebuilding or repairs cannot be completed within one hundred eighty terminated as permitted herein. Within twenty (18020) days after from the date of such damage, Landlord shall notify Tenant if the Building is damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or Tenant less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord may at its option elect to terminate this the Lease, in which event the Rent . If Minor Damage occurs then Landlord shall be abated during the unexpired repair such damage and rebuild that portion of this Lease effective from the date of such damage. If the Building or the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty twenty (180120) days after except the Rent shall be reasonably abated during the period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of termination. Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuildrepair any damage by fire or other cause to the property of Tenant and any paneling, repair decorations, railings, floor coverings, or replace any part alterations, additions, fixtures or improvements installed on the Premises by or at the expense of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Partnership Lease Agreement (Preview Systems Inc)

Casualty. If In the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding Landlord shall repair the damage at its expense within a reasonable time. If the damage cannot be repaired within 180 days (as estimated by an architect chosen by Landlord), this Lease may be terminated by either Landlord or repairs can be completed Tenant by written notice within one hundred eighty (180) 30 days after receipt of the architect's damage certification and shall then terminate as of the date such notice is given. Tenant shall pay all rent due under this Lease, prorated on the date of such damagenotice, or and all other sums owing at that time and shall immediately surrender possession of the Leased Premises to Landlord. However, if the damage should can be more serious repaired within 180 days or if it cannot be repaired within such time but neither Landlord nor Tenant elects party exercises its option to terminate this Lease, Landlord shall shall, within ninety (90) 30 days after the date of such damage commence damage, begin to rebuild or repair the Building and/or Leased Premises and shall proceed with reasonable diligence to restore the Building and/or Leased Premises to not less than substantially in the same condition in which it was as existed immediately prior to the occurrence of such casualty, except . The rent shall be abated during the time the premises are unfit for occupancy. Landlord shall not be required to rebuild, repair repair, or replace any part of the furniture, equipment, fixtures and or other improvements which may have been placed on the Leased Premises by Tenant in Tenant. In the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement agreement, or mortgage requires on the building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon written notice to Tenant; provided. In the event the building is so badly damaged by fire or other casualty, howevereven though the Leased Premises may not be affected, that Landlord shall notify Tenantdecides, within thirty (30) 90 days after any the destruction, not to rebuild or repair the building (such mortgagee gives a notice to decision being vested exclusively in the discretion of Landlord), then in such event Landlord of such election to apply such proceeds against the mortgage debt, shall so notify Tenant in writing and this Lease shall terminate as of the fact that time such mortgagee has done so. Except as hereinafter providednotice is given, any insurance which may be carried by Landlord or and the Tenant against loss or damage shall pay rent hereunder apportioned to the Building time such notice is given and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Leased Premises to Landlord. Notwithstanding the foregoing provisions of this Section 23, Tenant agrees that if the Leased Premises or to the Premises shall be for the sole benefit any other part of the party carrying such insurance building is damaged by fire or other casualty caused by the fault or negligence of Tenant or Tenant's agents, employees, or invitees, Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within 180 days, and under its sole controlthe rent shall not be abated or reduced befor or during the repair period.

Appears in 1 contract

Samples: Lease Agreement (Netvoice Technologies Corp)

Casualty. If In case of damage to or destruction of the Building is totally destroyed or other improvements after the Commencement Date of this Lease, by fire or other casualty insurable casualty, Landlord shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or if destruction. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Subject to receipt by Landlord of insurance proceeds covering all Base Rent and other charges due from Tenant, the Base Rent and Operating Cost shall abatx xxxably for the period of time that the Premises is untenantable, in whole or in part (based upon the portion of the Premises that is untenantable). Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Premises, or any portion thereof, ending with the completion thereof are sometimes hereinafter referred to as the "Restoration". In the event the insurance proceeds are inadequate to restore the Building is so damaged that rebuilding and other improvements, Landlord may terminate this Lease by written notice to Tenant given within 90 days following the damage or repairs candestruction unless Tenant agrees in writing within 30 days thereafter to pay for any shortfall and provides evidence reasonably acceptable to Landlord of the availability of such funds. Landlord shall not be completed responsible for damages to Tenant's personal property or trade fixtures, and Tenant shall bear the cost to repair or replace those items. If fire or other casualty shall render the whole or any material portion of the Premises untenantable, and the Premises can reasonably be expected to be made tenantable within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or event, Landlord shall repair and restore the Premises are damaged by fire, tornado to as near their condition prior to the fire or other casualty covered by as is reasonably possible within such two hundred seventy (270) day period (subject to delays for causes beyond Landlord’s insurance's reasonable control) and notify Tenant that it will be doing so, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, be mailed within thirty (30) days after any such mortgagee gives a notice to Landlord from the date of such election to apply such proceeds against damage or destruction, and this Lease shall remain in full force and effect, but the mortgage debt, Base Rent and Operating Cost for the period during which the Premises are untenantable shall be abated pro rata (based upon the portion of the fact that Premises which is untenantable), provided Landlord receives from Tenant proceeds from the loss of rents insurance set forth in Section 13(a)(iii)(v) sufficient to cover all Base Rent and other charges due hereunder. If the Premises cannot reasonably be expected to be made tenantable within two hundred seventy (270) days from the date of such mortgagee has done so. Except as hereinafter providedevent, any insurance which may be carried by either Landlord or Tenant against loss or damage Tenant, by notice in writing to the Building other, mailed within thirty (30) days from the date of such damage or to destruction, may terminate this Lease effective upon a date within thirty (30) days from the Premises shall be for the sole benefit date of the party carrying such insurance and under its sole controlnotice.

Appears in 1 contract

Samples: Lease Agreement (Telex Communications Inc)

Casualty. In the event of a fire or other casualty in the Leased Premises, Tenant shall promptly give notice thereof to Landlord. If the Building is totally Leased Premises shall be destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Base Rental shall xxxxx equitably thereafter as to the portion of the Leased Premises rendered untenantable (based upon the square footage of the Net Rentable Area rendered untenantable) until the earlier to occur of (i) sixty (60) days after the date Tenant is permitted to commence repair of its leasehold improvements for the portion of the Leased Premises so damaged, or (ii) the date the Leased Premises are made tenantable. Landlord agrees to commence and prosecute repair of the Building Standard Improvements promptly and with all due diligence, and Tenant agrees to commence and prosecute repair of its leasehold improvements promptly and with all due diligence, subject in each case to delays for insurance adjustments and delays caused by matters beyond the applicable party's control, zoning laws and building codes then in effect, and to the termination rights set forth below. In the event any portion of the Project is damaged by fire or other casualty, and if the Premises or Building such damage is so damaged such that rebuilding or repairs Landlord cannot reasonably be completed expected to substantially complete its repair work within one two hundred eighty seventy (180270) days after the date of such damagecasualty, as reasonably estimated by a responsible contractor selected by Landlord, then Landlord or Tenant may at its option shall have the right to terminate this Lease, in which event Lease and all Rent owing under this Lease up to the Rent time of such destruction or termination shall be abated during paid by Tenant and thenceforth this Lease shall cease and come to an end. Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 6.5 within sixty (60) days after any such damage or destruction. In the unexpired event any portion of this Lease effective from the date Leased Premises is damaged by fire or other casualty, and if such damage is such that Landlord cannot reasonably be expected to substantially complete its repair work of such damage. If the Building or Standard Improvements within the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one two hundred eighty seventy (180270) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior casualty to the casualtyextent necessary to allow Tenant to commence repair of its leasehold improvements, except as reasonably estimated by a responsible contractor selected by Landlord, and Landlord shall has not be required to rebuildterminated this Lease as herein provided, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by then Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenantthe right, within thirty (30) days after Landlord delivers the estimate to Tenant of time to restore, to terminate this Lease. Notwithstanding anything to the contrary contained in this Section 6.5, if at the time of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or substantial damage to the Building or Project, less than one (1) year remains in the Term, then Landlord, at Landlord's sole option, shall have the right to terminate this Lease. Additionally, notwithstanding anything to the Premises contrary contained in this Section 6.5, (a) Landlord shall be obligated to restore or rebuild (i) the damaged property only to the extent of the net insurance proceeds made available to Landlord for restoration or rebuilding by the holder of any mortgage or deed of trust or lessor under any ground lease; provided, however, if such proceeds are insufficient for the restoration Landlord is obligated to make pursuant to this Section 6.5 and Landlord elects (in its sole benefit discretion) not to restore the damaged property in accordance with the requirements of clause (ii) below and such election not to make such restoration results in the Leased Premises being untenantable, Landlord shall furnish notice thereof to Tenant and Tenant shall have the right to terminate this Lease within thirty (30) days after receipt of such notice from Landlord (failing which, Tenant shall have waived its right to so terminate this Lease pursuant to clause (i)), and (ii) only the portion of the party carrying such Leased Premises that consists of Building Standard Improvements and only to the condition that existed immediately prior to the casualty, and nothing herein shall be construed to obligate Landlord under any circumstances to repair or restore any of Tenant's leasehold improvements in excess of Building Standard Improvements, and (b) if the Leased Premises, the Project, or any portion thereof shall be damaged through the negligence or willful misconduct of Tenant or any of its agents, employees or invitees, the cost of any repairs made by Landlord not covered by insurance proceeds received by Landlord shall be paid by Tenant and under its sole controlRent shall continue unabated.

Appears in 1 contract

Samples: Lease Agreement (FSP Phoenix Tower Corp)

Casualty. If the Building Premises or the Project is totally destroyed damaged or destroyed, in whole or in part, by fire or other casualty at any time during the Term and if, after such damage or if destruction, Tenant is not able to use the portion of the Premises not damaged or destroyed to substantially the same extent and for the Authorized Use for which the Premises were leased to Tenant hereunder, and within sixty (60) days after Landlord’s receipt of written notice from Tenant describing such damage or destruction Landlord provides notice to Tenant that the Premises, as improved to the extent of the Building is so damaged that rebuilding Standard improvements existing immediately prior to such destruction or repairs casualty, cannot be completed repaired or rebuilt to the condition which existed immediately prior to such destruction or casualty within one two hundred eighty seventy (180270) days after following the date of such damagedestruction or casualty, then either Landlord or Tenant may at its option by written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is the result of the negligence or willful misconduct of Tenant or its employees, in which event agents, contractors, or customers, the Rent shall be abated during for the unexpired period and proportionately to the extent that after such damage or destruction Tenant is not able to use the portion of the Premises damaged or destroyed for the Authorized Use and to substantially the same extent as Tenant used the Premises prior thereto. If this Lease effective from is not terminated pursuant to the date foregoing, then upon receiving the available insurance proceeds, Landlord shall restore or replace the damaged or destroyed portions of the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such damagedestruction or casualty, or Project; Tenant shall restore or replace the leasehold improvements to the Premises required to be insured by Tenant hereunder; and this Lease shall continue in full force and effect in accordance with the terms hereof. Landlord shall restore or replace the damaged or destroyed portions of the Premises or Project that Landlord is required to restore or replace hereunder within a reasonable time, subject to Force Majeure Events and the availability of insurance proceeds. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant either party elects to terminate this LeaseLease as provided in this Section, Landlord this Lease shall within ninety terminate on the date which is thirty (9030) days after following the date of the notice of termination as if the Term hereof had been scheduled to expire on such damage commence date, and, except for obligations which are expressly stated herein to rebuild survive the expiration or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior earlier termination of this Lease, neither party shall have any liability to the casualty, except other party as a result of such termination. Landlord shall not be required obligated to rebuildrepair any damage to Above Standard improvements or fixtures, repair Tenant’s inventory, trade fixtures or replace any part of other personal property. Notwithstanding anything in this Section to the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debtcontrary, Landlord shall have no obligation to rebuild repair or restore the Premises or the Project on account of damage resulting from any casualty which occurs during the last twelve (12) months of the Term, or if the estimated cost of such repair or restoration would exceed fifty NY\53603744.6 percent (50%) of the reasonable value of the Building prior to the casualty or if the net amount of insurance proceeds will not be adequate to complete such restoration, or if Landlord’s mortgagee requires that insurance proceeds be delivered to such mortgagee and will not be made available for restoration. To the extent Landlord is obligated to restore or elects to restore the Premises Landlord agrees to provide Tenant with written notice of the estimated time to complete such restoration within sixty (60) days following the occurrence of such casualty event. In addition to Tenant’s termination option set forth above, Tenant shall have the right to terminate this Lease shall terminate upon notice if the casualty occurs during the last twelve (12) months of the Term (and the Term has not been previously extended) and the restoration would take longer than ninety (90) days from the date of casualty to Tenant; providedcomplete. The abatement of Rent, howeverif applicable hereunder, that Landlord shall notify and termination of this Lease by Tenant, within thirty (30) days after any such mortgagee gives a notice if applicable hereunder, are the sole remedies available to Landlord of such election to apply such proceeds against Tenant in the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to event the Premises shall be for or the sole benefit of the party carrying such insurance and under its sole controlProject is damaged or destroyed, in whole or in part, by fire or other casualty.

Appears in 1 contract

Samples: Commercial Lease Agreement (Moleculin Biotech, Inc.)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within thirty (30) days from the date of such damage, Landlord shall notify Tenant if the Premises or Building is damaged in excess of thirty-five percent (35%) of the Building's precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as "MAJOR DAMAGE" and damage equal to or less than such amount being referred to as "MINOR DAMAGE"). If Major Damage occurs, Landlord may elect to terminate the Lease so long as Landlord terminates the tenancies of all other similarly affected tenants in the Building. If Minor Damage occurs, then Landlord shall repair such damage and rebuild that portion of the Building or the Premises damaged within a reasonable time not to exceed one hundred eighty (180) days after such casualty. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or in the event of Minor Damage, this Lease shall remain in full force and effect except the Rent shall be reasonably abated during the period of repair based on that rebuilding or repairs canportion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of termination. Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such date of termination. Landlord shall not be completed required to repair any damage by fire or other cause to the property of Tenant or any alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. In the event that such damage or destruction is not repaired within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged event, then Tenant, at its option, by firewritten notice to Landlord, tornado or other casualty covered by may terminate this Lease which shall be effective upon Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date 's receipt of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlnotice.

Appears in 1 contract

Samples: Lease Agreement (Webtrends Corp)

Casualty. If In the Building is totally destroyed event of total or partial destruction of the Leased Premises by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord's obligation hereunder shall be limited to (a) the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above; and (b) the extent that insurance proceeds are sufficient to restore or repair same. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises are (a) so destroyed that they cannot be repaired or rebuilt within one hundred twenty (120) days from the casualty date; (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Leased Premises; then, in case of a clause (a) casualty, either Landlord shall notify Tenantor Tenant may, within or, in the case of a clause (b) casualty, then Tenant may, upon thirty (30) days after any such mortgagee gives a days' written notice to the other party, terminate this Sublease with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. Upon termination of this Sublease pursuant to this Article 9, Landlord of such election to apply such proceeds against shall refund all Tenant’s prepaid rent, if any, including rent paid for any period during which the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried Leased Premises were unusable by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlPermitted Use.

Appears in 1 contract

Samples: Sublease by And

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises are (a) so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days from the casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgage entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of a clause (a) casualty, either Landlord shall notify Tenantor Tenant may, within or, in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days after any such mortgagee gives a written notice to Landlord of such election the other party, terminate this Lease with respect to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done somatters thereafter accruing. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage Notwithstanding anything to the contrary contained in this Article 9, in the event that Landlord fails to fully repair, reconstruct or restore the Leased Premises or the Building or within two hundred ten (210) days from the date of casualty, !hen Tenant may terminate this Lease upon thirty (30) days written notice and opportunity to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcure to Landlord.

Appears in 1 contract

Samples: Industrial Lease (Alynx, Co.)

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Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises Premises. Tenant may terminate this Lease upon thirty (30) days prior written notice to Landlord if (i) it would take more than one hundred and eighty (180) days to repair (as determined by Landlord) (ii) at least fifty percent (50%) of the Premises, have been rendered untenantable (iii) neither Tenant nor its employees caused the casualty and (iv) there are fewer than thirty-six (36) months remaining in the applicable Lease Term as of the date of the casualty. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. If (i) the Premises are damaged or otherwise rendered untenantable, (ii) this Lease is not terminated, and (iii) the casualty was not caused by Tenant, its agents or employees then Rent shall equitably abatx xxxed upon the portion of the Premises rendered untenantable from the date of the casualty until restored.

Appears in 1 contract

Samples: Office Lease (McData Corp)

Casualty. If the Premises, the Building is totally or Property shall be damaged or destroyed by fire or other casualty insurable under standard coverage insurance to the extent of less than twenty-five percent (25%) of the reasonable replacement value thereof at the time of such damage or destruction, Landlord shall, except as otherwise provided herein, repair and/or rebuild the same with reasonable diligence. Tenant shall repair or restore with due diligence all trade fixtures, equipment and other installations theretofore installed by Tenant to the extent of Tenant’s obligations as set forth in Exhibit B and damaged or destroyed by such fire or casualty. If the Premises or the Building shall be damaged or destroyed to the extent of twenty-five percent (25%) or more of the reasonable replacement value thereof at the time of such damage or destruction, or shall be damaged or destroyed as a result of a risk which is not covered by insurance, or shall be damaged or destroyed to any extent by any cause in the last three (3) years of the then current term of this Lease (unless Tenant shall have exercised prior to the date of said fire or other casualty any remaining option to extend the term of this Lease), or if the Property (whether or not including the Premises or the Building) should be damaged or destroyed to the extent of twenty-five percent (25%) or more of the reasonable replacement value thereof at the time of such damage or destruction, the Landlord may at its sole election restore or rebuild the Premises, the Building or the Property, as the case may be, or terminate this Lease. In any instance where Landlord shall have an election to terminate this Lease by reason of such damage or destruction, it shall give Tenant notice of its election within sixty (60) days after such damage or destruction, and in such event, if Landlord shall elect to restore or rebuild, Landlord shall proceed to do so, with reasonable diligence and Tenant shall replace or restore with reasonable diligence all trade fixtures, equipment and other installations theretofore installed by Tenant and damaged or destroyed by such fire or other casualty. Landlord’s obligation hereunder shall be to restore or rebuild to no greater extent than its obligations in connection with the original construction as set forth in Exhibit B and shall also be subject to zoning and building laws then applicable to the Premises. Further, Landlord’s obligation hereunder shall be limited to the proceeds received and retained by Landlord (net of any amounts required to be paid to Landlord’s mortgagee) under the insurance policy which is so damaged that rebuilding or repairs canallocable to the Premises, and Landlord shall not be completed within one hundred eighty obligated to commence such repairs and/or rebuilding until such insurance proceeds are released to Landlord. Landlord shall not be liable for delays in the making of any such repairs which are due to governmental regulations, casualties, and strikes, unavailability of labor and materials, and other causes beyond the reasonable control of Landlord; nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to that business of Tenant resulting from reasonable delays in the making of any such repairs. Tenant shall, during any period of reconstruction or repair of the Premises, the Building and/or of the Property, continue the operation of its business in the Premises to the extent reasonably practicable. If the Premises, or any part thereof, or the Building shall be damaged or destroyed by fire or other casualty not caused by the negligence or act of Tenant (180irrespective of the time when such damage or destruction shall occur, and irrespective of whether or not Landlord shall be insured against the perils causing same), and if as a result thereof the Premises shall be rendered untenantable to an extent which would reasonably require the Tenant to curtail a part of its business operation, then a just proportion of the Rent reserved hereunder shall be suspended or abated according to the extent to which Tenant may be reasonably required to discontinue its business in the Premises until the work of restoration to be done by Landlord as aforesaid shall be substantially completed. In the event Landlord elects to terminate this Lease pursuant hereto, the effective termination date shall be not less than thirty (30) days after the date on which a termination notice is received by Tenant, this Lease and the term hereof shall expire as of such effective termination date, and the yearly Rent and Additional Rent shall be apportioned as of such date; further, if the Premises or any part thereof shall have been rendered unfit for use and occupation by reason of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the yearly Rent shall be abated during and Additional Rent for the unexpired portion of this Lease effective period from the date of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered to the effective termination date, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been rendered unfit, shall be abated. Notwithstanding any provision of this Section XV to the contrary, (I) in case the Building is so damaged by such fire or other casualty that Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord architect shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be make a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, written determination within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, fire or other casualty that substantial repair or reconstruction of the fact that Building can reasonably be expected to require more than nine (9) months from the date the work begins, then, whether or not the Premises shall have been damaged by such mortgagee has done so. Except as hereinafter providedfire or other casualty, any insurance which this Lease and the term hereof may be carried by terminated at the election of Landlord or Tenant against loss or damage by a notice in writing of its election so to terminate which shall be given to the Building other party within sixty (60) days following such fire or other casualty, the effective termination date of which shall be not less then thirty (30) days after the date on which such termination notice is received; and (II) In the event Landlord shall have not completed the repairs or restoration to the Premises and the means of access thereto to a tenantable condition as required hereunder in the event of a fire or other casualty, within nine (9) months of the date of such fire or other casualty, Tenant shall have the right to terminate this lease by a notice in writing of its election so to terminate which shall be given to Landlord within fifteen (15) days following the expiration of said nine (9) month period, the effective termination date of which shall be thirty (30) days after the date on which such termination notice is received. Tenant’s failure to deliver any notice of termination within the time period set forth in this Section XV for the sole benefit such notice shall render any such notice void and of the party carrying such insurance and under its sole controlno force or effect.

Appears in 1 contract

Samples: Lease (Ace Comm Corp)

Casualty. If the a Building is totally destroyed damaged by fire or other casualty, and the damaged Building can be fully repaired within six (6) months after such casualty or occurred, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible, subject to delays beyond Landlord’s control; provided, however, that if Landlord shall not have substantially completed restoration such that lawful possession may be restored to Tenant within nine (9) months next following the Premises or date the casualty occurred, then in that event, Tenant shall have the right to terminate this Lease upon written notice to Landlord; provided, however that Landlord shall have the right to avoid such termination by completing restoration and returning lawful possession to Tenant within ten (10) days next following receipt of Tenant’s notice. If the damaged Building is so damaged that rebuilding or repairs cannot be completed fully repaired within one hundred eighty six (1806) days months after the date of such damagecasualty occurred, Landlord or Tenant may at its option elect to terminate this Lease, in which event Lease by providing the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed party with written notice thereof within one hundred eighty forty-five (18045) days after the date occurrence of such damage, or if the damage should be more serious but casualty. If neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety repair the damage as soon as reasonably possible, in which event this Lease shall remain in full force and effect. In addition to the foregoing, if the damage to a Building occurs during the last one (901) days after year of the Lease Term, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred. If this Lease is not terminated following a casualty, rent shall xxxxx from the date of the occurrence in the proportion that the area of the portion of the Premises rendered unusable by such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior casualty bears to the casualty, except Landlord shall not be required to rebuild, repair or replace any part entire area of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There The abatement shall continue until the portion of the Premises which shall have been damaged shall be rebuilt or repaired. Tenant waives the protection of any law which grants a fair diminution tenant the right to terminate a lease in the event of Rent during the time substantial destruction of a leased property, and agrees that the Premises are unfit for occupancyprovisions of this paragraph shall govern in the event of any substantial destruction of the Premises. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord agrees that if Landlord shall have no obligation exercise its right to rebuild and terminate this Lease in accordance with the foregoing provisions in any instance where one Building shall terminate upon notice to Tenant; providedbe damaged but the other shall remain tenantable, howeverthen the foregoing provisions notwithstanding, that Landlord Tenant shall notify Tenant, within thirty have at least one hundred and eighty (30180) days after any such mortgagee gives a within which to vacate the Buildings following Landlord’s notice to Landlord of such election to apply such proceeds against termination in accordance with the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlforegoing provisions.

Appears in 1 contract

Samples: Agreement of Lease (Bio Imaging Technologies Inc)

Casualty. If In the Building event the leased Premises or the said building is totally destroyed or injured by fire fire, earthquake or other casualty to the extent that they are untenantable in whole or if in part, then Lessor may, at Lessor's option, proceed with reasonable diligence to rebuild and restore the said Premises or such part thereof as may be injured as aforesaid, provided that within sixty (60) days after such destruction or injury Lessor will notify Lessee of Lessor's intention to do so, and during the period of such rebuilding and restoration the rent shall be abated on the portion of the Premises that is unfit for occupancy. If necessary, Lessor will provide access to any needed alternative space for Lessee at the fair market rate not to exceed Lessee's rental rate hereunder. If the Premises are destroyed or Building is so damaged that rebuilding damages and the damage or repairs cannot be completed destruction renders more than 40% of the Premises untenantable for 120 days or more, either party may elect to terminate the Lease as of the date of the damage or destruction by giving the other party written notice within one hundred eighty (180) 30 days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord if Lessor can provide comparable alternative space with comparable tenant improvements acceptable to Lessee, which approval shall notify Tenantnot be unreasonably withheld, within thirty (30) days after any such mortgagee gives as a notice substitute for the damaged or destroyed premises, then Lessee shall not have the right to Landlord terminate the Lease. Lessee shall pay for the temporary space at the market rate or at Lessee's existing rate whichever is lower and Lessor agrees to pay the costs of such election relocation and required tenant improvements acceptable to apply such proceeds against Lessee, which approval shall not be unreasonably withheld. In the mortgage debtevent of termination, all rights and obligations of the fact that such mortgagee has done soparties shall cease as of the date of termination, and Lessee shall be entitled to reimbursement of any prepaid rent. Except If neither party elects to terminate, Lessor shall promptly and diligently proceed to restore the Premises to substantially the same form as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage prior to the Building damage or to the Premises destruction. Work shall be commenced as soon as possible and shall proceed without interruption except for the sole benefit work stoppages on account of the party carrying such insurance labor disputes and under its sole matters outside of Lessor's control.

Appears in 1 contract

Samples: Fourth and Blanchard Office Lease (Getty Images Inc)

Casualty. If the Building is totally destroyed “Major Damage” means damage by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If to the Building or the Premises are damaged by firethat causes the Premises or any substantial portion of the Building to be unusable, tornado or other casualty that will cost more than twenty-five percent (25%) of the predamage value of the Building to repair, or that is not covered by Landlord’s insurance. In case of Major Xxxxxx, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects may elect to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition Lease by notice in which it was immediately prior writing to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after such date. If this Lease is not terminated following Major Damage, or if damage occurs that is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage, to the extent insurance proceeds are available to effect such restoration. Tenant shall be responsible for insuring its personal property and trade fixtures located on the Premises and any such mortgagee gives a notice alterations or tenant improvements it has made to the Premises, and Tenant shall promptly restore all damage to tenant improvements or alterations installed or paid for by Tenant. Unless the casualty was caused by Tenant, rent shall be reduced from the date of damage until the date restoration work being performed by Landlord of such election is substantially complete, with the reduction to apply such proceeds against be in proportion to the mortgage debt, area of the fact that such mortgagee has done soPremises not usable by Tenant. Except Landlord shall have no liability for any damage sustained or claimed to have been sustained by Xxxxxx as hereinafter provideda result of interruption of Tenant’s business during the restoration period. Neither Landlord, nor any insurance which may Landlord Parties will be carried by Landlord liable to Tenant or any Tenant against Parties for any loss or damage caused by water damage, sprinkler leakage, or any of the risks that are covered by property insurance, or for any business interruption, and there shall be no subrogated claim by one party’s insurance carrier against the other party arising out of any such loss. Landlord and Tenant grant this release on behalf of themselves and their respective insurance companies and each represents and warrants to the Building or other that it is authorized by its respective insurance company to grant the Premises waiver of subrogation contained in this Section. This release and waiver shall be for binding upon the sole benefit parties whether or not insurance coverage is in force at the time of the party carrying such insurance and under its sole controlloss or destruction of property referred to in this Section.

Appears in 1 contract

Samples: Lease Agreement

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within forty-five (45) days from the date of such damage, Landlord shall notify Tenant if (i) the Premises or Building is so damaged that rebuilding in excess of twenty-five percent (25%) of the Building's precasualty value as reasonably determined by Landlord or repairs (ii) more than ten percent (10%) of the parking spaces located on the Land as of the Commencement Date cannot be used as a result of such casualty (and Landlord cannot reasonably relocate the same). Damage to the Building in excess of such amount is referred to as "Major Damage" and damage to the Building equal to or less than such amount is referred to as "Minor Damage". If damage occurs, Landlord may elect to terminate the Lease. If Major Damage related to parking reduction occurs, and Landlord cannot reasonably relocate the same to Tenant's reasonable satisfaction, Tenant shall have the right to terminate the Lease. Any and all termination rights provided to Tenant in this Section 19.1 shall be exercised in writing by Tenant within fourteen (14) days after the date Landlord gives Tenant notice of the damage or loss of use provided for herein and Landlord's inability to reasonably replace the parking spaces, and such rights shall automatically expire at 11:59 p.m. of such fourteenth day. This termination right relating to parking shall be personal to the Tenant. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild, within sixty (60) days of the date of damage, or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs are completed within one hundred eighty (180) days after of the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event damage except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the rentable square feet of the Premises not reasonably useable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which Tenant's use of the Premises is impaired, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Planar Systems Inc)

Casualty. If the Building Lease Premises is totally destroyed damaged by fire or other casualty or if casualty, the Premises or Building is so --------- Landlord will promptly give written notice to Tenant whether the damaged that rebuilding or repairs cannot area can reasonably be completed repaired within one hundred eighty (180) 120 days after the date of the occurrence of such damagecasualty. If Landlord notifies Tenant that it does not believe that the damaged area can reasonably be repaired within such 120 day period, then both Landlord or and Tenant may at its will have the option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of terminating this Lease effective from by giving a written notice thereof to the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed at any time within one hundred eighty (180) 30 days after the date of Tenants receipt of the aforementioned notice from Landlord. If Landlord determines that the damaged area can reasonably be repaired within such damage, 120 day period or if the damage should be more serious but neither Landlord nor Tenant party elects to terminate this LeaseLease despite the fact that Landlord has determined that the damaged area cannot be reasonably repaired within such 120 day period, Landlord shall within ninety (90) days after the date of such damage commence then landlord will proceed to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantdamaged area at its sole expense; provided, however, that Landlord shall notify will in no event be required to repair any improvements previously made to the Lease Premises by or at the request of Tenant. If the Leased Premises are rendered untenantable in whole or in part as a result of a fire or other casualty which was not caused by Tenant, within thirty (30) days then all rent and other payments accruing after the occurance of any such mortgagee gives a notice fire or other casualty and prior to Landlord of such election to apply such proceeds against the mortgage debt, completion of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit repair of the party carrying Leased Premises will be equitably and proportionately abated to reflect the untenantable portion of the Leased Premises. Landlord will not be liable to Tenant for any inconvenience or interruption to Tenant's business occasioned by such insurance and under fire or other casualty or the concomitant repair of the damaged area. In the event of the occurrence of any casualty, Landlord will use its sole controlbest efforts to provide temporary space to Tenant in another Landlord owned building, if such space is then available.

Appears in 1 contract

Samples: Lease Agreement (Sunstar Healthcare Inc)

Casualty. (a) If the Building is totally destroyed and/or Premises shall be so damaged by fire or other casualty so as to prevent Tenant from conducting or partially conducting its business for the Intended Uses in the Premises, and if such damage shall be so great that the Premises with the exercise of reasonable diligence, but without the payment of overtime or Building is so damaged that rebuilding or repairs other premiums cannot be completed made fully operational for the Tenant within one hundred eighty (180) 180 days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date happening of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damagecasualty, or if the damage should can be more serious repaired to make the Premises fully operational for the Tenant within the 180-day period from the happening of the fire or other casualty, but insurance proceeds are not made available to Landlord for repair of such damage, then Landlord or Tenant may terminate this Lease. If neither Landlord nor Tenant elects to terminate terminates this LeaseLease as set forth above, then, except as hereinafter provided, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or with reasonable promptness, repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, damage so done except that Landlord shall not be required to rebuildrepair, replace or restore any personal property of Tenant specified in the first sentence of Section 13(b). Until such repair or replace any is substantially completed, the Base Rent and the Operating Cost shall be abated in proportion to the part of the furniture, equipment, fixtures and other improvements Premises which may have been placed is unusable by Tenant in the Premisesreasonable conduct of its business or profession. There shall be a fair diminution no abatement of Base Rent during or the time Operating Costs by reason of any portion of the Premises are unfit being unusable for occupancya period of ten (10) days or less, unless covered by Landlord’s loss of rent insurance. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage is due to the Building fault or to the Premises negligence of Tenant or Tenant’s employees, agents or invitees, there shall be for no abatement of Base Rent and the sole benefit Operating Costs, unless covered by Landlord’s loss of the party carrying such insurance and under its sole controlrent insurance.

Appears in 1 contract

Samples: Lease

Casualty. If the Building is totally destroyed by fire fire, tornado or other casualty or if the Premises or the Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) ninety days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease Term effective from with the date of such damage. If the Building or the Premises are is damaged by fire, tornado or other casualty (whether or not covered by Landlord’s insurance), but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) ninety days after the date of such damage, or if the damage should be is more serious but neither (i.e., the damage cannot be completed within ninety days after the date of such damage), and Landlord nor Tenant elects does not elect to terminate this Lease, in either such event Landlord shall within ninety (90) thirty days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was as existed immediately prior to the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentequipment (including computer hardware or software), fixtures and other improvements which may have been placed by Tenant in or other tenants within the Building or the Premises. There Landlord shall be allow Tenant a fair and proportionate diminution of Rent during the time the Premises are unfit for occupancy. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage on the Building requires the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlLandlord’s entire obligation to rebuild or restore shall be limited to the extent of any insurance proceeds actually received. Landlord shall have no obligation to insure Tenant’s contents, business disruption or loss of profits or business.

Appears in 1 contract

Samples: Office Lease Agreement

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Tenant shall forthwith repair the same unless this Lease is terminated as permitted herein. Within forty-five (45) days from the date of such damage, Tenant shall notify Port if the Premises or the Building is so damaged in excess of fifty percent (50%) of the Premises’ or the Building’s precasualty value, as reasonably determined by Tenant (damage in excess of such amount being referred to as “Major Damage” and damage equal to or less than such amount being referred to as “Minor Damage”). If Major Damage occurs, Tenant may elect to terminate the Lease. If Minor Damage occurs then Tenant shall repair such damage and rebuild that rebuilding portion of the Building or the Premises damaged. In the event of Major Damage, if Tenant gives its written notice to Port electing to rebuild, within sixty (60) days of the date of damage, or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after except the Base Rent shall be reasonably abated during the period of repair based on that portion of the rentable square feet of the Building not reasonably useable by Tenant. If in the event of Major Damage, Tenant elects by written notice to Port not to rebuild, then this Lease shall automatically terminate as of the effective date of such damagenotice, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during reduced by a proportionate amount based upon the unexpired portion extent to which Tenant’s use of this Lease effective from the Building is impaired, and Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord Port shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in cause to the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlTenant’s Property.

Appears in 1 contract

Samples: Lease Agreement

Casualty. If In the event that the Building is should be totally -------- destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180I 80) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects not to terminate this Lease, in such event, Landlord shall within shall, promptly following receipt of all applicable permits and insurance proceeds, but in no event more than ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during the time If the Premises are unfit for occupancydamaged and in Landlord's reasonable estimation the repairs cannot be completed within two hundred ten (210) days after the date of such damage, then if Landlord has not otherwise terminated the Lease Tenant may elect to terminate this Lease within ninety (90) days of the date of such damage. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. If Tenant's Premises are untenantable and Landlord does not complete the repair thereof within the time periods estimated by Landlord, subject to extension thereof by Force Majeure, and such failure to complete is not a result of Tenant Delay, then Tenant may elect to terminate this Lease upon thirty (30) days prior written notice to Landlord, if during such thirty (30) day period the repairs are not completed by Landlord. If Tenant does not so elect to terminate and Landlord elects to rebuild the Building or portions thereof, so long as Tenant provides Landlord with the plans and if specifications necessary for the re-construction of its leasehold improvements and the insurance proceeds or other source of funds provided by Tenant are collectively sufficient in amount to cover such administrative, hard and soft construction, and such other costs incurred by Landlord, Landlord agrees to re- construct Tenant's damaged leasehold improvements for and on behalf of Tenant.

Appears in 1 contract

Samples: Office Lease (Sm&a Corp)

Casualty. If the Premises or the Building are damaged by fire -------- or other casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within twenty (20) days from the date of such damage, Landlord shall notify Tenant if the Building is totally destroyed damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by fire Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or other casualty less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord may elect to terminate the Lease. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or if the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or Building is so damaged that rebuilding or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Virtual Mortgage Network Inc)

Casualty. If In case of damage to or destruction of the Building is totally destroyed or other improvements after the Commencement Date of this Lease, by fire or other casualty insurable casualty, Landlord shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or if destruction. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Subject to receipt by Landlord of insurance proceeds covering all Base Rent and other charges due from Tenant, the Base Rent and Operating Cost shall xxxxx ratably for the period of time that the Premises is untenantable, in whole or in part (based upon the portion of the Premises that is untenantable). Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Premises, or any portion thereof, ending with the completion thereof are sometimes hereinafter referred to as the "Restoration". In the event the insurance proceeds are inadequate to restore the Building is so damaged that rebuilding and other improvements, Landlord may terminate this Lease by written notice to Tenant given within 90 days following the damage or repairs candestruction unless Tenant agrees in writing within 30 days thereafter to pay for any shortfall and provides evidence reasonably acceptable to Landlord of the availability of such funds. Landlord shall not be completed responsible for damages to Tenant's personal property or trade fixtures, and Tenant shall bear the cost to repair or replace those items. If fire or other casualty shall render the whole or any material portion of the Premises untenantable, and the Premises can reasonably be expected to be made tenantable within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or event, Landlord shall repair and restore the Premises are damaged by fire, tornado to as near their condition prior to the fire or other casualty covered by as is reasonably possible within such two hundred seventy (270) day period (subject to delays for causes beyond Landlord’s insurance's reasonable control) and notify Tenant that it will be doing so, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, be mailed within thirty (30) days after any such mortgagee gives a notice to Landlord from the date of such election to apply such proceeds against damage or destruction, and this Lease shall remain in full force and effect, but the mortgage debt, Base Rent and Operating Cost for the period during which the Premises are untenantable shall be abated pro rata (based upon the portion of the fact that Premises which is untenantable), provided Landlord receives from Tenant proceeds from the loss of rents insurance set forth in Section 13(a)(iii)(v) sufficient to cover all Base Rent and other charges due hereunder. If the Premises cannot reasonably be expected to be made tenantable within two hundred seventy (270) days from the date of such mortgagee has done so. Except as hereinafter providedevent, any insurance which may be carried by either Landlord or Tenant against loss or damage Tenant, by notice in writing to the Building other, mailed within thirty (30) days from the date of such damage or to destruction, may terminate this Lease effective upon a date within thirty (30) days from the Premises shall be for the sole benefit date of the party carrying such insurance and under its sole controlnotice.

Appears in 1 contract

Samples: Lease Agreement (Telex Communications International LTD)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord's obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally in place at the time of the Commencement Date or required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises are (a) so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days from the casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of a clause (a) casualty, either Landlord shall notify Tenantor Tenant may, or, in the case in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days' written notice to the other party, terminate this Lease with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. Notwithstanding anything in this Lease to the contrary, if (i) the Leased Premises is damaged or destroyed during the last twelve (12) months of the Term; or (ii) Landlord fails to substantially complete its repair or restoration obligations within two hundred ten (210) days following the date of such casualty, then Tenant may terminate the Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days after the casualty with respect to (i) above, or, with respect to (ii) above, at any such mortgagee gives a notice to Landlord of such election to apply such proceeds against time after the mortgage debt, expiration of the fact that such mortgagee has done so. Except as hereinafter applicable time period giving rise to Tenant's right to terminate, provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises that Tenant's notice of termination shall be for deemed null and void if Landlord substantially completes the sole benefit Leased Premises within sixty (60) days following receipt of the party carrying such insurance and under its sole controlTenant's termination notice.

Appears in 1 contract

Samples: Lease (Optium Corp)

Casualty. If the Building Premises or a substantial portion thereof is totally destroyed rendered untenantable by fire or other casualty and Landlord reasonably determines (based on the determination of an architect or if engineer) that the Premises or Building is so damaged that rebuilding or repairs damage cannot be completed repaired within one hundred eighty (180) days after Landlord is notified of the date of such damagecasualty, then either Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenantmay, within thirty (30) days after such determination (which shall be provided to Tenant), give the other notice of termination of this Lease without any further liability, and the Term shall expire thirty (30) days after such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debtis given, with rent being apportioned as of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by date of Lease termination If either Landlord or Tenant against loss have not elected to terminate as herein provided, Landlord shall repair the Premises, but only to the extent of the insurance proceeds actually received by Landlord, with Tenant obligated to pay any deductible, except for damage due to defective materials, construction, labor or design of the Building, in which case the repairs shall be at Landlord’s expense. If insurance proceeds paid to Landlord are not sufficient to complete the required repairs and Landlord elects not to complete same, Landlord shall notify Tenant and Tenant shall have the right to terminate the Lease, without any further liability to Tenant. During any period Tenant is not able to occupy the Premises on account of any repair or restoration, Tenant will have no obligation to pay rent or other amounts due hereunder provided Tenant has maintained business interruption insurance as required hereunder. Tenant shall give Landlord prompt written notice of any damage to the Building Premises by fire or other casualty. Landlord’s obligations to restore are strictly limited to the Premises shall be for the sole benefit replacement of the party carrying such insurance and under its sole controlbasic Building area. Landlord shall not be obligated to restore any alterations, personal property, furniture, fixtures or equipment.

Appears in 1 contract

Samples: Lease Agreement (Avago Technologies LTD)

Casualty. a) If the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurancecasualty, Tenant shall promptly notify Landlord and Landlord shall repair the damaged portions of the Premises, including, without limitation, the Base Building and Site Work and the Tenant Work, but only excluding Tenant's furniture, fixtures, equipment and other property therein and any improvements or alterations made to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days the Premises by Tenant after the date Commencement Date (other than the completion of such damagethe Tenant Work), provided that if, in Landlord's reasonable judgment, the damage would require more than 270 days of work to repair, or if the damage should insurance proceeds (excluding rent insurance) which Landlord anticipates receiving (if such amount is in excess of $500,000) must be more serious but neither Landlord nor Tenant elects applied to terminate this Leaserepay any mortgages encumbering the Building, Landlord shall so notify Tenant in writing within ninety (90) 60 days after following the occurrence of the fire or other casualty, in which event, either Landlord or Tenant may terminate this Lease by so notifying the other party, which notice shall specify a termination date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except 30 days after its transmission. If Landlord shall not be is so required to rebuildrepair, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There work shall be a fair diminution of Rent during commenced promptly and completed with due diligence, taking into account the time the Premises are unfit required for occupancy. If any mortgagee under a deed Landlord to secure debtprocure said insurance proceeds, security agreement and construction delays due to shortages of labor or mortgage requires the insurance proceeds be applied against the mortgage debtmaterial or other causes beyond Landlord's reasonable control, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that in the event Landlord shall notify Tenantfails to complete such restoration within such 270 day period for any reason (including those beyond Landlord's reasonable control), within thirty Tenant may terminate this Lease upon fifteen (3015) days after any such mortgagee gives a prior written notice to Landlord of given before the restoration is substantially completed and provided Landlord does not complete such election to apply restoration during such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlperiod.

Appears in 1 contract

Samples: Lease Agreement (Viropharma Inc)

Casualty. Tenant shall give Landlord written notice of any fire or other casualty occurring within the Premises on the next business day following such occurrence or Tenant's knowledge thereof, whichever is later. If the Building is totally destroyed Premises or Project (provided such damage to the Project would constitute an interference with Tenant's quiet enjoyment of the Premises), or any portion of either, shall be damaged by fire or other casualty or if covered by the insurance carried by Landlord hereunder and the cost of repairing such damage shall not be greater than 10% of the then full replacement cost thereof, then, subject to the following provisions of this Article, Landlord shall repair the Premises and/or Project. If the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent Project shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building damaged (a) by fire or the Premises are damaged other casualty not covered by fireinsurance carried by Landlord hereunder, tornado (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord’s insurance's mortgagee requires that such insurance proceeds be used to retire the mortgage debt, but only or (c) to an extent greater than 10% of the then full replacement cost of any Building in which the Premises are located, then Landlord shall have the option (i) to repair or reconstruct the damaged Premises or Project to substantially the same condition as immediately prior to such extent that rebuilding fire or repairs can be completed within one hundred eighty (180) days after the date of such damageother casualty, or if the damage should be more serious but neither Landlord nor Tenant elects (ii) to terminate this Lease, Landlord shall Lease by so notifying Tenant within ninety (90) days after the date of such damage commence fire or other casualty, such termination to rebuild be effective as of the date of such fire or repair the Building and/or Premises and proceed with reasonable diligence other casualty. The Rent required to restore the Building and/or Premises to not less than substantially the same condition be paid hereunder shall be abated in which it was immediately prior proportion to the casualtyportion of the Premises, except if any, which is rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunder. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction. If the damage results from the fault or negligence of Tenant, its agents, employees, licensees or invitees, Tenant shall not be entitled to any abatement or reduction of any Rent or other sums due hereunder, and such damage shall be repaired by Tenant, or at Landlord's option by Landlord, at Tenant's expense. If this Lease is terminated as provided in (c)(ii) above, all Rent shall be apportioned and paid up to the date of such termination. Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentfurnishings, fixtures and or other improvements which personal property that Tenant may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time entitled to remove from the Premises are unfit or any property constructed and installed by or for occupancy. If Tenant pursuant to Section 6.01 hereof or any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord installations in excess of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlStandard.

Appears in 1 contract

Samples: Bridgepoint Lease Agreement (PSW Technologies Inc)

Casualty. If the Premises, the Building is totally or Property shall be damaged or destroyed by fire or other casualty insurable under standard coverage insurance to the extent of less than twenty-five percent (25%) of the reasonable replacement value thereof at the time of such damage or if destruction, Landlord shall, except as otherwise provided herein, repair and/or rebuild the same with reasonable diligence, but Landlord's obligation hereunder shall be limited to the condition of the Premises as of the Rent Commencement Date hereof and shall also be subject to zoning and building laws then applicable to the Premises. Landlord's obligation hereunder shall be limited to the proceeds received and retained by Landlord (net of any amounts required to be paid to Landlord's mortgagee) under the insurance policy which is allocable to the Premises and Landlord shall not be obligated to commence such repairs and/or rebuilding until such insurance proceeds are released to Landlord. Tenant shall repair or restore with due diligence all trade fixtures, equipment and other installations theretofore installed by Tenant to the extent of Tenant's obligations as set forth in Exhibit B and damaged or destroyed by such fire or casualty. Within sixty (60) days after any damage to the Premises or Building is so damaged that rebuilding the Property by fire or repairs cannot be completed within one hundred eighty other casualty, Landlord shall give written notice to Tenant of Landlord's reasonable estimate of the time required to complete the restoration of the Premises or the Property according to this Section XV (180including any time needed to collect proceeds of insurance from such damage). If the estimate of the time to complete such restoration exceeds two hundred-ten (210) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date receipt of such damagenotice, or if Tenant shall have the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any receiving such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done sofrom Landlord. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to If the Premises shall be for damaged as a result of a risk which is not required to be covered by insurance under this Lease, or if the sole benefit Premises shall be damaged or destroyed to the extent of 25% or more of its reasonable replacement value in the last two (2) years of the party carrying then current term of this Lease (unless Tenant shall exercise, before or after to the date of such insurance damage, any remaining option to extend the term of this Lease), Landlord shall have the right to terminate this Lease within sixty (60) days after such damage occurs. In any instance where Landlord or Tenant shall have an election to terminate this Lease by reason of such damage or destruction, it shall give the other notice of its election within sixty (60) days after such damage or destruction, and under its sole control.in such event, if Landlord shall elect to restore or rebuild, Landlord shall proceed to do so and Tenant shall replace or restore with due diligence all

Appears in 1 contract

Samples: Lease Agreement (Net Genesis Corp)

Casualty. (a) If the Building Premises is totally damaged or destroyed by fire or other casualty or if and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises. If (i) more than fifty percent (50%) of the square footage of the Premises shall be damaged by any fire or other casualty during the last year of the Initial Term or during the last year of any Option Period, or (ii) Landlord is unable to rebuild any material portion of the Office Building is so due to any inability to obtain any required governmental approval in connection therewith after exhausting diligent and best efforts to obtain such approvals, or (iii) more than fifty percent (50%) of the floor area of the Office Building shall be damaged that or destroyed by fire or other casualty and such damage or destruction materially and adversely impacts Tenant’s use of the Premises for the Permitted Use, or (iv) if all or any material part of the Office Building or the Premises shall be damaged or destroyed at any time by the occurrence of any risk not insured under the insurance required to be carried under Article IX above and such damage or destruction materially and adversely impacts Tenant’s use of the Premises for the Permitted Use, or (v) for any reason whatsoever sufficient insurance (through no fault of Landlord) proceeds are not available to pay for the rebuilding or repairs cannot be completed and/or repair of the Office Building and/or the Premises (including, without limitation, by the exercise of the right of any mortgagee of the Office Building to apply insurance proceeds to any obligations of Landlord to such mortgagee) after exhausting diligent and best efforts to obtain such funds, then Landlord shall have the option to terminate this Lease by giving written notice to Tenant. Landlord shall give written notice to Tenant of such election within one hundred eighty thirty (18030) days after the date occurrence of such damagecasualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence and at its sole cost and expense. If Landlord elects not to rebuild in accordance with this subsection, then this Lease shall terminate as of the earlier of (1) the date designated by Tenant in writing to Landlord or (2) 120 days after delivery of Landlord’s notice to Tenant of its election not to rebuild. Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects elect to terminate this Lease, Lease by notice to Landlord shall if substantial completion of restoration of the Premises or of the access thereto does not occur within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualtydestruction, except or if Landlord shall not be required to rebuild, repair or replace any part gives Tenant notice that Landlord has determined that substantial completion of restoration of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in Premises or of the Premises. There access thereto shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty take longer than ninety (3090) days after any such mortgagee gives a notice to Landlord the date of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord damage or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controldestruction.

Appears in 1 contract

Samples: Office Lease Agreement (SharpSpring, Inc.)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord’s reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety sixty (9060) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Tenant may terminate this Lease if such damage occurs during the last year of the Term (as may be extended), such damage was not caused by Tenant, and in Landlord’s reasonable opinion such damage causes the Premises to be untenable for a period of in excess of ninety (90) days.

Appears in 1 contract

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

Casualty. If In the Building is totally destroyed event of total or partial destruction of the Property by fire or other casualty, Landlord agrees to use commercially reasonable efforts to provide notice to Tenant within sixty (60) days from the date of such casualty stating whether Landlord is able to repair or if rebuild the Premises or Building is so damaged that rebuilding or repairs cannot be completed Property within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagecasualty date. If Landlord provides notice to Tenant that Landlord is able to repair or rebuild the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed Property within one hundred eighty (180) days from the casualty date, Landlord shall promptly restore and repair same; provided, however, Landlord’s obligation hereunder shall be limited to the reconstruction of the Shell Work and Finish Work. Rent shall proportionately axxxx during the time that the Property or part thereof is unusable because of any such damage or because of Tenant’s inability to access the Property. Notwithstanding the foregoing, if (i) Landlord provides notice to Tenant that Landlord is unable to repair or rebuild the Property within one hundred eighty (180) days from the casualty date; or (ii) Landlord provides notice to Tenant that the casualty is not covered by the insurance required hereunder or, if covered, such insurance proceeds are insufficient to rebuild the Property; then, in case of clause (i) above, either Landlord or Tenant may, in the case of clause (ii) above, then Landlord may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to matters thereafter accruing. If neither party terminates this Lease pursuant to the foregoing and Landlord undertakes the repair and restoration of the Property, but the Property is not repaired and restored within one hundred eighty (180) after such casualty date, then Tenant shall have the date right to provide Landlord written notice of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects its intent to terminate this Lease, Landlord which termination shall within ninety be effective forty-five (9045) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to receives Tenant’s notice; provided, however, that in the event Landlord shall notify completes the repair and restoration within such forty-five (45) day period, then Tenant, within thirty (30) days after any such mortgagee gives a notice ’s right to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises terminate shall be for deemed waived and null and void and the sole benefit of the party carrying such insurance Lease shall continue in full force and under its sole controleffect.

Appears in 1 contract

Samples: Lease Agreement (Regis Corp)

Casualty. If the Building is totally Premises are destroyed or damaged by fire or other casualty covered by a standard fire and extended coverage policy, then (unless this Lease is terminated by Landlord as hereinafter provided) Landlord shall proceed, after adjustment of such loss, to repair or if restore the Premises to the condition which Landlord furnished to Tenant upon the commencement of the Term. If the Premises or any part thereof shall be rendered untenantable by any destruction or damage, then a pro rata portion of all rent based upon the number of square feet of area in the Premises which are untenantable shall be abated until the Premises or such part thereof shall have been put in tenantable condition. If, however, any destruction or damage to the Premises, Building or Property (regardless of whether or not the Premises are affected) is so damaged extensive that rebuilding Landlord, in its sole discretion, elects not to repair or repairs canrestore the Premises, Building or Property, or the proceeds of insurance are not be completed sufficient or available to fully pay the cost of repair or restoration, then Landlord may terminate this Lease effective as of the date of the damage by written notice to Tenant given within one hundred eighty (180) 30 days after the date of such damagecasualty. Notwithstanding anything to the contrary in this Section 8, Landlord or Tenant may at its option terminate this Leaseshall, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) 60 days after the date of any damage or destruction to the Premises, advise Tenant in writing as to the reasonably estimated time within which the damage or destruction can be repaired or restored. If Landlord reasonably estimates that such damage cannot be repaired within 180 days from the date of the damage, or if then Tenant may, by written notice to Landlord within 15 days after the damage should be more serious but neither Landlord nor Tenant elects receipt of Landlord's notice estimating a time for restoration, elect to terminate this Lease, Landlord shall within ninety (90) days after effective on the date 30th day following Xxxxxx's notice of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior termination. The provisions of this Section are subject to the casualty, except Landlord shall not be required to rebuild, repair or replace rights of any part mortgagee of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlProperty.

Appears in 1 contract

Samples: Office Lease

Casualty. If the Building Premises is totally damaged or destroyed by fire or other casualty covered by insurance, then (unless this Lease is terminated by Landlord as hereinafter provided) this Lease shall continue in full force and effect and Landlord shall proceed, after adjustment of such loss, to repair or restore the Premises to the condition which Landlord furnished to Tenant upon the commencement of the Term. Landlord shall be under no obligation to restore any Alterations to the Premises made by Tenant unless the same is covered by Landlord’s insurance, but nothing herein shall be construed to require Landlord to insure such property. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds received by Landlord for such repair or restoration. Notwithstanding the foregoing, if any destruction or damage to the Premises (whether or not the Premises are affected) is so extensive that Landlord, in its sole discretion, elects not to repair or restore the Premises, or the proceeds of insurance are not sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date of the damage by written notice to Tenant within sixty (60) days of the casualty. The provisions of this Section are subject to the rights of Landlord’s mortgagees, if any. Except in the case of an event of force majeure (defined below), if Landlord does not make the determination to restore or rebuild the Premises within sixty (60) days after the casualty, or if the Premises are not repaired or Building is so damaged that rebuilding or repairs cannot be completed rebuilt within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event shall have the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a giving notice to Landlord of such election to apply such proceeds against within twenty (20) days following the mortgage debt, expiration of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlapplicable time period.

Appears in 1 contract

Samples: Lease (Systemax Inc)

Casualty. If the Building Premises or any portion thereof is totally destroyed damaged by fire or other casualty or if casualty, then, except as provided below, Landlord shall repair and restore the Premises (including all improvements, alterations, additions and changes thereto made by Landlord or Building Tenant, but excluding Tenant's equipment and fixtures) substantially to their condition immediately prior to such fire or other casualty. Such repair and restoration shall be commenced promptly and completed with due diligence, taking into account the time required by Landlord to effect a settlement with and procure insurance proceeds from the insurer, and for delays beyond Landlord's reasonable control. Until the repair and restoration work is so damaged that rebuilding completed, the Minimum Annual Rent, the Additional Rent and all other amounts to be paid by Tenant hereunder shall be equitably abated to the extent the damage to the Premises as a result of the fire or repairs canother casualty interferes with the conduct of Tenant's business at the Premises, as reasonably determined by Tenant. Notwithstanding any of the foregoing provisions of this Section 7.2 to the contrary, if Landlord shall fail to substantially complete the repair and restoration work required to be performed by Landlord hereunder within one hundred eighty (180) days after a fire or other casualty, then Tenant may, by written notice to Landlord, terminate this Lease at any time after such one hundred eight (180) day period but prior to the date such repair and restoration work has been substantially completed. Notwithstanding any of the foregoing provisions of this Section 7.2 to the contrary, if there is substantial damage to the Premises as a result of a fire or other casualty and for any reason, including, without limitation, unavailability of adequate insurance proceeds, such damage shall not be completed susceptible of complete repair within one hundred eighty (180) days after the date occurrence of such damagefire or other casualty, Landlord or then Tenant may at its option may, by written notice to Landlord, terminate this Lease, in which event the Rent shall be abated during the unexpired portion Lease as of this Lease effective from the date of occurrence of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except provided such notice is given to Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after the occurrence of such fire or other casualty. Notwithstanding any of the foregoing provisions of this Section 7.2 to the contrary, if a portion of the Premises is damaged due to a fire or other casualty during the last year of the Term and if such mortgagee gives a damage materially and adversely interferes with the conduct of Tenant's business at the Premises as reasonably determined by Tenant, then Tenant may, by written notice to Landlord Landlord, terminate this Lease as of the date of occurrence of such election fire or other casualty, provided such notice is given to apply Landlord within thirty (30) days after the occurrence of such proceeds against fire or other casualty. In the mortgage debt, event of the fact that such mortgagee has done so. Except as hereinafter providedtermination of this Lease pursuant to any of the provisions of this Section 7.2, any insurance which may Minimum Annual Rent, Additional Rent and all other amounts to be carried paid by Landlord or Tenant against loss or damage to the Building or to the Premises hereunder shall be for the sole benefit pro rated as of the party carrying date of such insurance and under its sole controltermination.

Appears in 1 contract

Samples: Dura Products International Inc

Casualty. If In the event that Building is should be totally destroyed by fire -------- fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180nine months from issuance of building permit(s) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage, or Landlord may proceed to rebuild Building and Premises. If In the event Building or the Premises are should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180nine months of issuance of building permit(s) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Tenant nor Landlord nor Tenant elects elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that the Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by the Tenant in within Building. In the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on Building should require that the insurance proceeds be applied against used to retire the mortgage debt, debt (notwithstanding Landlord's reasonable efforts to obtain the right to use proceeds to rebuild) then Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Building or to the Premises Complex shall be for the sole benefit of the party carrying such insurance and under its sole control. Furthermore, if the casualty occurs during the last twenty-four (24) months of the Lease Term and any damage cannot be repaired within 180 days or alternatively if upon completion of the repair there would be less one hundred and eighty (180) days remaining in the Lease Term then, Tenant may within ten (10) days of receipt of written notice from Landlord of Landlord's election to repair, terminate this Lease by written notice to Landlord.

Appears in 1 contract

Samples: Wells Real Estate Fund Viii Lp

Casualty. If the Building is totally destroyed damaged by fire or other casualty or (including, without limitation, floods) (each a “Casualty”), and if the Premises proceeds received from the insurance policies maintained by Landlord therefor are sufficient to pay for the necessary repairs, and the Building can be fully repaired within nine (9) months after such Casualty occurred, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible, subject to delays beyond Landlord’s reasonable control. If the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or no proceeds are payable with respect to such Casualty, or the Building is so damaged that rebuilding or repairs cannot be completed fully repaired within one hundred eighty nine (1809) days months after the date of such damageCasualty occurred, Landlord or Tenant may at its option elect either to (i) terminate this Lease, provided Landlord shall so notify Tenant within forty-five (45) days after occurrence of such Casualty, or (ii) repair the damage as soon as reasonably possible, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, shall remain in full force and effect; but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects not to terminate this Lease, Tenant shall then have the right to terminate this Lease if the Premises cannot be fully repaired within twelve (12) months after such Casualty occurred. Insurance proceeds shall not be deemed “unavailable” or “insufficient” if Landlord failed to maintain insurance coverages required by Section 7 of this Lease (or such greater coverages required by Landlord’s Mortgagee). Landlord’s notice shall include a good-faith estimate of the date Landlord reasonably believes the Premises shall be fully restored (the “Estimated Restoration Date”). Tenant’s notification, if any, shall be required within ninety ten (9010) days after Landlord’s notice. In addition to the foregoing, if the damage to the Building occurs during the last two (2) years of the Lease Term, Landlord may elect to terminate this Lease as of the date the damage occurred in any event. If this Lease is not terminated following a Casualty, rent shall xxxxx from the date of the occurrence in the proportion that the area of the portion of the Premises rendered unusable by such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Casualty bears to the casualtyentire area of the Premises, except Landlord and such abatement shall be in full if the Premises are rendered wholly untenantable. The abatement shall continue until the portion of the Premises which shall have been damaged shall be rebuilt or repaired and Tenant shall be able to occupy such portion of the Premises. If such restoration has not been completed, and Tenant shall not be required able to rebuild, repair or replace any part occupy such portion of the furniturePremises, equipmenton or before the Estimated Restoration Date, fixtures Tenant shall thereafter have the right to terminate this Lease upon thirty (30) days’ prior notice to Landlord until such time as the restoration has been completed and other improvements which may have been placed by Tenant in shall be able to occupy such portion of the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any if the restoration is completed and Tenant is able to occupy such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, portion of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage Premises prior to the Building or to the Premises effective date of Tenant’s termination, such termination shall be for null and void, and of no effect, and this Lease shall continue upon the sole benefit terms and conditions contained herein. Tenant waives the protection of any law which grants a tenant the right to terminate a lease in the event of the party carrying such insurance substantial destruction of a leased property, and under its sole controlagrees that the provisions of this paragraph shall govern in the event of any substantial destruction of the Premises.

Appears in 1 contract

Samples: Agreement of Lease (Kulicke & Soffa Industries Inc)

Casualty. Tenant shall promptly give Landlord written notice of any fire or other casualty occurring within the Premises. If the Premises or other parts of the Building is totally destroyed or Project reasonably required for Tenant's use and quiet enjoyment of the Premises are damaged by fire or other casualty then, subject to the following provisions of this Article, Landlord shall promptly repair the damage. If, however, the damage (a) is not covered by insurance carried by Landlord hereunder, (b) is covered by insurance carried by Landlord hereunder, but Landlord's mortgagee requires that proceeds of such insurance be used to retire the mortgage debt, (c) is to such an extent that the cost of repairs will be greater than 10% of the then full replacement cost of the Building, or if (d) occurs during the last 12 months of the then effective Term of this Lease, then Landlord shall have the option (i) to repair the damaged Premises and any other damaged parts of the Building or Project reasonably necessary to Tenant's use and quiet enjoyment of the Premises to substantially the same condition as immediately prior to such fire or Building is other casualty, or (ii) to terminate this Lease by so damaged that rebuilding or repairs cannot be completed notifying Tenant within one hundred eighty sixty (18060) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall such termination to be abated during the unexpired portion effective as of this Lease effective from the date of such the fire or other casualty causing the damage. If Notwithstanding the Building or foregoing, if the Premises are damaged by fire, tornado so destroyed that they cannot or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding will not be repaired or repairs can be completed rebuilt within one hundred eighty (180) days after of the date of such damagecasualty date, or if Tenant shall have the damage should be more serious but neither Landlord nor Tenant elects option to terminate this Lease, Lease by so notifying Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant's discovery of such untentability, such termination to be effective as of the date of fire or other casualty causing the damage. The Rent required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder from the date of the occurrence of such damage or casualty until the repairs specified in clause (i) of the preceding sentence are completed. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such mortgagee gives a notice repair and reconstruction. Landlord shall not be required to Landlord of such election to apply such proceeds against the mortgage debtrepair or replace any furniture, of the fact furnishings, or other personal property that such mortgagee has done so. Except as hereinafter provided, any insurance which Tenant may be carried by Landlord entitled to remove from the Premises or Tenant against loss or damage to the Building or any alterations to the Premises shall be constructed and installed by or for the sole benefit Tenant pursuant to Section 6.01 hereof or any installations in excess of the party carrying such insurance and under its sole controlBuilding Standard.

Appears in 1 contract

Samples: Lease Agreement (Eloyalty Corp)

Casualty. If In the Building is totally destroyed by fire event of total or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date partial destruction of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged or obstruction of access to the Building or Premises by fire, tornado fire or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Leasecasualty, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord’s obligation hereunder with respect to the Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Exhibit B, if any. Rent shall proportionately xxxxx during the time that the Premises or part thereof are unusable because of any such damage to either the Premises or the Building. In the event of total or partial destruction of the Parking Facility or obstruction of access thereto by fire or other casualty, Landlord agrees promptly to restore and repair the Parking Facility (or to cause the same to occur); provided, however, Rent shall not xxxxx so long as Landlord provides a reasonable alternative for vehicle parking together with transportation to the Building, if reasonably required. Notwithstanding the foregoing, if Landlord determines that the Premises (or the Parking Facility, if no reasonable alternative is provided) are (i) so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days from the casualty date; or (ii) destroyed by a casualty that is not covered by the insurance required hereunder (which is not required by Landlord) or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Premises (or the Parking Facility, if applicable), then Landlord shall notify Tenantgive written notice to Tenant of such determination (the “Casualty Notice”) within sixty (60) days of such casualty. In case of a clause (i) casualty, either Landlord or Tenant may, or, in the case of a clause (ii) casualty, then Landlord may, by giving written notice to the other party within thirty (30) days days’ after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, Landlord’s delivery of the fact that such mortgagee has done soCasualty Notice, terminate this Lease with respect to matters thereafter accruing. Except as hereinafter provided, Tenant waives any insurance which may be carried by Landlord or Tenant against loss or damage to right under applicable laws inconsistent with the Building or to the Premises shall be for the sole benefit terms of the party carrying such insurance and under its sole controlthis paragraph.

Appears in 1 contract

Samples: Lease Agreement (Teavana Holdings Inc)

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