Common use of Completion Estimate Clause in Contracts

Completion Estimate. If, as a result of fire or other casualty (each, a “Casualty”), all or any portion of the Premises becomes untenantable or inaccessible, Landlord, with reasonable promptness, shall cause a general contractor 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 and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred seventy (270) days from the date the repair is started (when such repair is made without the payment of overtime or other premiums), then either Landlord or Tenant shall have the right to terminate this Lease upon written notice delivered to the other within thirty (30) days following delivery of the Completion Estimate. In addition, Landlord, by notice delivered to Tenant within ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if the Building or Property shall be damaged by Casualty, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within two hundred seventy (270) days from the date the repairs are started (when such repairs are made without the payment of overtime or other premiums); (ii) any Holder (defined below) requires that the insurance proceeds or any portion thereof be applied to the payment of the mortgage debt; (iii) the damage is not fully covered by Landlord’s insurance policies; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; or (v) the damage occurs during the last twenty-four (24) months of the Term.

Completion Estimate. If, as a result of fire or other casualty (each, a “Casualty”), If all or any portion of the Premises becomes untenantable or inaccessibleinaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptnesspromptness (and, in any event, within forty-five (45) days), shall cause a general contractor 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 and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises (or any material portion thereof) or any Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred seventy (270) days from the date of the repair is started (when such repair is made without the payment of overtime or other premiums)Casualty, then either Landlord or Tenant shall each have the right to terminate this Lease upon written notice delivered to the other within thirty (30) days following delivery of the Completion Estimate. In addition, Landlord, by notice delivered to Tenant within ninety seventy-five (9075) days after the date of the Casualty, shall have the right to terminate this Lease if if: (1) there are less than two (2) years of the Term remaining on the date of the Casualty; and the Premises have been materially damaged such that the repair is reasonably expected to take a period of time longer than half of the then-remaining Term; or (2) a casualty loss to the Building or Property shall be damaged by Casualty, whether or not the Premises are affected, occurs and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within two hundred seventy (270) days from the date the repairs to be performed by Landlord (other than those for which Tenant’s insurance proceeds are started to be applied) will cost in excess of [**]* and such loss is not covered by insurance which is either required to be carried by Landlord under this Lease or which is actually carried by Landlord or (when such repairs are made without the payment of overtime or other premiums); (ii3) any Holder (defined below) requires that the insurance proceeds or any portion thereof be applied to the payment of the mortgage debt; debt and as a result, the construction costs to be borne by Landlord in completing any necessary restoration, in Landlord’s reasonable good faith estimate based upon the advice of at least one (iii1) Expert, exceed five percent (5%) of the replacement cost of the Building. Notwithstanding the foregoing, Landlord shall have no right to terminate the Lease upon a casualty (except as provided above where less than two years of the Term remains) unless Landlord also terminates all other leases of space in the Building where (i) the damage is not fully covered premises were damaged to a similar degree as the Premises, and (ii) such leases, by Landlord’s insurance policies; (iv) their terms, provide Landlord decides a right to rebuild terminate under the Building or Common Areas so that they will be substantially different structurally or architecturally; or (v) the damage occurs during the last twenty-four (24) months of the Termcircumstances.

Completion Estimate. If, as a result of fire or other casualty (each, a “Casualty”), all or any portion of the Premises becomes untenantable or inaccessible, Landlord, with reasonable promptness, shall cause a general contractor 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 and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred seventy ten (270210) days from the date the repair is started (when such repair is made without the payment of overtime or other premiums), then either Landlord or Tenant shall have the right to terminate this Lease upon written notice delivered to the other within thirty (30) days following delivery of the Completion Estimate. In addition, Landlord, by notice delivered to Tenant within ninety (90) days after the date of the Casualty, shall have the right to terminate this Lease if the Building or Property shall be damaged by Casualty, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within two hundred seventy (270) days from the date the repairs are started (when such repairs are made without the payment of overtime or other premiums); (ii) any Holder (defined below) requires that the insurance proceeds or any portion thereof be applied to the payment of the mortgage debt; (iii) the damage is not fully covered by Landlord’s insurance policiespolicies plus the amount of any deductible included in Insurance Expenses; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; or (v) the damage occurs during the last twenty-four (24) months of the Term.

Completion Estimate. If, as a result of fire or other casualty (each, a “Casualty”), all or any portion of the Premises becomes untenantable or inaccessible, Landlord, with reasonable promptnesspromptness but in all events within sixty (60) days after the Casualty, shall cause a general contractor 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 and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred seventy (270) days from the date the repair is started (when such repair is made without the payment of overtime or other premiums), then either Landlord or and Tenant each shall have the right to terminate this Lease upon written notice delivered to the other party within thirty (30) days following delivery of the Completion Estimate. In addition, Landlord, by notice delivered to Tenant within ninety sixty (9060) days after the date of the Casualty, shall have the right to terminate this Lease if the Building or Property shall be damaged by Casualty, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within two hundred seventy (270) days from the date the repairs are started (when such repairs are made without the payment of overtime or other premiums); (ii) any Holder (defined below) requires pursuant to the applicable loan documents and applicable Law that the insurance proceeds or any portion thereof be applied to the payment of the mortgage debt; (iiiii) the damage is not fully substantially covered (meaning that the estimated cost of repair does not exceed the aggregate of the anticipated receipt of insurance policy payments, deductible payments and any self-insured retention amounts by more than Five Hundred Thousand Dollars ($500,000.00)) by Landlord’s insurance policies; (iv) Landlord decides to rebuild the Building or Common Areas so that they it will be substantially different structurally or architecturallyarchitecturally and in connection therewith the leases of all other tenants of the Building similarly affected by such damage for which Landlord has termination rights are terminated; or (v) the damage occurs during the last twenty-four twelve (2412) months of the Term. In addition, Tenant, by notice delivered to Landlord within sixty (60) days after the date of the Casualty, Tenant shall have the right to terminate this Lease if (x) the damage materially impairs Tenant’s use of or access to the Premises and occurs during the last twelve (12) months of the Term or (b) if Tenant was entitled to, but elected not to, exercise its right to terminate this Lease as set forth above and Landlord does not substantially complete the repair and restoration of the Premises within two (2) months after the expiration of the estimated period of time set forth in Landlord’s Completion Estimate, which period shall be extended to the extent of any delays caused by Tenant or by Force Majeure Event(s) (up to a maximum extension due to Force Majeure Event(s) of an additional ninety (90) days). Tenant shall have thirty (30) days after delivering any such notice of termination of this Lease to vacate the Premises. If this Lease is terminated under this Article 22, Rent shall be apportioned and shall be paid or refunded, as the case may be up to and including the date of the termination.