DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.
Appears in 3 contracts
Sources: Lease Agreement (Consolidated Communications Holdings, Inc.), Lease Agreement (Consolidated Communications Holdings, Inc.), Lease Agreement (Consolidated Communications Holdings, Inc.)
DAMAGE BY CASUALTY. If13.1 Tenant shall give immediate written notice to Landlord of any damage to the Shopping Center or Premises caused by fire or other casualty, during and if neither Landlord nor Tenant does not elect to terminate this lease as hereinafter provided, Landlord shall promptly commence and diligently pursue and at its sole cost and expense to rebuild and repair the Initial Term or any Renewal Term(s) or this Lease and Shopping Center and/or Premises within the applicable time period set forth herein. Notwithstanding the foregoing, in the sole judgment of Lessor, event that (i)) the building in which the Premises suffer are located shall be destroyed or substantially damaged by casualty not covered by standard fire or extended coverage insurance, (ii) said building shall be destroyed or rendered untenantable by any casualty to the extent of at least fifty percent (50%) of the Gross Leased Area of said building, (iii) Landlord shall not have actual and unconditional receipt of the insurance proceeds payable in connection with such damage by fireand destruction, explosion(iv) the holder of any mortgage, deed to secure debt, deed of trust, or other instrument in the nature thereof which encumbers Landlord’s interest hereunder or in the Premises shall require that such proceeds shall be applied against any indebtedness owed to such holder, or (v) there shall be less than nine (9) months remaining in the Term, or any other casualty (a) extension or renewal thereof, then, in any of such events, either Tenant or Landlord may elect either to terminate this Lease. Landlord or Tenant shall give written notice to the extent that other of such election within thirty (30) days after the occurrence of such casualty.
13.2 Landlord’s obligation to rebuild and repair the Premises cannot reasonably under this Article XIII shall in any event be repaired within 180 days limited to restoring Landlord’s Work to substantially the condition in which the same existed prior to the casualty, and Tenant agrees that promptly after date the completion of such damage; orwork by Landlord, (b) Tenant will proceed with reasonable diligence and at its sole cost and expense to restore Tenant’s leasehold improvements to substantially the condition in which the same existed prior to the extent casualty.
13.3 During the Premises canperiod from the occurrence of a casualty until Landlord’s repairs are completed, the Minimum Guaranteed Rental (but not percentage rental) shall be economically repaired, then this Lease shall, at reduced and abated in proportion to the option amount of Lessor, terminate as to that portion Gross Leased Area of the Premises so damaged without penalty to Lessor which is rendered untenantable as of the date a result of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessorcasualty; provided, however, that this Lease shall continue in full force and effect as to if such damage or destruction is caused by the remainder intentional or grossly negligent acts or omissions of Tenant, it assignees, subtenants, servants, agents, employees, invitees, licensees, or concessionaires, or the Premises. If this Lease is not so terminatedservants, then Lessee shall repair the Premises as soon as reasonably practicableagents, and Lessor shall assign any insurance proceeds to Lessee for the purpose employees, invitees, licensees, or concessionaires of paying for such repairsTenant’s assignees or subtenants, then, and in such event that event, the Minimum Guaranteed Rental shall not ▇▇▇▇▇. Unless the occurrence of a casualty arose as a result of Landlord’s gross negligence or willful misconduct, Tenant shall not be obligated entitled to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantablehereby waives, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repairreleases, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee relinquishes any and all claims against Landlord for any business interruption, loss, liability, property damage, personal injury compensation or inconvenience to Lessee, damage for loss of use of all or Lessee's employees, agents or contractors by making repairs to any part of the Premises, Premises or for any inconvenience or annoyance occasioned by any such damage, destruction, repair or restoration of the Premises.
13.4 Tenant agrees at all times at its expense to keep its merchandise, fixtures, Tenant’s Work and its other property situated within the premises insured against fire, with extended coverage, to the extent of at least eighty (80%) percent of the full insurable value thereof. Such insurance shall be carried with companies reasonably satisfactory to Landlord. Such insurance shall be non-cancelable except after ten (10) days written notice to Landlord. Such policies are duly executed certificates of insurance with respect thereto shall be delivered to Landlord prior to the Rental Commencement Date and renewals thereof as required shall be delivered to Landlord within at least thirty (30) days prior written notice to Tenant. The proceeds of such insurance shall be payable to Landlord and Tenant, jointly, for the use by Tenant only, except with the consent of the Landlord, for the repair and replacement of merchandise, fixtures, Tenant’s Work, or other property which was situated within the Premises.
13.5 All fire and extended coverage insurance carried by Landlord or Tenant covering loses arising out of destruction of or damage to the Premises made or its contents or to other portions of the Shopping Center shall, to the extent reasonably obtainable, provide for waiver or subrogation against Landlord, Tenant or other Tenants in Shopping Center, on the part of the insurance carrier. Evidence of existence of such waiver will be furnished by Lessee. either party on request.
13.6 Notwithstanding anything herein to the contrarycontrary contained in this Lease, in the event that Landlord does not promptly commence and diligently pursue any repairs or restoration required pursuant to this Article XIII or fails to complete the holder of any indebtedness secured by a mortgage or deed of trust covering same within one hundred eighty (180) days after the Premises requires that any or all date of the insurance proceeds be applied to such indebtednessapplicable damage or destruction, then Lessor Tenant shall have the right to (i) terminate this Lease without penalty by delivering upon ten (10) days prior written notice to the Landlord; (ii) make such repairs that do not exceed an aggregate amount of termination to Lessee, whereupon all rights $75,000.00 and obligations hereunder shall cease and terminatededuct such cost from the Minimum Guaranteed Rent.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (First State Financial Corp/Fl)
DAMAGE BY CASUALTY. If, during 12.1 Tenant shall give prompt notice to Landlord of any damage caused to the Initial Term Leased Premises by fire or any Renewal Term(s) or this Lease and in other casualty.
12.2 In the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty event (a) to the extent that the Leased Premises cannot reasonably be repaired within 180 days after date of such damage; orare totally destroyed, (b) to the extent the Leased Premises are partially destroyed but in Landlord’s reasonable opinion, cannot be restored to an economically repairedviable and quality project, then (c) the insurance proceeds payable to Landlord as result of such fire or casualty are, in Landlord’s reasonable opinion, inadequate to restore the portion remaining to an economically viable and quality project, or (d) less than 12 full calendar months remain in the Lease Term, Landlord may, at its election exercisable by the giving of notice to Tenant within sixty (60) days after the fire or casualty, terminate this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such fire or casualty. Landlord shall notify Tenant within sixty (60) days after such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder amount of time Landlord reasonably estimates it will take to restore the Leased Premises. If the restoration time is estimated to exceed 6 months, Tenant may elect to terminate this Lease by giving notice to Landlord no later than thirty (30) days after Landlord’s notice. If this Lease is not so terminatedterminated as a result of fire or casualty, then Lessee Landlord shall restore the Leased Premises to substantially the condition in which the same existed prior to the fire or casualty. Landlord’s obligation to rebuild and repair shall in any event be limited to restoring the Leased Premises as soon as reasonably practicableto substantially the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures or equipment installed by Tenant. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and Lessor shall assign any at Tenant’s sole cost and expense, to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant. Tenant shall, subject to delays arising from the collection of insurance proceeds to Lessee for or from Force Majeure events, promptly re-enter the purpose of paying for such repairs, Leased Premises and commence doing business in such event Tenant shall not be obligated to pay any rent for accordance with this Lease. During the period from of restoration by Landlord, Rent shall be abated to the date extent that the Leased Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. untenable.
12.3 Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor Landlord shall have the right to terminate this Lease without penalty by delivering written notice of termination to LesseeTenant within thirty (30) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder under this Lease, except those that expressly survive termination, shall cease and terminate.
Appears in 2 contracts
Sources: Lease Agreement (1847 Goedeker Inc.), Lease Agreement (1847 Holdings LLC)
DAMAGE BY CASUALTY. IfIn case, during the Initial Term term created or any Renewal Term(s) or this Lease and in the sole judgment of Lessorprevious thereto, the Premises suffer damage hereby let, shall be destroyed or shall be so damaged by firefire or other casualties, explosion, or any other casualty (a) as to the extent that the Premises canbecome not reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repairedtenantable, then this Lease shallin such event, at the option of the Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of term hereby created shall cease, and this Lease shall become null and void from the date of such damage or destruction and the Rent allocated Lessee shall immediately surrender said Premises and all interests therein to that portion of the Premises so damaged shall cease as of the date of such damage, Lessor and Lessee shall forthwith surrender that portion pay rent within said term only to the time of the damaged Premises to Lessorsuch surrender; provided, however, that Lessor shall exercise the such option to so terminate this Lease by notice in writing, delivered to Lessee within sixty days after such damage or destruction. In case Lessor shall not so elect to terminate this Lease, in such event, this Lease shall continue in full force and effect as to and the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Leased Premises with all reasonable promptitude, placing the same in as soon good a condition as reasonably practicablethey were at the time of the damage or destruction, and Lessor shall assign any insurance proceeds to Lessee for the that purpose of paying for such repairs, may enter said Premises and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basisin proportion to the extent the Premises are untenable and the duration of time the Premises are not tenantable. In either event, Lessee shall remove all rubbish, debris, merchandise, furniture, equipment, and other of its personal property, within ten days after the request of the Lessor. If the Leased Premises are rendered partially untenantableshall be slightly injured by fire or the elements, so as not to render the same not tenantable and unfit for occupancy, then the Lessor shall repair the same with all reasonable promptitude, and in that case, the rent shall not ▇▇▇▇▇. No compensation or claim shall be equitably abated for made by or allowed to the period Lessee by reason of any inconvenience or annoyance arising from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts necessity of God, or repairing any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part portion of the building or the Leased Premises, or for any restoration to however, the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatenecessity may occur.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
DAMAGE BY CASUALTY. If, during (A) If the Initial Term Demised Premises is damaged or any Renewal Term(s) destroyed in whole or this Lease and in the sole judgment of Lessor, the Premises suffer damage part by fire, explosionthe elements, subsidence of sublateral or any subjacent support or other casualty (a) casualty, Landlord shall repair and restore the Demised Premises with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, but Landlord shall not be obligated to expend for repairing or restoring the damage an amount in excess of the proceeds of insurance actually received by Landlord for application to the extent that the Premises cannot reasonably be repaired within 180 days after date repair of such damage; or, (b) to . If in Landlord’s reasonable estimate the extent the Demised Premises cannot be economically repairedrestored within six (6) months from the date of such fire or casualty, then Landlord shall give notice to Tenant of such estimate within ninety (90) days after such fire or casualty. Tenant may elect by written notice given to Landlord within sixty (60) days following the date of such notice from Landlord to terminate this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor effective as of the date of Tenant’s notice. If any such damage and the Rent allocated to that portion (i) renders 50% or more of the Premises so damaged shall cease as of Building untenantable or (ii) renders general Building systems inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within six (6) months from the date of such damage, and Lessee shall forthwith surrender that portion damage or (iii) occurs within the last year of the damaged Premises to Lessor; providedTerm, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Landlord or Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering as of the date of such damage upon written notice given to the other party at any time within ninety (90) days after the date of such damage. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, by virtue of any delays in completion of such repairs and restoration provided that Tenant shall have the right to terminate the Lease if such repairs are not completed within such 6-month period, subject to extension for delays caused by Force Majeure (as such term is defined in Section 46), by notice given within thirty (30) days after such repair period expires, which notice shall be deemed withdrawn if the restoration is completed within thirty (30) days after such notice is delivered to Landlord. Fixed Rent and additional rent, however, shall ▇▇▇▇▇ on those portions of the Demised Premises as are, from time to time, untenantable and, in fact, unoccupied by Tenant as a result of such damage. All insurance proceeds and such other funds as may be necessary to complete the restoration of the Demised Premises shall be paid by Landlord to Landlord’s first mortgagee for the Demised Premises or such other depository institution reasonably acceptable to Landlord and Tenant, less such actual and reasonable attorneys’ fees or other expenses as are incurred by the depository, Landlord, Landlord’s mortgagee or Tenant, in the collection and/or administration thereof, which shall be paid out of such proceeds, in trust, to be used for the restoration and repair of the Demised Premises in accordance with the provisions of this Lease. The provisions of the immediately preceding sentence to the contrary notwithstanding, the proceeds of any rent loss or business interruption insurance then in effect shall be paid to Landlord (when and as due and payable) for the rent accruing before such restoration is completed. Any balance of such proceeds remaining after such payments are made shall, upon completion of the restoration, be paid to Landlord or as Landlord may direct. Any proceeds which are separately paid on account of any damage to or destruction of any Tenant’s personal property or inventory shall be paid directly to Tenant. The depository shall disburse the insurance and restoration proceeds to Landlord or as Landlord may direct, from time to time as such restoration progresses, to pay or reimburse Landlord for the cost of such restoration, upon Landlord’s written request accompanied by evidence that an amount equaling the amount requested is then due and payable or has been paid, and is properly a part of such cost. Disbursements shall be made from time to time in an amount not exceeding the hard and soft costs of the restoration, less any customary retainage, and otherwise in accordance with customary construction practices employed by prudent construction lenders.
(B) If Tenant is not actually open for business during all or any part of the period (“Restoration Period”) from the date of such damage or destruction as aforesaid until the date the Building and the Demised Premises is redelivered to Tenant in accordance with the terms of this Lease, all Rent or other sums payable hereunder shall ▇▇▇▇▇ for such period as Tenant is not open for business without causing default by Tenant. If Tenant is open for business during the Restoration Period, the Rent and other sums payable hereunder shall ▇▇▇▇▇ in proportion to the usable space; provided, however, that if Landlord does not proceed diligently with restoration of the Demised Premises, all Rent and other sums payable hereunder shall ▇▇▇▇▇ without causing default by Tenant.
(C) Upon any termination of this Lease pursuant to Lesseethis Section 18, whereupon all rights the insurance proceeds payable to Landlord under the insurance to be maintained pursuant to Exhibit “D” (less any amounts payable to Tenant with respect to Tenant’s personal property and inventory and less any amounts payable under business interruption and/or rent loss insurance for the period following such termination), shall be assigned and/or paid over to Landlord and Landlord and Tenant shall be relieved of any further obligations hereunder shall cease and terminateexcept for obligations accrued as of the date of termination.
Appears in 2 contracts
DAMAGE BY CASUALTY. IfIn case, during the Initial Term term created or any Renewal Term(s) or this Lease and in the sole judgment of Lessorprevious thereto, the Leased Premises suffer damage by fire, explosionhereby let, or any the building on which said Leased Premises are a part, shall be destroyed or shall be so damaged by fire or other casualty (a) casualty, as to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repairedbecome untenantable, then this Lease shallin such event, at the option of Lessorthe LESSOR, terminate as to that portion of the Premises so damaged without penalty to Lessor as of term hereby created shall cease, and this Lease shall become null and void from the date of such damage or destruction and the Rent allocated LESSEE shall immediately surrender said Leased Premises and all interest therein to that portion of LESSOR, and LESSEE shall pay rent within said term only to the Premises so damaged shall cease as of the date time of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessorsurrender; provided, however, that LESSOR shall exersize such option to so terminate this Lease by notice in writing delivered to LESSEE within one hundred twenty (120) days after such damage or destruction. In case LESSOR shall not so elect to terminate this Lease, in such event, this Lease shall continue in full force and effect as to and the remainder of the Premises. If this Lease is not so terminated, then Lessee LESSOR shall repair the Premises leased premises within one hundred eighty (180) days, placing the same in approximately as soon good a condition as reasonably practicablethey were at the time of the damage or destruction, and Lessor shall assign any insurance proceeds to Lessee for the that purpose of paying for such repairs, may enter said Leased Premises and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basisin proportion to the extent and duration of untenantability. In either event, LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its personal property, within five (5) days after the request of the LESSOR. If the Leased Premises are rendered partially untenantableshall be but slightly injured by fire the elements so as not to render the same untenantable and unfit for occupancy, then the LESSOR shall repair the same within ninety (90) days, and in that case the rent shall not ▇▇▇▇▇. No compensation or claim shall be equitably abated for made by or allowed to the period LESSEE by reason of any inconvenience or annoyance arising from the date necessity of repairing any portion of the Premises are rendered untenantable until building or the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that Leased Premises, however the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the constructionnecessity may occur. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering LESSOR elects to repair the Leased Premises requires that any or all of but fails to complete the insurance proceeds be applied to such indebtednessrepairs as required herein, then Lessor shall have LESSEE may terminate the right to terminate this Lease without penalty by delivering upon sixty (60) day's written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminateLESSOR.
Appears in 2 contracts
Sources: Lease (Atlantic Express Transportation Corp), Lease Agreement (Atlantic Express Transportation Corp)
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay LesseeLesses's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate. Any allocation to Rent required under this Lease shall be made in accordance with the Allocation Schedule in Exhibit B, as adjusted on a pro rata basis for subsequent increases of rent.
Appears in 1 contract
Sources: Lease Agreement (Consolidated Communications Texas Holdings, Inc.)
DAMAGE BY CASUALTY. IfThroughout the term of this Lease, during Lessor shall maintain commercial property insurance policy with a special broad causes of loss from (formerly known as "all risk" insurance) covering the Initial Term Building (including the Premises), with an agreed amount endorsement, in an amount not less than the full replacement cost of the Building, subject to a customary deductible limit not greater than $10,000.00. The proceeds of such insurance shall be received in trust and applied to the repair and reconstruction of the Building (including repairs to the Premises). In case the Premises or any Renewal Term(s) the Building shall be destroyed or shall be so damaged by fire or other casualty as to become untenantable, then in such event, all rent otherwise accruing under this Lease and shall ▇▇▇▇▇ until the damage is repaired or restored and, if this Lease shall be terminated in the sole judgment manner provided below, from the date of such damage or destruction and Lessee shall immediately surrender the Premises and all interest therein to Lessor, and Lessee shall pay Rent only to the Premises suffer damage by firetime of such fire or casualty. Notwithstanding the above, explosion, or any other casualty Lessor shall be obligated to rebuild the Building (aincluding the Premises) to the extent that insurance proceeds (together with the Premises canso-called "deductible") will cover the cost of the rebuilding and restoration. In the event Lessor has not reasonably be repaired started rebuilding within 180 days after date three (3) months of such damage or completed construction within seven (7) months of damage; or, (b) to the extent the Premises cannot be economically repairedLessee, then at Lessee's option, may cancel this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of provided such damage and the Rent allocated to that portion of the Premises was not caused by Lessee. In case this Lease is not so damaged shall cease as of the date of such damageterminated, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to and the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Building and the Premises with all reasonable promptness, placing the same in as soon good a condition as reasonably practicablethey were at the time of the damage or destruction, and Lessor shall assign any insurance proceeds to Lessee for the that purpose of paying for may enter said Premises. In such repairsevent, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basisin proportion to the extent and duration of untenantability. In either event, Lessee shall remove all rubbish, debris, merchandise, furniture, equipment and other of its personal property, within ten (10) days or less after the request of the Lessor. If the Premises are rendered partially untenantableshall be but slightly injured by fire or other casualty, so as not to render the same untenantable and unfit for occupancy, then the Lessor shall repair the same with all reasonable promptness, and in that case the rent shall not ▇▇▇▇▇. No compensation or claim shall be equitably abated for made by or allowed to the period Lessee by reason of any inconvenience or annoyance arising from the date necessity of repairing any portion of the Premises are rendered untenantable until Building or the Premises are again fit and ready for Tenant's use and occupancyPremises, however this necessity may occur. It is further agreed Notwithstanding anything to the contrary herein set forth, but provided that Lessor maintains the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether insurance required under this Lease is thereby terminated or notParagraph 1 2, Lessor shall not do anything be obligated to hinder repair or delay Lessee's work restore the Premises or repair, the Building if the damage or destruction is due to an uninsured casualty or to the extent that any Mortgagee applies proceeds of insurance to reduce its loan balance and will cooperate with Lessee in the performance of remaining proceeds available to Lessor plus the "deductible" amount and any self insured amounts are not sufficient to pay for such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminaterestoration.
Appears in 1 contract
Sources: Commercial Lease Agreement (KVH Industries Inc \De\)
DAMAGE BY CASUALTY. If, during If the Initial Term Building is damaged or any Renewal Term(s) partially destroyed by fire or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent of one-half (1/2) or less of the then cost of replacement above the foundation, the same shall be promptly repaired by Landlord except that the obligation of Landlord to rebuild shall not include any obligation to rebuild those portions of the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) installed or added by Tenant. If the Building is destroyed or damaged to the extent of greater than one-half (1/2) of the Premises cannot be economically repairedthen replacement cost, then either Landlord, with the approval of its mortgagee, or Tenant may elect to terminate this Lease shallby giving notice in writing to the other party terminating this Lease given within sixty (60) days of such damage or destruction, at the option of Lessorin which event, terminate as to that portion of the Premises so damaged without penalty to Lessor this Lease shall be terminated as of the date of such notice. If neither party provides such notice, Landlord shall promptly commence and diligently pursue to completion any repair or restoration needed as a result of such fire or other casualty. If Landlord shall proceed to repair or rebuild the Premises, it shall initiate and pursue the necessary work with reasonable dispatch in the manner consistent with sound construction methods. Tenant agrees to promptly cooperate with Landlord so as to not delay the progress of such repair and restoration. If the damage or partial destruction to the Building shall, in the opinion of Tenant, render the Premises wholly untenantable, then rent shall ▇▇▇▇▇ until the Building shall have been restored and are rendered tenantable. If such damage or partial destruction renders the Rent allocated Building untenantable only in part, the rent shall ▇▇▇▇▇ proportionately as to that the portion of the Premises so damaged Building rendered untenantable. Notwithstanding the foregoing, if damage exceeding one-half (1/2) of the replacement cost above foundation has been incurred, Landlord may at its option terminate this Lease in the event insurance proceeds are not available to cover all or substantially all of the estimated cost of repair. Landlord shall cease exercise this option by written notice to Tenant within thirty (30) days after the fire or casualty causing such loss, damage or destruction, which notice shall be effective as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, fire or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatecasualty.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term term hereof, or previous thereto, the premises or any Renewal Term(s) or this Lease and in building of which the sole judgment of Lessor, the Premises premises are a part shall suffer damage by fire, explosion, providential means, or any other casualty (a) to the extent that the Premises premises or building cannot reasonably be repaired within 180 120 days after date of such damage; or, (b) or to such an extent that under the extent then existing laws, orders, ordinances or other public requirements the Premises same cannot be economically repairedrepaired to substantially the same form and with substantially the same materials as before such damage, then this Lease shall, at the option of Lessor, term hereby created shall terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged rent shall cease as of the date of such damage, and with proportionate refund of any prepayment, on condition Lessee shall forthwith surrender that portion of surrenders the damaged Premises premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Premises premises as soon as reasonably practicablepracticable with due diligence, placing the same in as good condition as they were just before such damage, and Lessor rent shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇abat▇ ▇▇▇ on a per diem basis. If rata and in proportion to untenantability of the Premises are rendered partially untenantable, rent shall be equitably abated for the period premises from the date time of such damage until restoration of the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancypremises by Lessor. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond LesseeLessor's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor Lessee shall remove all of the rubbish and debris of Lessee's property within five (5) days after written request by Lessor, and if this Lease is not thereby terminated. Lessee shall not do anything to hinder or delay LesseeLessor's work or of repair, and will cooperate with Lessee in the performance of Lesson such repair or work. Lessor shall not be liable for inconvenience to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premisespremises or building, or nor for the restoration of any restoration to the Premises improvements made by Lessee. nor for the restoration of any property of Lessee. Notwithstanding anything herein to the contrary, contrary in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.
Appears in 1 contract
DAMAGE BY CASUALTY. If12.1 Landlord shall cause to be maintained upon all of the buildings situated within the Shopping Center, during fire and extended coverage insurance for not less than eighty (80%) of the Initial Term full insurance value thereof.
12.2 Tenant shall give immediate written Notice to Landlord of any damage caused to the Demised Premises by fire or any Renewal Term(s) other casualty.
12.3 In the event that the Demised Premises shall be damaged or this Lease and in the sole judgment of Lessor, the Premises suffer damage destroyed by fire, explosion, fire or any other casualty (a) covered by Landlord’s insurance and Landlord does not elect to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then terminate this Lease shallas hereinafter provided, Landlord shall proceed with reasonable diligence, at the option of Lessorits sole cost and expense, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage rebuild and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicableDemised Premises, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant but Landlord shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended expend for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or rebuilding and repair any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee amount in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all excess of the insurance proceeds be applied to recovered by Landlord as a result of such indebtednesslosses. However, if such damage or destruction shall occur during a time when the then Lessor current term of this Lease shall have less than two (2) years to run, Landlord shall not be obligated to rebuild and restore the right Demised Premises. If the Demised Premises shall be (a) destroyed or substantially damaged by a casualty not covered by Landlord’s insurance, or (b) destroyed or rendered untenable to an extent in excess of fifty (50%) of the floor area by a casualty covered by Landlord’s insurance then in either such event Landlord may elect either to terminate this Lease without penalty or to proceed to rebuild and repair the Demised Premises. Landlord shall give written Notice to Tenant of such election within sixty (60) days after the occurrence of such casualty and if Landlord elects to rebuild and repair it shall proceed to do so with reasonable diligence and its sole cost and expense, and this Lease will continue.
12.4 Tenant agrees at all times at its expense to keep its merchandise, fixtures and other property situated within the Demised Premises insured against fire, with extended coverage, to the extent of at least eighty percent (80%) of the value thereof. Such insurance shall be carried with companies satisfactory to Landlord, and shall be in form satisfactory to Landlord. Tenant shall obtain a written obligation of each insurance company to notify Landlord at least thirty (30) days prior to cancellation of such insurance. Such policies or duly executed certificates of insurance shall be delivered to Landlord prior to the commencement of Tenant’s occupancy hereunder and renewals thereof as required shall be delivered to Landlord at least thirty (30) days prior to the expiration of the respective policy terms. The proceeds to Tenant of such insurance shall not be used, except with the consent of Landlord, for any purpose other than the repair or replacement of merchandise, fixtures and other property situated within the Demised Premises.
12.5 In no event shall Landlord be liable to Tenant, its successors, customers, assigns or subrogees, or any person claiming under Tenant for any injury to persons, loss of life, damage to or loss of any property in or about the Demised Premises of the Shopping Center. All public liability and property damage insurance, fire and extended coverage insurance, boiler insurance, and other insurance carried by delivering either Landlord or Tenant covering losses arising out of destruction or damage to the Demised Premises or its contents or to other portions of the Shopping Center or to Tenant’s occupancy and operation of its store therein, shall provide for a waiver of rights of subrogation against Landlord and Tenant on the part of the insurance carriers, to the extent that same is permitted under the laws and regulations governing the writing of insurance within the State of Texas. Each party shall furnish the other with written notice acknowledgement of termination such waiver by its respective insurance carriers.
12.6 Tenant shall pay to LesseeLandlord as additional rent Tenant’s pro-rata share for the fire and general liability insurance, whereupon with all rights endorsements, policies carried by Landlord covering the Demised Premises (whether solely or together with additional buildings or premises). Tenant’s share of such insurance premiums shall be the same proportion that the total floor area of the Premises bears to the total floor area of all buildings covered under each policy. Any additional rental based on such insurance premium costs shall be paid by Tenant in monthly installments, each in an amount equal to one-twelfth (1/12) of Tenant’s total share. Landlord will make available upon reasonable request, books and obligations hereunder shall cease and terminaterecords verifying said insurance cost.
Appears in 1 contract
Sources: Lease Agreement
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) If the Building should be damaged or destroyed by fire or other peril, Tenant immediately shall give written notice to Landlord. If the extent that Building should be totally destroyed by any peril covered by the Premises cannot reasonably insurance to be repaired within 180 days after date of such damage; orprovided by Landlord under Paragraph 5(d) above, (b) to the extent the Premises or if they should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of completed within one hundred eighty (180) days after the date of such damage, this Lease shall terminate and Lessee the Rent shall forthwith surrender be abated during the unexpired portion of this Lease effective upon the date of the occurrence of such damage.
(b) If the Building situated upon the Project of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 5(d) herein, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to the same extent as its original Landlord's Work hereunder, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises for the benefit of, or by or for Tenant. In such event, Rent shall abate hereunder for that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇which ▇▇▇ on a per diem basisnot reasonably be expected to be used by Tenant for such period that the Landlord's insurance otherwise compensates Landlord for such Rent. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from such repairs and rebuilding have not been commenced or such work is not substantially underway within one hundred and twenty (120) days after the date the Premises are rendered untenantable until the Premises are again fit and ready for of such damage (subject to delays outside of Landlord's control), Tenant, as Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikesexclusive remedy, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether may terminate this Lease is thereby terminated or not, Lessor by delivering written notice of termination to Landlord in which event its rights and obligations hereunder shall not do anything to hinder or delay Lessee's work or repair, cease and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. terminate.
(c) Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises Project requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor Landlord shall have the right to terminate this Lease without penalty by delivering written notice of termination to LesseeTenant within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate.
(d) If the Project is damaged by any peril not covered by the insurance to be provided by Landlord under Paragraph 5(d) above and the cost to repair such damage exceeds any amount Tenant may elect to contribute or Landlord may elect to contribute (neither party being obligated to do so), or in the event that the damage occurs in the last two (2) Lease Years of the Term, Landlord may elect either to commence to repair and restore the Premises, in which event this Lease shall remain in full force and effect, or not to repair and restore the Premises, in which event this Lease shall terminate.
Appears in 1 contract
Sources: Standard Industrial Lease (Egl Inc)
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, If the Premises suffer damage or the Building are damaged or partially destroyed by fire, explosion, fire or any other casualty (a) to the extent of one-half (1/2) or less of the then cost of replacement above the foundation, the same shall as soon as practicable be promptly repaired by Landlord except that the obligation of Landlord to rebuild shall not include any obligation to rebuild those portions of the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) installed or added by Tenant. If the Premises or the Building is destroyed or damaged to the extent of greater than one-half (1/2) of the Premises cannot be economically repairedthen replacement cost, then either Landlord, with the approval of its mortgagee, or Tenant may elect to terminate this Lease shallby giving notice in writing to the other party terminating this Lease given within sixty (60) days of such damage or destruction, at the option of Lessorin which event, terminate as to that portion of the Premises so damaged without penalty to Lessor this Lease shall be terminated as of the date of such notice. If neither party provides such notice, Landlord shall promptly commence and diligently pursue to completion any repair or restoration needed as a result of such fire or other casualty. If Landlord shall proceed to repair or rebuild the Premises, it shall initiate and pursue the necessary work with reasonable dispatch in the manner consistent with sound construction methods. Tenant agrees to promptly cooperate with Landlord so as to not delay the progress of such repair and restoration. If the damage or partial destruction to the Building or Premises shall, in the opinion of Tenant, render the Premises wholly untenantable, then rent shall abate until the Premises shall have been restored and are rendered t▇▇▇▇▇able. If such damage or partial destruction renders the Rent allocated Premises untenantable only in part, the rent shall abate proportionately as to that the portion of the Premises so damaged rendered unt▇▇▇▇▇able. Notwithstanding the foregoing, if damage exceeding one-half (1/2) of the replacement cost above foundation has been incurred, Landlord may at its option terminate this Lease in the event insurance proceeds are not available to cover all or substantially all of the estimated cost of repair. Landlord shall cease exercise this option by written notice to Tenant within thirty (30) days after the fire or casualty causing such loss, damage or destruction, which notice shall be effective as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, fire or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatecasualty.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, If the Premises suffer damage or the Building are damaged or partially destroyed by fire, explosion, fire or any other casualty (a) to the extent of one-half (1/2) or less of the then cost of replacement above the foundation, the same shall as soon as practicable be promptly repaired by Landlord except that the obligation of Landlord to rebuild shall not include any obligation to rebuild those portions of the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) installed or added by Tenant. If the Premises or the Building is destroyed or damaged to the extent of greater than one-half (1/2) of the Premises cannot be economically repairedthen replacement cost, then either Landlord, with the approval of its mortgagee, or Tenant may elect to terminate this Lease shallby giving notice in writing to the other party terminating this Lease given within sixty (60) days of such damage or destruction, at the option of Lessorin which event, terminate as to that portion of the Premises so damaged without penalty to Lessor this Lease shall be terminated as of the date of such notice. If neither party provides such notice, Landlord shall promptly commence and diligently pursue to completion any repair or restoration needed as a result of such fire or other casualty. If Landlord shall proceed to repair or rebuild the Premises, it shall initiate and pursue the necessary work with reasonable dispatch in the manner consistent with sound construction methods. Tenant agrees to promptly cooperate with Landlord so as to not delay the progress of such repair and restoration. If the damage or partial destruction to the Building or Premises shall, in the opinion of Tenant, render the Premises wholly untenantable, then rent shall abat▇ ▇▇▇il the Premises shall have been restored and are rendered tenantable. If such damage or partial destruction renders the Rent allocated Premises untenantable only in part, the rent shall abat▇ ▇▇▇portionately as to that the portion of the Premises so damaged rendered untenantable. Notwithstanding the foregoing, if damage exceeding one-half (1/2) of the replacement cost above foundation has been incurred, Landlord may at its option terminate this Lease in the event insurance proceeds are not available to cover all or substantially all of the estimated cost of repair. Landlord shall cease exercise this option by written notice to Tenant within thirty (30) days after the fire or casualty causing such loss, damage or destruction, which notice shall be effective as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, fire or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatecasualty.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during If the Initial Term Premises or any Renewal Term(sthe Building shall be destroyed or shall be so damaged by fire or other casualty as to become untenantable then Landlord within 7 days of the damage shall determine whether the premises can be made tenantable within one hundred and eighty (180) or this Lease days. If Landlord is able to restore the building within one hundred and in the sole judgment of Lessoreighty (180) days, the Lease shall continue in full force and effect and Landlord shall repair the Leased Premises suffer damage with due diligence, placing Tenant in as good a condition as it was at the time of the Damage by fireCasualty, explosion, or any other casualty (a) and for that purpose may enter the Premises and rent shall ▇▇▇▇▇ in proportion to the extent that the Premises and duration of untenantability. If Landlord cannot reasonably be repaired restore the premises within 180 days after date one hundred and eighty (180) days, or Landlord is unable, within reason, to place Tenant in as good a condition as it was at the time of such damage; orthe Damage by Casualty, (b) to the extent the Premises cannot be economically repaired, then this Lease shallthen, at the option of LessorTenant or Landlord, terminate as to that portion the term of the Premises so damaged without penalty to Lessor as of this Lease shall cease, and this Lease shall become null and void from the date of such damage or destruction and the Rent allocated to that portion of Tenant shall immediately surrender the Premises so damaged shall cease as of and all interest in the date of such damagePremises to Landlord, and Lessee Tenant shall forthwith surrender pay rent only to the time of surrender. Tenant or Landlord must exercise such option to so terminate this Lease by notice in writing delivered to the other party within (5) five days after notice is given by the Landlord that portion of the damaged Premises property cannot be restored in one hundred and eighty (180) days. If Tenant or Landlord does not elect to Lessor; providedterminate this Lease, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee and Landlord shall repair the Leased Premises with due diligence, placing them in as soon good a condition as reasonably practicablethey were at the time of the damage or destruction, and Lessor shall assign any insurance proceeds to Lessee for the that purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date may enter the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent rent shall ▇▇▇▇▇ on a per diem basisin proportion to the extent and duration of untenantability. If Should the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed Landlord notify Tenant that the period for reconstruction shall premises can or cannot be extended for such restored in (180) days but Tenant does not believe the premises can or cannot be restored in the one hundred and eighty (180) day time during which strikes, riots, civil commotion, governmental intervention, acts of Godperiod, or any other contingency beyond Lessee's control shall delay Landlord and Tenant disagree about whether Landlord can place Tenant in as good a condition as it was at the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part time of the Premises, or for any restoration to the Premises made Damage by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtednessCasualty, then Lessor Tenant or Landlord shall have the right to terminate this Lease without penalty apply to the District Court of ▇▇▇▇▇▇▇ County Kansas for a hearing in front of a District Court Judge to decide whether the Landlord can reasonably restore possession in one hundred and eighty (180) days. Tenant and Landlord agree that the hearing in District Court should be an expedited hearing to the Court. Landlord and Tenant shall cooperate to have the hearing in an expedited fashion. The District Court shall have the right to determine whether the Landlord can reasonably restore possession to the Tenant within the one hundred and eighty (180) day time period and/or whether Landlord can place Tenant in as good a condition as it was at the time of the Damage by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminateCasualty.
Appears in 1 contract
Sources: Commercial Lease Agreement
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) Subject to Sections 18(b), (c), and (d), in the extent that event the Premises cannot reasonably be repaired within 180 days after date of are damaged by fire or other casualty, Landlord shall repair such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this . This Lease shall continue remain in full force and effect as to the remainder of the Premises. If this Lease is not so terminatedeffect, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event except that Tenant shall not be obligated entitled to pay any rent for a proportionate abatement of Base Rent based upon the period from the date extent to which the Premises are rendered untenantable until not usable. If the Premises are again fit and ready for Tenant's use and occupancy. Rent damage is due to the fault or neglect of Tenant or its employees, agents, invitees, assignees or subtenants, there shall ▇▇▇▇▇ on a per diem basis. be no abatement of Rent.
(b) If the Premises are rendered partially untenantabletotally damaged, rent or if the Building is so totally damaged that Landlord shall be equitably abated for decide to demolish it, then Landlord may elect to terminate the period Lease by written notice to Tenant given within ninety (90) days following such fire or other casualty.
(c) In case of any damage mentioned in this Section 18, Tenant may cancel this Lease by written notice to Landlord if Landlord has not substantially completed the making of the required repairs within eight (8) months from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the of damages, which period for reconstruction shall be extended for such time during which by the number of days lost in the event of labor strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency similar causes beyond Lessee's the control shall delay of Landlord; provided, however, that such notice be given to Landlord within thirty (30) days prior to the construction. In case expiration of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything said eight (8) month period and prior to hinder or delay Lessee's work or repair, and will cooperate with Lessee in substantial completion of the performance of such repair or work. Lessor required repairs.
(d) Landlord shall not be liable required to Lessee for make any business interruptionrepairs or replacements of any leasehold improvements or fixtures, loss, liability, installed by or the personal property damage, personal injury of Tenant. Landlord's obligation to make any repairs or inconvenience replacement to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, Building or for any restoration to the Premises made shall be limited by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds received and Landlord shall not be applied required to make such indebtedness, then Lessor shall have repairs or replacement the right total cost of which exceeds the actual insurance proceeds received. Landlord agrees to terminate this Lease without penalty by delivering written notice keep the Building insured to a level to allow for reasonable replacement of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatethe Building.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during (a) Should the Initial Term Premises or any Renewal Term(s) part thereof be damaged or this Lease destroyed by fire or other casualty prior to the completion of Lessee’s Work and the issuance of a final certificate of occupancy with respect to the Premises by the appropriate governmental authority (“Substantial Completion”), Lessee shall promptly inform Lessor of such occurrence in writing. Lessee shall be responsible for any such damage or destruction to the Premises and shall restore, at Lessee’s sole judgment of Lessorcost and expense, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent condition that the Premises cannot reasonably be repaired existed prior to such event within 180 one hundred twenty (120) days after date the occurrence of such damage; or, event.
(b) In the event of total or partial destruction of the Premises by fire or other casualty after Substantial Completion that renders the Premises untenantable, Lessor agrees, subject to the extent other terms of this Subsection 13(b), to commence the restoration and repair of the Premises at Lessor’s expense promptly after receipt of the notice from Lessee and the adjustment of any available insurance claim. In the event the Premises are so destroyed that they cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of repaired or rebuilt within one hundred twenty (120) days after the date of such Lessee’ notice regarding the damage or destruction, then either Lessor or Lessee may terminate and cancel this Lease upon ten (10) days written notice to the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damageother party, and Lessee rent shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall proportionately ▇▇▇▇▇ on a per diem basis. If during the time the Premises or a part thereof are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case unusable by reason of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or workdamage thereto. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contraryFurther, in the event the holder of any indebtedness secured Premises are destroyed or damaged by a mortgage fire or deed of trust covering other casualty when there are twelve (12) months or less remaining on the Premises requires that any Lease Term, or all of should the insurance proceeds actually received by Lessor and usable by Lessor for repair or restoration of the Premises be applied insufficient to complete such indebtednessrepair or restoration, then Lessor shall have the right to may, at its option, terminate or cancel this Lease without penalty by delivering upon ten (10) days written notice of termination to Lessee and Lessee, whereupon all rights and ’s obligations to pay further rent hereunder shall cease and simultaneously terminate.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term term hereof, or any Renewal Term(s) or this Lease and in the sole judgment of Lessorprevious thereto, the Premises or any Building of which the Premises are a part shall suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises or Building cannot reasonably be repaired within 180 90 days after date of such damage; or, (b) with the proceeds of such insurance, in the judgment of Lessor and Lessee, or if they cannot agree, a mutually agreeable third party qualified in the construction industry in or about Christian County, Illinois, or to such an extent that under the extent then existing laws, orders, ordinances or other public requirements the Premises same cannot be economically repairedrepaired to substantially the same form and with substantially the same materials as before such damage, then this Lease the term shall, at the option of Lessoreither party exercised by written notice not later than sixty (60) days after the occurrence of such casualty, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged rent shall cease as of the date of such damage, and damage (with proportionate refund of any prepayment) on condition Lessee shall forthwith surrender that portion of surrenders the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Premises as soon as reasonably practicablepracticable with due diligence. A maximum of 120 days shall be considered a reasonable time in which to complete repairs barring any extraordinary circumstances or matters beyond the control of Lessor, placing the same in as good condition as they were just before such damage, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If pro rata and in proportion to untenantability of the Premises are rendered partially untenantable(or if the undamaged portion is not reasonably usable for Lessee’s purposes pending the restoration of the Building, all rent shall be equitably abated for the period ▇▇▇▇▇) from the date time of such damage until restoration of the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancyby Lessor. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's Lessor’s control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor Lessee shall remove all of the rubbish and debris of Lessee’s property within sixty (60) days after written request by Lessor, and if this Lease is not thereby terminated, Lessee shall not do anything to hinder or delay Lessee's Lessor’s work or of repair, and will cooperate with Lessee Lessor in the performance of such repair or work. Lessor shall not be liable for inconvenience to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the PremisesPremises or Building, or nor for the restoration of any restoration to the Premises improvements made by Lessee. Notwithstanding anything herein to , nor for the contrary, in the event the holder restoration of any indebtedness secured by a mortgage or deed property of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.
Appears in 1 contract
Sources: Lease Agreement (Gsi Group Inc)
DAMAGE BY CASUALTY. IfIf the demised premises shall be partially or totally damaged or destroyed, during then Landlord shall diligently and as soon as practicable after such damage occurs (taking into account the Initial Term or time necessary to effectuate a satisfactory settlement with any Renewal Term(s) or this Lease insurance company, and in the sole judgment reasonable delay on account of Lessor, the Premises suffer damage by fire, explosion, "labor troubles" or any other casualty (acauses beyond Landlord's control) to repair or rebuild the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; ordemised premises, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this in no event shall Landlord be obligated to expend in such repair or rebuilding any sums in excess of the amount of insurance proceeds paid to Landlord in connection therewith, except for any deductible paid by the Landlord. The foregoing notwithstanding, in no event shall Landlord be required to repair, restore or rebuild any portions of the demised premises constituting a part of Tenant's leasehold improvements or other tenant work, trade fixtures, equipment and personal property. If the demised premises are rendered wholly or partially untenantable by such damage or destruction, any such damage and destruction was without the fault or neglect of the Tenant, its servants, employees, agents, or licensees, then the basic monthly rent payable by Tenant under the Lease during the period in which the demised premises are so untenantable shall continue in full force and effect as be equitably abated by the percentage that the unusable floor area of the demised premises bears to the remainder total floor area thereof. Except as set forth in this Article, Landlord shall not be liable for any damages (including, without limitation, business interruption) that may be suffered by Tenant by reasons of any casualty to the demised premises and/or Landlord's repairing or rebuilding thereof and/or the deprivation of Tenant's use and possession of the Premisesdemised premises. If All of the foregoing provisions of this Lease is Article notwithstanding, if the demised premises and/or the common area access to the demises premises, if necessary to Tenant's business, are rendered wholly untenantable by fire or other cause, and such damage cannot so terminatedbe repaired by Landlord within one hundred eighty (180) days following the date of such casualty, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall Tenant, provided it is not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit in default hereunder, may, at its option, cancel and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.giving
Appears in 1 contract
DAMAGE BY CASUALTY. Ifindustry in or about Wake County, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosionNorth Carolina, or any other casualty (a) to the such an extent that under the Premises cannot reasonably be repaired within 180 days after date of such damage; orthen existing laws, (b) to orders, ordinances or other public requirements the extent the Premises same cannot be economically repairedrepaired to substantially the same form and with substantially the same materials as before such damage, then this Lease the term hereby created shall, at the option of Lessoreither party exercised by written notice not later than sixty (60) days after the occurrence of such casualty, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged rent shall cease as of the date of such damage, and damage (with proportionate refund of any prepayment) on condition Lessee shall forthwith surrender that portion of surrenders the damaged Premises premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee Lessor shall repair the Premises premises as soon as reasonably practicablepracticable with due diligence. A maximum of 120 days shall be considered a reasonable time in which to complete repairs barring any extraordinary circumstances or matters beyond the control of Lessor, placing the same in as good condition as they were just before such damage, and Lessor rent shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇abat▇ ▇▇▇ on a per diem basis. If rata and in proportion to untenantability of the Premises are rendered partially untenantablepremises (or if the undamaged portion is not reasonably usable for Lessee's purposes pending the restoration of the Building, all rent shall be equitably abated for abat▇) ▇▇om the period from time of such damage until restoration of the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancypremises by Lessor. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond LesseeLessor's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor Lessee shall remove all of the rubbish 21 -21- and debris of Lessee's property within sixty (60) days after written request by Lessor, and if this Lease is not thereby terminated, Lessee shall not do anything to hinder or delay LesseeLessor's work or of repair, and will cooperate with Lessee Lessor in the performance of such repair or work. Lessor shall not be liable for inconvenience to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premisespremises or Building, or nor for the restoration of any restoration to the Premises improvements made by Lessee, nor for the restoration of any property of Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminateterminate with proportionate refund of any prepayment.
Appears in 1 contract
Sources: Lease (Morton Industrial Group Inc)
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage If Tenant’s Building is damaged by fire, explosionthe elements or other casualty, or any other casualty regardless of whether such Casualty is insured (a) collectively, a “Casualty”), Tenant, at Tenant’s sole cost and expense, will promptly repair all damage and restore Tenant’s Building to substantially the same condition as existed immediately prior to the extent that Casualty (subject to Section 17.3). Tenant shall commence the Premises cannot reasonably be repaired permitting and repair process promptly and shall use all reasonable efforts to complete the repair and/or restoration (collectively, the “Repairs”) within 180 270 days after date the occurrence of such damage; orCasualty, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated in default under this Section 17.1 if Tenant fails to pay any rent for complete the period from repair and/or restoration within this period, so long as Tenant is proceeding diligently, using all reasonable efforts, to complete the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancyrepair and/or restoration. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor Landlord shall have the right to terminate this Lease without penalty by delivering written notice inspect and monitor Tenant’s Repairs to confirm compliance with original plans and specifications for Tenant’s Building as well as compliance with applicable laws. Landlord shall not have approval rights thereover so long as Tenant’s Building is rebuilt (i) to the same footprint of termination Tenant’s Building existing immediately prior to Lesseethe Casualty, whereupon and (ii) in accordance with the plans and specifications for Tenant’s Building which were originally used when Tenant’s Building was first constructed. All Repairs shall be done in a good and workmanlike and lien-free manner and Tenant shall indemnify, defend and hold Landlord and Landlord’s lender harmless from and against all rights claims, loss, liens, damage and obligations hereunder costs arising from or related to such Repairs. Furthermore, Tenant shall cease obtain (and terminatedeliver to Landlord copies of) (i) unconditional lien waivers from any general contractor and all subcontractors and material suppliers whose work exceeds $[25,000], (ii) construction contracts relating to such Repairs, (iii) close-out manuals and warranties relating to such Repairs, (iv) copies of all change orders, and (v) copies of all third party certificates and inspections performed in connection with such Repairs (and Tenant shall insure that any such certificates or third party reports prepared in connection with such Repairs are also certified to Landlord and Landlord’s lender).
Appears in 1 contract
Sources: Merger Agreement (Safeway Inc)
DAMAGE BY CASUALTY. If, during the Initial Term (A) Tenant shall give prompt notice to Landlord in case of any fire or any Renewal Term(s) other damage or this Lease and in the sole judgment of Lessor, casualty to the Premises suffer damage by fire, explosion, or any other casualty the Building. If
(ai) the Building shall be damaged to the extent that the Premises cannot reasonably be repaired within 180 days after date of in Landlord’s reasonable judgment, repairing such damage; or, (b) to the extent the Premises candamage or destruction would not be economically repairedfeasible;
(ii) the Building shall be damaged as a result of a risk which is not covered or any portion thereof shall require that the insurance proceeds under the policies referred to in Section 3 (B) hereof be used for other than repairing, replacing and rebuilding such damage, then in any event Landlord may terminate this Lease shallby notice given within ninety (90) days after such event. In the event this Lease is terminated as provided above in this Section 21: (i) the entire proceeds of the insurance provided for in Section 3. (B) hereof shall be paid by the insurance company or companies directly to Landlord and shall belong to, at and be the option of Lessorsole property of, terminate as to that Landlord; (1) the portion of proceeds of the insurance provided for in Section 3. (B) which is insuring equipment, fixtures and other items, which by the terms of the Lease, belong to the Landlord by whatever cause shall be paid by the insurance company or companies directly to Landlord, and shall belong to, and be the sole property of, Landlord;
(iii) Tenant shall immediately vacate the Premises so damaged without penalty in accordance with this Lease;
(iv) all Rent shall be apportioned and paid to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of on which possession is relinquished or the date of such damage, whichever last occurs; and
(v) Landlord and Lessee Tenant shall forthwith surrender be relieved from any and all further liability or last obligation hereunder except as expressly provided in this Lease. Tenant hereby waives any and all rights to terminate this Lease that it may have, by reason of damage to the Premises by fire, flood, earthquake or other casualty, pursuant to any presently existing or hereafter enacted statute or pursuant to any other law.
(B) If all or any portion of the Building is damaged Premises to Lessor; providedby fire, howeverflood, that this Lease shall continue in full force earthquake or other casualty and effect as to the remainder of the Premises. If this Lease is not so terminatedterminated in accordance with the provisions of Section 21 (A), then Lessee all insurance proceeds under the policies referred to in Section 3. (B) hereof that are recovered on account of any such damage by fire or casualty shall repair be made available for the Premises payment of the cost of repair, replacing and rebuilding and as soon as reasonably practicablepracticable after such damage occurs Landlord shall, using the proceeds provided for by Section 3. (B) hereof, repair or rebuild the Building and Lessor shall assign any other portions of the Premises or such portion hereof to its condition immediately prior to such occurrence to the extent the cost therefore is fully funded by insurance proceeds to Lessee for the purpose of paying for proceeds. Alternatively, at Landlord’s option, Landlord may require that Tenant perform such repairs, and in such which case, Landlord shall make available to Tenant, insurance proceeds received by Landlord-In no event Tenant shall not be obligated to repair or replace Tenant’s movable trade fixtures or other personal property. In addition, Tenant shall, using the remaining proceeds of the insurance proceeds from policies provided for in Section 3. (B) hereof, repair, restore and replace Tenant’s movable trade fixtures, personalty and equipment. If the aforesaid insurance proceeds under the insurance provided for in Section 3. (B) hereof shall be less the cost of repairing or replacing Tenant’s movable trade fixtures, equipment and personalty, or other items required to be insured by Tenant pursuant to Section 3. (B) hereof, Tenant shall pay the entire excess cost thereof, and if such insurance proceeds shall be greater than the cost of such repair, restoration, replacement or building, the excess proceeds shall belong to, and be the property of Tenant.
(C) In the event of any rent for repair or rebuilding pursuant to the provisions of Section 21 hereof, then only to the extent Landlord receives rental insurance proceeds equal to the Rent due during the period from the date Building and other portions of the Premises are rendered untenantable until the Premises are again fit undergoing repairs and ready for Tenant's ’s use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantableis precluded, rent there shall be equitably abated for an equitable portion of the period from Basic Rent during the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case existence of such damage, whether this Lease based upon the portion of the Premises which is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, rendered untenantable and will cooperate with Lessee in the performance of such repair or work. Lessor duration thereof Landlord shall not be liable or obligated to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs tenant to any part extent whatsoever by reason of any fire or other casualty damage to the Premises, or for any restoration to damages suffered by Tenant by reason thereof, or the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder deprivation of Tenant’s possession of all or any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatePremises.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term (A) Tenant shall give prompt notice to Landlord in case of any fire or any Renewal Term(s) other damage or this Lease and in the sole judgment of Lessor, casualty to the Premises suffer damage by fire, explosion, or any other casualty the Building. If
(ai) the Building shall be damaged to the extent that the Premises cannot reasonably be repaired within 180 days after date of in Landlord’s reasonable judgment, repairing such damage; or, (b) to the extent the Premises candamage or destruction would not be economically repairedfeasible;
(ii) the Building shall be damaged as a result of a risk which is not covered or any portion thereof shall require that the insurance proceeds under the policies referred to in Section 3. (B) hereof be used for other than repairing, replacing and rebuilding such damage, then in any event Landlord may terminate this Lease shallby notice given within ninety (90) days after such event. In the event this Lease is terminated as provided above in this Section 21: (i) the entire proceeds of the insurance provided for in Section 3. (B) hereof shall be paid by the insurance company or companies directly to Landlord and shall belong to, at and be the option of Lessorsole property of, terminate as to that Landlord; (1) the portion of proceeds of the insurance provided for in Section 3. (B) which is insuring equipment, fixtures and other items, which by the terms of the Lease, belong to the Landlord by whatever cause shall be paid by the insurance company or companies directly to Landlord, and shall belong to, and be the sole property of, Landlord”
(iii) Tenant shall immediately vacate the Premises so damaged without penalty in accordance with this Lease
(iv) all Rent shall be apportioned and paid to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of on which possession is relinquished or the date of such damage, whichever last occurs; and
(v) Landlord and Lessee Tenant shall forthwith surrender be relieved from any and all further liability or last obligation hereunder except as expressly provided in this Lease. Tenant hereby waives any and all rights to terminate this Lease that it may have, by reason of damage to the Premises by fire, flood, earthquake or other casualty, pursuant to any presently existing or hereafter enacted statute or pursuant to any other law.
(B) If all or any portion of the Building is damaged Premises to Lessor; providedby fire, howeverflood, that this Lease shall continue in full force earthquake or other casualty and effect as to the remainder of the Premises. If this Lease is not so terminatedterminated in accordance with the provisions of Section 21 (A), then Lessee all insurance proceeds under the policies referred to in Section 3 (B) hereof that are recovered on account of any such damage by fire or casualty shall repair be made available for the Premises payment of the cost of repair, replacing and rebuilding and as soon as reasonably practicablepracticable after such damage occurs Landlord shall, using the proceeds provided for by Section 3 (B) hereof, repair or rebuild the Building and Lessor shall assign any other portions of the Premises or such portion hereof to its condition immediately prior to such occurrence to the extent the cost therefore is fully funded by insurance proceeds to Lessee for the purpose of paying for proceeds. Alternatively, at Landlord’s option, Landlord may require that Tenant perform such repairs, and in such which case, Landlord shall make available to Tenant, insurance proceeds received by Landlord-In no event Tenant shall not be obligated to repair or replace Tenant’s movable trade fixtures or other personal property. In addition, Tenant shall, using the remaining proceeds of the insurance proceeds from policies provided for in Section 3 (B) hereof, repair, restore and replace Tenant’s movable trade fixtures, personalty and equipment. If the aforesaid insurance proceeds under the insurance provided for in Section 3 (B) hereof shall be less the cost of repairing or replacing Tenant’s movable trade fixtures, equipment and personalty, or other items required to be insured by Tenant pursuant to Section 3 (B) hereof, Tenant shall pay the entire excess cost thereof, and if such insurance proceeds shall be greater than the cost of such repair, restoration, replacement or building, the excess proceeds shall belong to, and be the property of Tenant.
(C) In the event of any rent for repair or rebuilding pursuant to the provisions of Section 21 hereof, then only to the extent Landlord receives rental insurance proceeds equal to the Rent due during the period from the date Building and other portions of the Premises are rendered untenantable until the Premises are again fit undergoing repairs and ready for Tenant's ’s use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantableis precluded, rent there shall be equitably abated for an equitable portion of the period from Basic Rent during the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case existence of such damage, whether this Lease based upon the portion of the Premises which is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, rendered untenantable and will cooperate with Lessee in the performance of such repair or work. Lessor duration thereof Landlord shall not be liable or obligated to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs tenant to any part extent whatsoever by reason of any fire or other casualty damage to the Premises, or for any restoration to damages suffered by Tenant by reason thereof, or the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder deprivation of Tenant’s possession of all or any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatePremises.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term term hereof, or any Renewal Term(s) or this Lease and in the sole judgment of Lessorprevious thereto, the Premises suffer or any building of which the Premises are a part, shall become untenantable or otherwise damaged by virtue of damage by fire, explosion, providential means, or any other casualty casualty, and (ain the case of untenantability) to the extent that if the Premises cannot or building can be reasonably be repaired within 180 one hundred eighty (180) days after date of such damage; or, (b) to the extent Lessor shall repair the Premises as soon as practicable with due diligence, placing the same in as good condition as they were just before such damage, and rent shall ▇▇▇▇▇ pro rata and in proportion to untenantability of the Premises from the time of such damage until restoration of the Premises by Lessor. In the case of untenantability, if the Premises or building cannot be economically repairedrepaired within one hundred eighty (180) days after the date of such damage, then either Lessor or Lessee may terminate this Lease shall, at by written notice to the option of Lessor, other party in which event the term hereby created shall terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged rent shall cease as of the date of such damage, and with proportionate refund of any prepayment, on condition Lessee shall forthwith surrender that portion of surrenders the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, God or any other contingency beyond LesseeLessor's control control, shall delay the construction. In the case of such damage, whether this Lease is thereby terminated or not, Lessor Lessee shall remove all of the rubbish and debris of Lessee's property within five (5) days after written request by Lessor, and if this Lease is not thereby terminated, Lessee shall not do anything to hinder or delay LesseeLessor's work or of repair, and will cooperate with Lessee Lessor in the performance of such repair or work. Lessor shall not be liable for inconvenience to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the PremisesPremises or building, or nor for the restoration of any restoration to the Premises improvements made by Lessee, nor for the restoration of any property of Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate., except for Lessee's option to purchase the Premises hereafter set forth. Lessor agrees to use its best efforts to see that the holder of any such indebtedness does not require that insurance proceeds be applied to indebtedness. For the purposes of this Lease, said Premises shall be considered tenantable so long as and to the extent that they are occupied. In the event Lessor terminates this Lease under the provisions of this Paragraph 14, then Lessee shall have an option to purchase the Premises under the following terms and conditions:
a. If Lessee desires to purchase the Premises, Lessee shall, within ten (10) days of Lessee's receipt of notice of Lessor's election to terminate this Lease, give notice in writing to Lessor of such desire to purchase and the purchase price shall be fair market value of the Premises which shall be determined by Lessor and Lessee or in the absence of such agreement by appraisal. If the parties have failed to agree on the value of the Premises or have failed to agree on an appraiser to determine the value
Appears in 1 contract
Sources: Office Lease (Informix Corp)
DAMAGE BY CASUALTY. IfShould a substantial portion of the Leased Property, during or of the Initial Term Property, be substantially damaged by fire or any Renewal Term(sother casualty, Landlord or Tenant may elect to terminate this Lease, and where such fire or casualty renders the Leased Property reasonably unsuitable for its intended use, a just and proportionate abatement of rent shall be made. Further, within thirty (30) days after such fire or other casualty, Landlord shall give written notice to Tenant with respect to whether or not Landlord will restore the Leased Property and the estimated time to complete such repair. Tenant may elect to terminate this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty if either (a) Landlord notifies Tenant in writing that Landlord has elected not to restore the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; orLeased Property, (b) Landlord elects to restore but fails to restore the Leased Property to a condition reasonably suitable for its intended use within one hundred twenty (120) days after such fire or casualty, or (c) Landlord fails to make reasonable, good faith efforts to commence restoring the Leased Property within one hundred twenty (120) days after such fire or casualty. However, Tenant's failure to give such notice of termination within ten (10) days after the date on which the right to terminate ripens under either (a), (b), or (c) above shall constitute a waiver of such right by Tenant. Landlord will seek to have the first mortgagee of the Leased Property, if any, provide for application of hazard insurance loss proceeds to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion repair or reconstruction of the Premises so damaged without penalty Leased Property upon any hazard loss. Subject to Lessor as the mortgagee (if any) of the date Leased Property making the hazard loss insurance proceeds available for such restoration and to Landlord's receipt of such proceeds for that purpose, if Landlord elects, to repair, reconstruct, or cause to be repaired or reconstructed, such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damageor destruction, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant Landlord shall not be obligated required to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantableexpend, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate in connection with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for reconstruction, any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors amount exceeding the amount of casualty insurance proceeds actually received by making repairs to any part of the Premises, or for any restoration to the Premises made by LesseeLandlord. Notwithstanding anything herein to the contraryforegoing, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of such mortgagee shall not make the insurance loss proceeds available for repair or restoration, Landlord shall not be applied required to repair or reconstruct the Leased Property and shall notify Tenant within thirty (30) days next following such indebtednesshazard loss, then Lessor of its election in this respect and thereupon, Tenant shall have the right to terminate termination rights described above in this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminateSection.
Appears in 1 contract
Sources: Lease (Giga Information Group Inc)
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate. Any allocation of Rent required under this Lease shall be made in accordance with the Allocation Schedule in Exhibit B, as adjusted on a pro rata basis for subsequent increases of rent.
Appears in 1 contract
Sources: Lease Agreement (Consolidated Communications Texas Holdings, Inc.)
DAMAGE BY CASUALTY. IfIn the event of damage to the Property or the Premises by casualty which renders the Property, during in whole or in part, or the Initial Term Premises untenantable, Landlord shall within ninety (90) days after said casualty notify the Tenant whether or any Renewal Term(s) or this Lease and not Landlord elects to reconstruct ("Reconstruction Notice"). If in the sole judgment of LessorLandlord's good faith estimation, the Premises suffer damage cannot be restored within one hundred eighty (180) days after Landlord receives notice of damage, Landlord shall so notify Tenant in Landlord's Reconstruction Notice. Tenant may terminate this Lease by fire, explosion, or any other casualty delivery of notice to Landlord within thirty (a30) to the extent days after delivery of Landlord's Reconstruction Notice notifying Tenant that the Premises cannot reasonably be repaired restored within 180 days after date of such damage; orone hundred eighty (180) days. If Landlord elects not to reconstruct or if Tenant elects under the preceding sentence to terminate this Lease, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor shall be terminated as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease rents will be prorated as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premisesdate. If this the Lease is not so terminated, then Lessee there shall be an abatement of rent and additional rent for the entire period of time between the date of such destruction and the date on which the Premises shall be placed in tenantable condition. If the Property is partially destroyed by casualty and the damage does not amount to the above extent, Landlord shall repair the Premises as soon as reasonably practicableProperty with all convenient speed and shall have the right to take possession of and occupy, and Lessor shall assign to the exclusion of Tenant, all or any insurance proceeds portion of the Property necessary to Lessee for the purpose of paying for such complete repairs, in which event there shall be an abatement of rent and in such event additional rent as the nature of the damage and its interference with the occupancy of the Premises by Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basiswarrant. If the Premises are rendered partially untenantableonly slightly damaged so as not to cause any material interference with Tenant's occupancy, rent there shall be equitably abated for no abatement of rent and Landlord shall repair the period from damage as soon as possible. In the date the Premises are rendered untenantable until the Premises are again fit and ready for event of any casualty (with or without election to rebuild), Landlord shall have no obligation to replace, rebuild or repair any property of Tenant including alterations by Tenant's use and occupancy. It is further agreed that the period for reconstruction , but such Tenant property or alterations shall be extended for such time during which strikesreplaced, riots, civil commotion, governmental intervention, acts of God, rebuilt or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors repaired by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminateTenant as soon as possible.
Appears in 1 contract
Sources: Lease Agreement (Cobalt Group Inc)
DAMAGE BY CASUALTY. If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, If the Premises suffer damage is damaged so substantially by fire, explosion, fire or any other casualty (a) as to the extent that make the Premises cannot reasonably be repaired within 180 wholly or partially untenantable, Lessor shall have thirty (30) days after date of such damage; or, (bthe "Notice Period") to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of from the date of such damage to notify Lessee in writing (the "Casualty Notice") whether Lessor shall restore and repair the Rent allocated to that portion foundation, structural elements, exterior ways and roof of the Premises so damaged shall cease as within ninety (90) days following expiration of the date of such Notice Period to substantially the same condition as before the damage. If during the Notice Period, Lessor fails to notify Lessee that Lessor does plan so to restore and repair the Premises, then Lessee shall forthwith surrender that portion may, at its option, at any time after the expiration of the damaged Notice Period (but prior to the earlier to occur of (a) Lessee's receipt of the Casualty Notice (whenever given), or (b) restoration of the Premises), cancel this Lease and surrender the Premises to Lessor by providing written notice thereof to Lessor; provided, however, that Lessor may defeat such termination notice by notifying Lessee in writing within three (3) business days of receipt of Lessee's termination notice that Lessor shall so restore and repair the Premises and that such restoration and repair shall be completed within ninety (90) days following expiration of the original Notice Period . If Lessor does notify Lessee during the Notice Period (or as otherwise set forth in the preceding sentence) that Lessor plans so to restore and repair the Premises within ninety (90) days following expiration of the Notice Period, then this Lease shall continue remain in full force and effect effect. If Lessor fails so to restore the Premises to substantially the same condition as to before the remainder damage within one hundred twenty (120) days following the date of the Premises. If this Lease is not so terminateddamage, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose excluding days of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period delay resulting from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, acts or any neglect of Lessee (or of its agents, employees, licensees or invitees), strikes, unavoidable delays in transportation, or other contingency beyond Lessee's events causing delay in completion of the restoration of the Premises and outside the reasonable control shall delay the construction. In case of such damageLessor, whether then Lessee may, at its option, prior to completion of repairs and restoration by Lessor and upon ten (10) days notice to Lessor, cancel this Lease is thereby terminated and surrender the Premises to Lessor. To the extent that this Lease remains in effect following damage to the Premises by fire or notother casualty, the rental hereunder shall, for the time period commencing on the date of the damage and ending on the date on which Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part completes restoration of the Premises, or for any restoration be reduced pro rata in proportion to the rentable square footage of the Premises made untenantable by Lesseesuch casualty. Notwithstanding anything herein the foregoing provisions of this Paragraph 15, if (i) Lessor's reasonable, good-faith estimate of the cost of so restoring and repairing the Premises is less than $225,000.00, and (ii) Lessor's reasonable, good-faith estimate of the time required so to restore and repair the contraryPremises is 120 days or less, in the event the and (iii) each holder of any indebtedness secured by a mortgage or deed (as defined in Paragraph 21 hereof) encumbering the property of trust covering which the Premises requires that any or forms a part has permitted such restoration and repair and has allowed all of the applicable insurance proceeds to be applied to such indebtednessrestoration and repair (less any applicable deductible amounts), then Lessor shall be obligated so to restore the Premises within 120 days after the date of such casualty damage (subject to extension of such restoration period due to circumstances beyond the reasonable control of Lessor), and this Lease shall remain in full force and effect; provided, however, that if such damage to the Premises by fire or other casualty occurs at a time when twelve (12) months or less remain on the term of this Lease, Lessor (unless Lessee, being then entitled to exercise its Renewal Option, notifies that Lessor of Lessee's election to exercise its Renewal Option, which case Lessor shall have the right obligation to repair and restore the Premises so long as the conditions set forth in (i), (ii) and (iii) hereinabove have been met) or Lessee may at its option terminate or cancel this Lease without penalty by delivering upon ten (10) days' written notice of termination to Lesseethe other party, whereupon all rights Lessee shall promptly surrender the Premises to Lessor, and obligations hereunder thereafter no further rental shall cease and terminateaccrue hereunder.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during the Initial Term term hereof, the premises or any Renewal Term(s) or this Lease and in building of which the sole judgment of Lessorpremises are a part, the Premises shall suffer damage by fire, explosion, providential means, or any other casualty (a) casualty, to the extent that the Premises premises or building cannot reasonably be repaired within 180 ninety days after date of such damage; or, (b) or to such an extent that under the extent existing laws, orders, ordinances or other public requirements the Premises same cannot be economically repairedrepaired to substantially the same form and with substantially the same materials as before such damage, then this Lease shall, at the option of Lessor, term hereby created shall terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged rent shall cease as of the date of such damage, and Lessee shall with proportionate refund of any prepayment, on condition Tenant forthwith surrender that portion of surrenders the damaged Premises premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the PremisesLandlord. If this Lease is not so terminated, then Lessee Landlord shall repair the Premises premises as soon as reasonably practicablepracticable with due diligence, placing the same in as good condition as they were just before such damage, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall ▇▇▇▇▇ on a per diem basis. If pro rata and in proportion to untenability of the Premises are rendered partially untenantable, rent shall be equitably abated for the period premises from the date time of such damage until restoration of the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancypremises by Landlord. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control Landlord’s control, shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor Tenant shall remove all of the rubbish and debris of Tenant’s property within thirty (30) days after written request by Landlord, and if this Lease is not thereby terminated, Tenant shall not do anything to hinder or delay Lessee's Landlord’s work or of repair, and will cooperate with Lessee Landlord in the performance of such repair or work. Lessor Landlord shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors Tenant by making repairs to any part of the Premisespremises or building, or nor for the restoration of any restoration to the Premises improvements made by LesseeTenant, nor for the restoration of any property of Tenant. Notwithstanding anything herein to the contrarycontrary herein, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering (i) if the Premises requires that are damaged by any or all of the insurance proceeds be applied to such indebtednessperil and Landlord does not terminate this Lease, then Lessor Tenant shall have the right option to terminate this Lease without penalty if the Premises cannot be, or are not in fact, fully restored by delivering written notice Landlord to their prior condition within ninety (90) days after the damage, and (ii) whenever rent is to be abated under this Lease, all rent and additional rent shall be equitably abated based upon the extent to which Tenant’s use of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminatethe Premises is diminished.
Appears in 1 contract
Sources: Lease (Alphasmart Inc)