Common use of Damage by Fire or Other Casualty Clause in Contracts

Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.

Appears in 11 contracts

Samples: Sublease Agreement (Adcare Health Systems, Inc), Sublease Agreement (Adcare Health Systems, Inc), Sublease Agreement (Adcare Health Systems, Inc)

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Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord If, during the Term, more than twenty-five percent (25%) of any damage or destruction of any portion either of the Premises or the Building is damaged or made untenantable by fire or other casualty, cause, condition or thing whatsoever, Landlord may, by written notice to Tenant given within sixty (a “Casualty”60) and diligently repair or reconstruct days after such portion damage, terminate this Lease. Such termination shall become effective as of the Premises to a like or better condition than existed prior to date of such damage or destructiondamage. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord andUnless this Lease is terminated, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to are made partially or wholly untenantable as aforesaid, Landlord’s disbursement requirements and , subject to the provisions of this Article 12 shall restore the Facility Mortgage Documents same at Landlord's expense with reasonable promptness. If, as a result of a fire or other casualty, the Premises are made partially or wholly untenantable, Tenant may terminate this Lease if (A) Landlord fails to commence such restoration within sixty (60) days after Landlord is able to take possession of the damaged space in the Premises and fails to reasonably diligently complete the release restoration of insurance proceeds the Premises, by giving notice thereof to Landlord (i) not later than seventy (70) days after Landlord is able to take possession if Landlord has not theretofore commenced such restoration or (ii) prior to the substantial completion of such restoration, if Landlord commences such restoration within said sixty (60) day period, but fails to complete the restoration of the Premises within one hundred eighty (180) days from the date of casualty, and such termination shall be effective as of the fifth (5) day after receipt of said notice by Landlord, or (B) the restoration will take more than one hundred eighty (180) days to complete by giving notice thereof to Landlord prior to Landlord's commencement of restoration and within twenty (20) days after Landlord notifies Tenant in writing of the estimated time necessary to complete such restoration determined by an architect selected by Landlord, provided Tenant shall have the right to select an architect to make such determination if Landlord has not done so within thirty (30) days after such casualty, and Tenant's termination right, if applicable shall be exercised within twenty (20) days after Tenant's receipt of such architect's estimate. In the event of termination of this Lease, Monthly Base Rent and Adjustments shall be prorated on a per diem basis and paid only the effective date of such termination. If all of the Premises are untenantable but this Lease is not terminated, all Monthly Base Rent and Adjustments shall abatx xxxm the date of the fire or other casualty until the Premises are ready for occupancy and reasonably accessible to Tenant; if part of the Premises is untenantable, Monthly Base Rent and Adjustments shall be prorated on a per diem basis and apportioned in accordance with the part of the Premises which is usable by Tenant until the damaged part is ready for Tenant's occupancy. In all cases, with respect to Landlord's obligations under this Article 12, such obligations shall be adjusted and all time periods extended by the Facility Mortgageeperiod on account of delay caused by adjustment or insurance loss, if anystrikes, governmental approvals, labor difficulties or any cause beyond Landlord's reasonable control. If such proceeds are insufficient, Tenant shall provide Notwithstanding anything to the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided contrary in the last sentence of this Section 1812.01, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon in no event abatx xx such fire or other casualty, cause, condition or thing was caused by the number act or neglect of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyTenant, its employees or agents.

Appears in 4 contracts

Samples: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)

Damage by Fire or Other Casualty. Tenant Lessee shall promptly notify Landlord Lessor of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty casualty shall be paid directly to Landlord Lessor and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s Lessor's reasonable disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant Lessee shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to TenantLessee. Except as expressly provided in the last sentence of this Section 18paragraph, Tenant Lessee shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualtycasualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant Lessee, and Landlord Lessor does not agree pay to reimburse Tenant Lessee up to the amount of such insurance proceeds in the event of a Casualty that renders casualty, Lessee shall have no obligation to make any repairs to the Facility unsuitable for its Permitted Use, Tenant and Lessee shall have the right to terminate this Lease and remove the Facility from the PortfolioLease. Upon the removal of the Facility from the PortfolioThereafter, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualtycasualty. In the event of a Casualty casualty that does not render the Facility unsuitable for its Permitted Usepermitted use, Tenant Lessee, subject to Lessee’s receipt of funds as described in this Lease, shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty casualty in accordance with the provisions of this Section 1817, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty. If the Facility is damaged and the damage is so extensive that more than fifty percent (50%) of the licensed beds for the Facility is damaged by fire or other casualty and cannot be used in the opinion of Lessee, then Lessee shall have the right to terminate this Lease upon thirty (30) days written notice to Lessor. All Rent shall be prorated to the date of such termination.

Appears in 3 contracts

Samples: Lease Agreement (Adcare Health Systems, Inc), Lease Agreement (Adcare Health Systems, Inc), Lease Agreement (Adcare Health Systems, Inc)

Damage by Fire or Other Casualty. Tenant shall promptly notify give prompt notice to Landlord of any fire or other damage to the Demised Premises or destruction the Building of any portion which Tenant becomes aware. If (i) twenty percent (20%) or more of the Demised Premises or the Building shall be damaged by fire or other casualty, or (a “Casualty”ii) and diligently repair any damage to the Demised Premises or reconstruct such portion Building cannot reasonably be repaired within ninety (90) days after the damage occurred, or (iii) any mortgagee of the Demised Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of require that the insurance proceeds under the policies referred to reimburse in Section 22 hereof be used to pay down the mortgage, or (iv) the Demised Premises or Building shall be damaged as a result of a risk which is not covered by Landlord’s insurance, or (v) less than one (1) year remains before the expiration of the Term, then Landlord or Tenant and Landlord does not agree to reimburse Tenant up to may terminate this Lease by notice given within thirty (30) days after the amount date of such insurance proceeds damage. In addition, Landlord shall notify Tenant, in writing, within thirty (30) days after the event of a Casualty date the damage occurred, if Landlord has reasonably determined that renders it will take more than ninety (90) days from the Facility unsuitable for its Permitted Usedate the damage occurred to rebuild the Demised Premises, Tenant shall have the right to terminate this Lease upon written notice to Landlord delivered not more than thirty (30) days after Landlord delivers said notice to Tenant. If the Demised Premises are damaged by fire or other casualty and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease is not terminated pursuant to this Section 23, then all insurance proceeds under the policies referred to in Section 22 hereof that are recovered on account of any such damage shall be made available to pay for the cost of no further force repairing such damage, and, as soon as practicable after such damage occurs, Landlord shall repair or affect, except for any obligations or liability of any party hereunder that accrued on or rebuild the Demised Premises to a condition substantially similar to their condition immediately prior to the date of the Casualtysuch occurrence . However, in no event shall Landlord be obligated to repair or replace Tenant’s trade fixtures, equipment or personalty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility any repair or rebuilding pursuant to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 1823, and then an equitable portion of the Rent shall be reduced on a pro rata basis abated during the existence of such damage, based upon the number portion of beds removed from service the Demised Premises which is rendered untenantable and otherwise taking into consideration the duration thereof. Except as expressly set forth in this Section 23, Landlord shall not be liable or obligated to Tenant if the Demised Premises are damaged by fire or other casualty. Tenant hereby waives any and all relevant factors affecting rights, other than those expressly set forth herein, that Tenant may have pursuant to any presently existing or hereafter enacted law, to terminate this Lease by reason of damage to the Facility resulting from such partial CasualtyDemised Premises by fire or other casualty; provided, however, Tenant can terminate this Lease Agreement as the result of the damage substantially impairing the ingress and egress to the Demised Premises.

Appears in 3 contracts

Samples: Lease Agreement (First Mariner Bancorp), Lease Agreement (First Mariner Bancorp), Lease Agreement (First Mariner Bancorp)

Damage by Fire or Other Casualty. Tenant If, through no fault or negligence of Tenant, his visitors, agents or servants, the Premises shall promptly notify be partially damaged by fire or other casualty, the damage shall be repaired by Landlord of any damage or destruction of any to the extent insurance proceeds are available, and the Rent, until such repairs are made, shall be apportioned according the portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion which are still usable. Landlord's restoration obligation shall be limited to the returning of the Premises to a like or better substantially the same condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used as was required for the repair or reconstruction of the applicable portion delivery of the Premises pursuant upon the Commencement Date. Landlord shall only be obligated to restore the Landlord’s disbursement requirements and subject 's work as provided in Article 36 hereof, to the provisions of the Facility Mortgage Documents and the release extent of insurance proceeds by the Facility Mortgageeavailable, if any. If such proceeds are insufficient, and Tenant shall provide be responsible for all costs of improvements to the required additional funds; if they are more than sufficient, the surplus shall belong Premises above and be paid to Tenant. Except beyond those supplied by Landlord at Landlord's expense as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion part of the Premises by reason initial construction and equipping of an insured or uninsured Casualtythe Premises. If the Facility Mortgagee does damage shall be so extensive as to render the Premises wholly untenantable, the Rent shall cease until such time as the Premises shall become tenantable. However, if the damage is so extensive that the Premises cannot agree to release all be made tenantable within six (6) months from the date of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Usefire or other casualty, Tenant either party shall have the right to terminate this Lease and remove upon ten (10) days' written notice to the Facility from other. In case the Portfolio. Upon Building generally throughout (though the removal Premises may not be affected) is so injured or destroyed by fire or other casualty that Landlord shall decide not to rebuild or reconstruct the Building, the term of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, cease upon ten (10) days' written notice sent by Landlord and the Rent shall be reduced on a pro rata basis based upon paid up to the number time of beds removed such destruction or the date Tenant surrenders possession of the Premises, whichever is later, and the Lease shall thereafter be of no further effect. In the event that any questions shall arise between Landlord and Tenant as to whether or not repairs shall have been made with reasonable dispatch, due allowance shall be made for any delays which may arise in connection with the adjustment of the fire insurance loss and for any delays arising out of what are commonly known as "labor troubles" or "material troubles" or from service and otherwise taking into consideration all relevant factors affecting any other cause beyond Landlord's control. In any event Landlord shall not be liable to Tenant by reason of fire or other damage to the Facility resulting from such partial CasualtyBuilding or the Premises.

Appears in 2 contracts

Samples: Lease Agreement (Medical Makeover Corp of America), Lease Agreement (Medical Makeover Corp of America)

Damage by Fire or Other Casualty. In case of fire or other casualty, Tenant shall promptly notify give immediate notice to Landlord. In the event the Building shall be damaged by fire, the elements or other casualty to such an extent that the cost of restoration will equal or exceed fifty (50%) percent of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, then either the Landlord or the Tenant may, no later than the sixtieth (60th) day following the damage, give the other notice of any its election to terminate this Lease, in which event the Tenant shall vacate the Leased Premises within sixty (60) days thereafter and the Rent shall be paid up to the date of such vacation and thenceforth this Lease shall come to an end. If the damage is such that the cost of restoration does not equal or destruction exceed fifty (50%) percent of the replacement value of the Building (exclusive of foundations) or neither the Landlord nor the Tenant elect to terminate the Lease, then the Landlord shall repair the same as speedily as practicable to the scope of Landlord's work in the original construction of the Building to include that Tenant work Landlord originally performed and, of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Building shall be rendered unusable for its intended purpose, then the Premises Tenant's obligation to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable pay Rent hereunder shall xxxxx with respect to the Casualty square footage of the portion rendered unusable pursuant to the applicable rates set forth in Paragraph 5(a) or (b) if during the initial term of this lease or at rates established pursuant to Paragraph 25 if during an option period, from the date of casualty until such time as the Landlord shall be paid directly have repaired the Building and Leased Premises and Certificate of occupancy shall have issued. If the Landlord shall not have completed the repairs within one hundred eighty (180) days after the occurrence of such damage to Landlord the Building and, if an Event at the end of Default has not occurred hereunder, may be used for such period the repair or reconstruction state of the applicable portion Building or Leased Premises shall be such as to deny to the Tenant the beneficial use of the Premises pursuant to Landlord’s disbursement requirements Leased Premises, then, and subject in such event, Tenant, upon ten (10) days' written notice delivered to the provisions Landlord at any time on or after the expiration of such one hundred eighty (180) day period may terminate this lease and vacate the Premises within ninety (90) days unless, before actual vacation, Tenant determines that Landlord shall have completed repair of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the CasualtyBuilding. In the event of a Casualty such termination and vacation, Tenant's obligation to pay the Rent herein reserved shall terminate on the date of vacation of the Leased Premises. Notwithstanding anything contained in this Paragraph 13 to the contrary, the Landlord shall be under no obligation to rebuild and may terminate this Lease on ninety (90) days written notice delivered to the Tenant if the Building shall be damaged during the last year of the lease Term as extended, if extended. Completion of the repairs and the re-commencement of Tenant's obligations shall require that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition criteria as existed immediately before in Paragraph 4(a), as for the partial Casualty in accordance with the provisions of this Section 18Premises being deemed ready for occupancy, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtyhave been met.

Appears in 2 contracts

Samples: Lease Renewal Agreement (Boron Lepore & Associates Inc), Lease Renewal Agreement (Boron Lepore & Associates Inc)

Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Common Areas to subst11Dtially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures, equipment, or Alterations installed by or on behalf of Tenant. Any net Landlord shall notify Tenant, within 30 days after the date of the casualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant (unless the damage was caused by Tenant) may terminate this Lease by giving notice lo the other within 10 days after Landlord's notice, which notice shall specify a tennination date not less than ten (10) days or more than thirty (30) days after such termination notice; provided Xxxxxxxx's election to terminate may be contained in the original notice to Tenant. If a casualty occurs during the last 12 months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Tem1 for at least 3 more years and docs so within 30 days after the date of the casualty. Moreover, notwithstanding anything herein to the contrary, Landlord may terminate this Lease if the loss is not covered by the insurance proceeds payable with respect actually received by Landlord and available to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for toward the repair or reconstruction of the applicable portion restoration of the Premises pursuant or Common Areas, which shall not include proceeds of insurance paid or payable to Landlord’s disbursement requirements and subject any Mortgagee unless such Mortgagee agrees in writing allow such funds to be used toward the restoration. Tenant will receive an abatement of Minimum Annual Rent to the provisions extent the Premises are rendered untcnantable as a result of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if anycasualty. 16. Condemnation If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives (a) all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason are Taken, (b) any part of an insured the Premises is Taken and the remainder is insufficient in Landlord's opinion for the reasonable operation of Tenant's business, or uninsured Casualty(c) any of the Property is Xxxxx, and, in Xxxxxxxx's opinion, it would be impractical or the condemnation proceeds are insufficient to restore the remainder, then this Lease shall tem1inate as of the date the condemning authority takes possession. If this Lease is not tenninated, Landlord shall restore the Facility Mortgagee does not agree Building to release a condition as near as reasonably possible to the condition prior to the Taking, the Minimum Annual Rent shall be abated for the period of time all or a part of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up Premises is untenantable in proportion to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Usesquare foot area untenantable, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affectamended appropriately. The compensation awarded for a Taking shall belong to Landlord, except to the extent provided herein. Except for any obligations or liability of relocation benefits and any party hereunder that accrued on or prior to the date of the Casualty. In the event portion of a Casualty that does not render the Facility unsuitable for its Permitted Usecondemnation award allocable to Xxxxxx's personal property to which Tenant may be entitled, Tenant shall restore hereby assigns all claims against the Facility condemning authority to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18Landlord, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.including, but not limited to, any claim relating to Xxxxxx's leasehold estate. 7

Appears in 2 contracts

Samples: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)

Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord If at any time during the term of any this Lease there is damage or destruction of any portion twenty-five percent (25%) or more of the replacement value of the Premises (a “Casualty”), Landlord shall within, thirty (30) and diligently repair or reconstruct such portion days after Xxxxxxxx’s receipt of notice from Xxxxxxxx’s insurer of its determination of the Premises insurer’s proposed coverage of the Casualty, provide written notice to a like or better condition than existed prior Tenant (“Repair Notice”) stating the anticipated period for repairing the damage and whether Xxxxxxxx has elected to such repair the damage or destructionterminate this Lease. Any net insurance proceeds payable with respect to the Casualty The Repair Notice shall be paid directly accompanied by a certified statement executed by a contractor retained by Landlord to Landlord andcomplete the repairs, or, if an Event of Default Landlord has not occurred hereunderretained a contractor, may be used for a licensed contractor not affiliated with Landlord, certifying the repair or reconstruction contractor’s estimate of the applicable portion of anticipated period for repairing the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right may elect to terminate this Lease and remove if (i) the Facility contractor’s estimated period for repairing the casualty exceeds two hundred seventy (270) days from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In Repair Notice, or (ii) the event of Casualty is caused by a peril not required to be insured against by this Lease and is not actually insured against, or (iii) the insurance proceeds plus deductible amount will not be sufficient to repair the Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis (based upon the number estimated cost to repair prepared by the contractor providing the estimate of beds removed the time period to repair). If the Repair Notice indicates that the anticipated period for repairing the Casualty exceeds two hundred seventy (270) days from service the date of the Repair Notice, or if the damage occurs during the last twelve (12) months of the term of this Lease, Tenant may elect to terminate this Lease by providing written notice to Landlord within ten (10) days after Xxxxxx’s receipt of the Repair Notice. If this Lease is not terminated pursuant to this paragraph, Landlord shall diligently commence repair and otherwise taking into consideration all relevant factors affecting restoration and prosecute the Facility resulting same to completion. Tenant shall not be entitled to any abatement of rental due under this Lease as a result of any impairment during the period of repair, reconstruction or restoration under this Section 15. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of said Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except as expressly stated in this Section 15. Notwithstanding anything to the contrary contained in this Section 15, should Landlord be delayed or prevented from repairing or restoring said damaged Premises within one (1) year after the Repair Notice by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other causes beyond the reasonable control of Landlord, the Lease shall terminate. If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall not be obligated to make repairs or restoration to any leasehold improvements made by Tenant and previous tenants and any other alterations or improvements made to the Premises by Tenant, and Xxxxxx’s fixtures, furniture and equipment shall be the obligation of Tenant. Notwithstanding anything to the contrary contained in this Section, Landlord shall have no obligation whatsoever to repair, reconstruct or restore the Premises and this Lease shall terminate thirty (30) days after notice from Landlord (1) if the damage is due to a cause not required to be insured against or (2) when the damage occurs during the last twelve (12) months of the term of this Lease; provided that if Tenant then has an option to extend the term for a period of at least two years, Xxxxxx has not previously exercised the option to extend the term and does not exercise such partial Casualtyoption with thirty (30) days after the date of Landlord’s notice referred to in this sentence. The provisions of Section 1932 (2), and Section 1933 (4) of the California Civil Code are hereby waived by Tenant.

Appears in 2 contracts

Samples: Lease (JFrog LTD), Lease (JFrog LTD)

Damage by Fire or Other Casualty. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to the then applicable statutes, building codes, zoning ordinances, and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Premises) to repair or cause to be repaired such damage, provided, however, in respect of such alterations, decorations, additions and improvements originally made or installed by tenant at Tenant's expense, as shall have been damaged by such fire or other casualty and which (in the judgement of Landlord) can more effectively be repaired as an integral part of the repair work on the Premises, that the repairs to such Tenant's alterations, decorations, additions and improvements shall be performed by Landlord due at Tenant's expense. All repairs to and replacements of property which Tenant is entitled to remove shall promptly notify be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Base Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be suspended or abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty, provided, however, that if such casualty shall able so extensive that the restoration or repair cannot be effected within nine months from the date upon which insurance proceeds become available then Tenant may terminate this Lease by notifying Landlord of such election and provided, further that if Landlord or any damage or destruction of any portion mortgagee of the Premises shall be unable to collect the insurance proceeds (a “Casualty”including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and diligently repair there shall be no abatement of rent and no right to terminate hereunder. Landlord shall not be liable for delays in the making of any such repairs which are due to government regulation, casualties and strikes, unavailability of labor and materials, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or reconstruct annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such portion damage. If, at any time the Premises is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Premises shall in Landlord's judgment be required; or if at any time damage to a like the Premises occurs by fire or better condition than existed prior other insured casualty and any mortgagee shall refuse to such damage or destruction. Any net permit insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant replacement thereof and Landlord does decides not agree to reimburse Tenant up to the amount repair such damage, then and in any of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Useevents, Tenant shall have the right to terminate this Lease and remove the Facility from Term may be terminated at the Portfolio. Upon election of Landlord by notice to Tenant within 90 days of such casualty or within such longer time as may be required by Landlord to complete arrangements with any mortgagee regarding such casualty, terminating the removal of Term not less than 30 days after the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued day on or prior to the date of the Casualtywhich such termination notice is received by Tenant. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Useany termination, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, Lease and the Term shall expire as of the date specified in the notice as though that were the date originally stipulated. in Section ! for the end of the Tern and the annual Base Rent, Tax Rent and additional rent shall be reduced on a pro rata basis based upon the number proportioned as of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtydate.

Appears in 1 contract

Samples: Lease (Uno Restaurant Corp)

Damage by Fire or Other Casualty. Tenant shall promptly notify give prompt notice to Landlord in case of any fire or other damage to the Leased Premises. If the Leased Premises or destruction of any portion of the Premises Building are damaged by fire or other casualty, Landlord shall (taking into account the time necessary to effectuate a “Casualty”satisfactory settlement with Landlord’s insurance company) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used at its own expense (except for the repair or reconstruction and/or replacement of any fixtures and personal property of Tenant, all of which shall be repaired and/or replaced by Tenant, at Tenant’s cost and expense), and until such repairs have been completed the Basic Rent and Additional Rent shall be abated in proportion to the part of the applicable Leased Premises which is rendered untenantable (in no event shall damage to any parking areas be deemed to render the Leased Premises untenantable). However, if available insurance proceeds are insufficient or if the Leased Premises or the Building or any portion of thereof are damaged by fire or other casualty to such an extent that the Premises pursuant to Leased Premises, or a material portion thereof are rendered untenantable and the damage, in Landlord’s disbursement requirements and subject reasonable opinion, cannot be fully repaired within one (1) year from the date such damage occurs (taking into account the time necessary to the provisions of the Facility Mortgage Documents and the release of effectuate a satisfactory settlement with Landlord’s insurance proceeds by the Facility Mortgageecompany), if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce then either Landlord or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal effective as of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of such damage by providing written notice of such termination to the Casualtyother party within thirty (30) days following the date that Landlord delivers written notice of such determination to Tenant. In addition, if available insurance proceeds are insufficient or if the Building or any portion thereof are damaged by fire or other casualty (whether or not the Leased Premises, or a material portion thereof, are rendered untenantable as a result of such damage), to such an extent that the damage, in Landlord’s reasonable opinion, cannot be fully repaired within one (1) year from the date such damage occurs (taking into account the time necessary to effectuate a satisfactory settlement with Landlord’s insurance company), then Landlord shall have the right to terminate this Lease effective as of the date of such damage by providing written notice of such termination to Tenant within thirty (30) days following the date that Landlord delivers written notice of such determination to Tenant. In the event that: (i) the Leased Premises is damaged to such an extent that all or a portion of a Casualty the Leased Premises are rendered untenantable, and (ii) this Lease is not terminated pursuant to the foregoing provisions, and (iii) repairs are required to be made by Landlord prior to Tenant being able to complete Tenant’s repair or rebuilding obligations hereunder, then in the event that does Landlord has not render substantially completed Landlord’s repair obligations within one (1) year from the Facility unsuitable for date that such damage occurred, then Tenant shall have the right to terminate this Lease upon thirty (30) days notice to Landlord provided such right is exercised, if at all, within thirty (30) days of expiration of said one (1) year period. Notwithstanding the foregoing, if the fire or other casualty shall be caused by the willful misconduct of Tenant, its Permitted Useagents, employees or invitees, Tenant shall restore shall: (x) be deemed to have waived any and all termination rights provided in this Paragraph 8, and (y) remain liable for the Facility to substantially full amount of the same condition as existed immediately before Basic Rent and Additional Rent during the partial Casualty in accordance with the provisions period of restoration or until termination of this Section 18Lease, and the Rent all required repairs shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtymade at Tenant’s expense.

Appears in 1 contract

Samples: Dulles Town Center (Trex Co Inc)

Damage by Fire or Other Casualty. Tenant If the Leased Premises is damaged by fire or other casualty during the Term, but are not rendered untenable in whole or in part, Landlord shall promptly notify at its expense cause such damage to the Leased Premises to be repaired, and rent shall not be abated. If the Leased Premises is damaged by fire or other casualty during the Term and is rendered partially untenable, Landlord shall promptly at its own expense cause the damage to the Leased Premises to be repaired, and rent shall be abated for the period of any damage or destruction of any untenantability in proportion to the portion of the Leased Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualtyrendered untenable. If the Facility Mortgagee does not agree to release all of Leased Premises is damaged by fire or other casualty during the insurance proceeds to reimburse Tenant Term and is rendered untenable Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for may, at its Permitted Usesole option, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall either (i) restore the Facility Leased Premises with reasonable dispatch to substantially the same condition they were in prior to such damage, insofar as existed immediately the proceeds from Landlord's insurance permit, or (ii) terminate this Lease. If Landlord elects to restore the Leased Premises, but is unable to deliver possession of the restored Leased Premises to Tenant within sixty (60) days of the casualty, Tenant may deliver notice to the Landlord of its intent to void the Lease. Upon receipt of Tenant's notice of intent to terminate, Landlord shall have an additional fifteen (15) days to deliver possession of the Leased Premises, after which period the Lease shall automatically become void. In such an event, cancellation of the Lease by Tenant in this manner shall not be considered an event of default and Tenant will not be liable for any payment of any amounts whatsoever and shall be due an immediate refund of any security deposits paid. If Landlord elects to restore the Leased Premises, Landlord shall have no liability to restore any improvements as may have been made to the Leased Premises,, whether before or after the partial Casualty in accordance with the provisions date of this Section 18Lease, nor to restore any of Tenant's fixtures, decorations, equipment, furniture, or inventory. Landlord's sole responsibility, if any, shall be to deliver to Tenant a shell space with roof, floor, exterior walls, windows, and the Rent doors. If Landlord elects to terminate this Lease, all rent payable shall be reduced on a pro rata basis based upon abated as of the number date of beds removed such damage and Tenant shall remove all of its property from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyLeased Premises within thirty (30) days after the notice of termination is given, provided Tenant is not in default at the time.

Appears in 1 contract

Samples: Netcenter Full Service Office Lease (Portfolio Recovery Associates Inc)

Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord 16. If, during the term of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises shall be so damaged by reason of an insured fire or uninsured Casualty. If any other cause, except for Tenant’s gross negligence or intentional act, so as to render the Facility Mortgagee does Premises untenantable, in whole or, in part, all rent and other charges payable hereunder shall be abated (if the Premises is not agree to release all of entirely untenantable, then the insurance proceeds to reimburse Tenant rent shall be abated proportionately) while the Premises remains untenantable; and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of such damage, Landlord shall elect whether to repair the Premises or to cancel this Lease and shall notify Tenant in writing of its election within thirty (30) days after such damage. In the event Landlord elects to repair the Premises, the work or repair shall begin promptly and shall be carried on diligently without unnecessary delay. In the event Landlord elects not to repair the Premises, the Lease shall be deemed canceled as of the date of the damage. Such damage and repairs shall not extend the Lease term. In the event that the repair of the Premises is reasonably estimated to extend, or does actually extend, beyond two hundred seventy (270) days following the date of such damage, Tenant shall have a Casualty right to terminate this Lease without liability on written notice to Landlord, whereupon such date shall be deemed to be the Expiration Date of the Term of this Lease. Notwithstanding the foregoing, in the event that the damage renders the Facility unsuitable Premises substantially or wholly unusable by Tenant for its Permitted Usethe conduct of Tenant’s business, and it is reasonably estimated that the repair of such damage shall take more than one hundred eighty (180) days from the date of the damage to repair, then Tenant shall have the right to terminate this Lease Lease, without liability to Landlord or Tenant, on written notice to Landlord, and remove the Facility from the Portfolio. Upon the removal effective date of the Facility from the Portfolio, this Lease such termination shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior considered to be the expiration date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable Term (for its Permitted Useexample, Tenant shall restore have the Facility right to substantially receive the same condition return of the Security Deposit as existed immediately before if such termination date is the partial Casualty expiration date of the term in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyParagraph 5(d) hereof.

Appears in 1 contract

Samples: Business Property Lease (Upland Software, Inc.)

Damage by Fire or Other Casualty. 22.1 If the Premises, or any part thereof, shall be damaged by fire or other casualty not arising from the fault or negligence of Tenant or its servants, agents, employees, invitees or licensees: (i) Except as otherwise provided in subsection (ii) hereof, the damage shall promptly notify be repaired by and at the expense of Landlord of any damage or destruction of any portion and the Basic Rent and Additional Rent until such repairs shall be made shall be equitably abated according to the part of the Premises (a “Casualty”) and diligently which is usable by Tenant. Landlord agrees, at its expense, to repair promptly any damage to the Premises, except that Tenant agrees to repair or reconstruct replace its own furniture, furnishings and equipment. No penalty shall accrue due to an Excusable Delay. (iii) If the Premises are totally damaged or are rendered wholly untenantable by fire or other casualty, or if Landlord's architect certifies that it cannot be repaired within ninety (90) days of the casualty or if Landlord shall decide not to restore or repair the same, or shall decide to demolish the building or to rebuild it, then Landlord shall, within ninety (90) days after such portion fire or other casualty, give Tenant a notice of such decision, and thereupon the Term shall expire ten (10) days after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. (iv) If Landlord fails to complete the repair and restoration of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to within six (6) months from the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction date of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and casualty (subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Excusable Delays) then Tenant shall have the right to cancel and terminate this Lease and remove upon the Facility from delivery of a notice to Landlord delivered within fifteen (15) days after the Portfolio. Upon the removal expiration of the Facility from the Portfolio, this Lease aforesaid six (6) month period. (v) Landlord agrees that it shall diligently pursue all repair and restoration work required on its part to be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycompleted hereunder.

Appears in 1 contract

Samples: Agreement (Alphanet Solutions Inc)

Damage by Fire or Other Casualty. 18.1. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall promptly notify Landlord give prompt written notice thereof to Landlord. In the event of any damage fire or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect other casualty to the Casualty shall be paid directly to Premises, Landlord andshall, if an Event within ninety (90) days of Default has not occurred hereundersuch fire or other casualty, may be used provide Tenant with a written notice (the "Landlord's Notice") specifying the period for the repair or reconstruction of the applicable portion Premises, as determined by an independent, reputable licensed architect or engineer selected by Landlord and approved by Tenant. If the Building is so damaged that its restoration requires the expenditure of more than sixty percent (60%) of the replacement cost of the Building (exclusive of the cost of footings and foundations) immediately prior to such damage, Landlord may, at its option, terminate this Lease by so notifying Tenant as part of Landlord's Notice. If Landlord's Notice indicates that such reconstruction of the Premises pursuant shall exceed one hundred twenty (120) days and Landlord has not elected to terminate this Lease as part of Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient's Notice, Tenant shall provide have the required additional funds; if they are more than sufficientright, to be exercised within fifteen (15) days after receipt of Landlord's Notice, to elect, by notice to Landlord, to cancel this Lease (hereinafter called "Tenant's Cancellation Notice"). In the event that Tenant has not delivered either Tenant's Cancellation Notice within the applicable time frame, or Landlord indicates in Landlord's Notice that the Premises can be restored within one hundred eighty (180) days, Landlord shall commence and proceed with reasonable diligence to restore the Premises damaged or destroyed to substantially the same condition which existed prior to such fire or other casualty, including, but not limited to, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence restoration of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion those areas of the Premises by reason of an insured or uninsured Casualtynecessary to provide Tenant with access to the Building; however, Tenant reserves the right, using the applicable insurance proceeds, to restore the Alterations. If Landlord indicates in Landlord's Notice that the Facility Mortgagee does Premises can be restored within one hundred twenty (120) and the Premises are not agree restored within said one hundred twenty (120) day period (not subject to release all extension for any reason, including Excusable Delays), or if Landlord in Landlord's Notice indicates that it will take a period longer than one hundred twenty (120) days (not subject to extension for any reason, including Excusable Delays) to restore the Premises to the condition required herein, then this Lease and the Term hereof may, at the election of Tenant, be terminated by notice in writing from Tenant to Landlord, provided Tenant serves such notice on Landlord within fifteen (15) days after expiration of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to one hundred twenty (120) day period or such longer period, if applicable, which notice shall be effective thirty (30) days after the amount giving of such insurance proceeds in notice if the event of a Casualty Premises have not been restored by that renders date. Notwithstanding the Facility unsuitable for its Permitted Useforegoing, Tenant Landlord shall have the right to terminate this Lease at the time of Landlord's Notice, if the casualty occurs during the last two (2) years of the Term and remove the Facility period for restoration of the Premises as so determined exceeds one hundred twenty (120) days and Tenant does not exercise its next available renewal option (if any) within thirty (30) days after Landlord's Notice. If the Lease is terminated by either Landlord or Tenant as above permitted, Landlord and Tenant thereafter shall have no further obligation or claim, one to the other, except with respect to those items that survive the termination of this Lease. The Base Rent and Additional Rent for the portion of the Premises that are unfit for the conduct of Tenant's business shall xxxxx from the Portfolio. Upon date of such casualty until the removal date that such portion of the Facility from Premises is restored (including such period not to exceed three (3) months beyond the Portfoliocompletion of Landlord's restoration obligations set forth herein, as is reasonably necessary for Tenant, using diligent efforts, to substantially complete the restoration of any Alterations which Tenant elects to restore hereunder for the Premises to be tenantable for the Permitted Use). Landlord's restoration obligations shall exclude any personalty, equipment and trade fixtures of Tenant or any Alterations that are not insured against under Section 26.1(b) of this Lease Lease. In addition, Landlord's obligation to restore the Premises within the time frames set forth in this Article shall be mean that (i) Landlord's restoration of no further force or affectthe damaged portion of the Premises as described above has been substantially completed, except for any obligations or liability details of any party hereunder that accrued on or prior to construction, decoration and mechanical adjustments which are minor in character, the date non-completion of which will not unreasonably interfere with Tenant's use and enjoyment of the Casualty. In Premises; (ii) all of the event of a Casualty that does Building Systems, including, but not render the Facility unsuitable for its Permitted Uselimited to, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18sanitary, electrical, heating, air conditioning, mechanical and other systems and the Rent elevators, are completed and in good order and operating condition except for mechanical adjustments which are minor in character; and (iii) (a) Landlord shall have obtained a certificate of approval or temporary or permanent certificate of occupancy for the Premises or (b) all requirements to obtain a certificate of approval or temporary or permanent certificate of occupancy for the Premises, other than the completion of those items that are required to be reduced on a pro rata basis based upon restored by Tenant therein, shall have been satisfied. Landlord shall use reasonable efforts to complete any of the number aforesaid details of beds removed from service construction, decoration and otherwise taking into consideration all relevant factors affecting mechanical adjustments which are minor in character within thirty (30) days thereafter, or such additional period as may be reasonable required for the Facility resulting from such partial Casualtycompletion thereof using diligent efforts.

Appears in 1 contract

Samples: Agreement of Lease (Five Star Products Inc)

Damage by Fire or Other Casualty. 18.1. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall promptly notify Landlord give prompt written notice thereof to Landlord. In the event of any damage fire or destruction other casualty to the Building, Landlord shall, within ninety (90) days of any portion of such fire or other casualty, provide Tenant with a written notice (the Premises (a CasualtyLandlord’s Notice”) and diligently repair or reconstruct such portion of in accordance with this Article 18. In case the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty Building shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair so damaged that substantial alteration or reconstruction of the applicable portion Building shall, in Landlord’s sole opinion, be required (whether or not the Premises shall have been damaged by such casualty), or in the event of any substantial uninsured loss to the Building, or the mortgagee of any mortgage affecting the Premises does not make insurance proceeds available, Landlord may at its option terminate the Lease by so notifying Tenant as part of Landlord’s Notice. If Landlord does not elect to terminate the Lease, Landlord’s Notice shall specify whether in Landlord’s judgment, the Premises or those portions of the Building affecting the use and enjoyment of the Premises pursuant to can be reconstructed within two hundred seventy (270) days from the occurrence of such fire or casualty. If Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If Notice indicates that such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion reconstruction of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all those portions of the insurance proceeds to reimburse Tenant Building affecting the use and enjoyment of the Premises shall exceed two hundred seventy (270) days and Landlord does not agree elect to reimburse Tenant up to terminate the amount of such insurance proceeds Lease as provided in the event of a Casualty that renders the Facility unsuitable for its Permitted UseLandlord’s Notice, Tenant shall have the right right, to terminate be exercised within fifteen (15) days after receipt of Landlord’s Notice, to elect, by notice to Landlord, to cancel this Lease, (hereinafter called “Tenant’s Notice”). In the event the Lease is not terminated by either Landlord or Tenant as hereinabove permitted, Landlord shall, subject to Excusable Delay, commence and proceed with reasonable diligence to restore the portion of the Building affecting the use and occupancy of the Premises. If Landlord indicates in its Notice that the portions of the Building affecting the use and occupancy of the Premises can be restored within two hundred seventy (270) days and such portions of the Building are not restored within two hundred seventy (270) days after Landlord’s undertaking such restoration (except for Excusable Delay), or if Landlord in Landlord’s Notice indicates that it will take a period longer than two hundred seventy (270) days to restore said portion of the Building and said portions are not restored within such longer period (except for Excusable Delay), then this Lease and remove the Facility Term hereof may at the election of Tenant be terminated by notice in writing from Tenant to Landlord, providing Tenant serves such notice on Landlord within fifteen (15) days after expiration of the two hundred seventy (270) day restoration period or such longer period, if applicable, which notice shall be effective thirty (30) days after the giving of such notice if the Premises have not been restored by that date. If the Premises have been restored within said thirty (30) day period from the Portfoliodate the notice is given, the Lease shall continue in full force and effect. Upon If the removal of Lease is terminated by either Landlord or Tenant as above permitted, Landlord and Tenant thereafter shall have no further obligation or claim, one to the Facility from the Portfolioother, this Lease shall be deemed null and void and of no further force and effect. Landlord shall not be liable for any inconvenience, loss of business or affectannoyance to Tenant or damage to the business of Tenant resulting in any way from such damage or the repair thereof, except that Landlord shall allow Tenant a fair diminution of Base Rent and Additional Rent during the time and to the extent that the Premises is unfit for any obligations or liability occupancy. During the period of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Usereconstruction undertaken by Landlord, Tenant shall be responsible to remove its personal property, fixtures and equipment from the damaged area prior to Landlord’s institution of reconstruction work. Landlord shall have no liability to Tenant with respect to any damage, loss or theft of any such personal property, fixtures and equipment not so removed. If Landlord is obligated to or elects to restore the Facility Building as herein provided, with respect to substantially the same condition as existed immediately before restoration of the partial Casualty in accordance with Premises Landlord shall be obligated to restore only those portions of the provisions of this Section 18Premises which were originally provided at Landlord’s expense (“Landlord’s Work”), and the Rent restoration of items in the Premises not provided at Landlord’s expense shall be reduced on the obligation of Tenant. In addition, Landlord’s obligation to restore the Building within the time frames set forth in this Article shall mean that (i) Landlord’s Work has been substantially completed except for (x) details of construction, decoration and mechanical adjustments which are minor in character, the noncompletion of which will not materially interfere with Tenant’s use and enjoyment of the Premises, and (y) uncompleted Special Work; (ii) all of the Building’s sanitary, electrical, heating, air conditioning, mechanical and other systems, to the extent they serve the Premises, are completed and in good order and operating condition except for mechanical adjustments which are minor in character; and (iii) Landlord shall have obtained (a) a pro rata basis based upon certificate of approval or temporary or permanent certificate of occupancy for the number Premises or (b) all requirements to obtain a certificate of beds removed from service and otherwise taking into consideration all relevant factors affecting approval or temporary or permanent certificate of occupancy for the Facility resulting from such partial CasualtyPremises, other than the completion of Special Work or Tenant Installations therein, shall have been satisfied.

Appears in 1 contract

Samples: Agreement of Lease (Aptalis Holdings Inc.)

Damage by Fire or Other Casualty. Tenant In the event the Premises or the Building, or any part thereof, shall promptly notify be damaged by fire or other casualty during the Term, Landlord agrees that it will restore the same to the extent that the damage affects the use of the Premises, with reasonable dispatch, to substantially the same condition in which Landlord was required to deliver it at the commencement of the Term (excluding any alterations or improvements constructed by Tenant), insofar as the proceeds from Landlord’s insurance permit. If the Premises are rendered wholly or partially untenantable as a result of such damage, the Minimum Rent payable hereunder shall be equitably abated (according to the loss of use) during the period intervening between the date of such damage or destruction and the date which is the earlier of any portion (a) ninety (90) days after Landlord completes its required restoration of the Premises or (a “Casualty”b) the date Tenant substantially completes it restoration work and diligently repair or reconstruct reopens the Premises for business. Anything in the foregoing to the contrary notwithstanding, if such portion damage occurs during the last two (2) years of the Term, and if such damage exceeds fifty percent (50%) of the then insurable value of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to if the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion Premises will take longer than one hundred twenty (120) days from the date of the Premises pursuant to Landlord’s disbursement requirements and subject damage, either Landlord or Tenant may terminate this Lease effective as of the date of such damage, by giving to the provisions other written notice of its intention to do so within thirty (30) days after the Facility Mortgage Documents date such damage occurs; provided, however, that if this Lease gives Tenant an option to extend the Term and Tenant extends the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence Term of this Section 18, Lease for at least five (5) years by exercising such option within fifteen (15) days after Tenant shall not have any right under receives a notice from Landlord of its intention to terminate this Lease, neither Landlord nor Tenant shall have the right to cancel this Lease and hereby waives all rights under applicable lawany cancellation by Landlord shall be deeded revoked. In addition, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease by written notice to Tenant if there occurs a fire or other damage to the Building at any time during the Term and remove the Facility from the Portfolio. Upon the removal cost of restoration exceeds forty percent (40%) of the Facility from insurable value of the Portfolio, Building (above foundations) and Landlord elects not to restore the Building. If this Lease is terminated pursuant to this Section, the Rent payable hereunder shall be abated as of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Usesuch damage, and Tenant shall restore remove all of Tenant’s property from the Facility to substantially Premises within thirty (30) days after the same condition as existed immediately before the partial Casualty in accordance with the provisions notice of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtytermination is given.

Appears in 1 contract

Samples: Deed of Lease (Heritage Bankshares Inc /Va)

Damage by Fire or Other Casualty. If the Premises shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions hereafter set forth in this Paragraph 17, shall repair, rebuild or replace such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction. Any net The work shall be commenced promptly and completed with due diligence, taking into account the time required by Landlord to effect a settlement with, and procure insurance proceeds payable with respect to from, the Casualty insurer. The time for commencement and completion of restoration shall be paid directly extended for a period equal to any time lost by Landlord and, if because of causes beyond Landlord's reasonable control (which shall not include any time required to settle with insurers). The net amount of any insurance proceeds (excluding rent insurance proceeds) recovered (or which would have been recoverable had Landlord maintained an Event of Default has not occurred hereunder, may be used for all risk policy in the repair or reconstruction amount of the applicable portion full insurable value of Building B) by reason of the damage or destruction of the Premises pursuant to Landlord’s disbursement requirements in excess of the cost of adjusting the insurance claim and subject collecting the insurance proceeds (such excess amount being hereinafter called the "net insurance proceeds") shall be applied towards the reasonable cost of restoration. Landlord shall not be responsible for the repair, restoration, or replacement of the fixtures, improvements, alterations, furniture or any other property owned, installed or made by Tenant including without limitation any property required by Tenant under Paragraph 3(b). Notwithstanding anything contained herein to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgageecontrary, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason event of any damage or destruction to the Premises, (a) if the damage or destruction is to the office and warehouse area only, this Lease shall continue and Landlord shall be responsible for providing Tenant with substitute space of any portion of equal utility and value in Building A or Building C, if available, or in a nearby facility, until the Premises by reason are repaired, and (b) in the event that the cleanroom is damaged (i) Landlord may elect to provide substitute cleanroom space in Building A with adjacent warehouse and office space, all equal at value and utility to the Premises, in which case this Lease shall be amended to reflect the permanent substitution of an insured such new space for the Premises or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and (ii) if Landlord does not agree or cannot so elect to reimburse Tenant up to the amount of provide such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Usesubstitute space, Tenant shall have the right to terminate this Lease and remove in the Facility event that the cleanroom is not repaired within the longer of 90 days from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of damage or the Casualtydate on which Tenant has available to it sufficient process equipment so that it could, but for the unavailability of the cleanroom, commence commercial production. In the event that this Lease is not terminated as a result of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18such damage or destruction, and the Rent provided further that such damage or destruction was not a result of Tenant's negligence, all rent payable hereunder shall be reduced on a pro rata basis equitably abated during the repair period based upon the number extent of beds removed from service the Premises which are not useable and otherwise taking into consideration all relevant factors affecting the Facility resulting from relative value of such partial Casualtyspace.

Appears in 1 contract

Samples: Agreement of Lease (Measurement Specialties Inc)

Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Common Areas to substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction. Any net insurance proceeds payable with respect to , including the Casualty shall be paid directly to Landlord andTenant Improvements, if an Event of Default has but not occurred hereunderincluding the repair, may be used for the repair restoration or reconstruction replacement of the applicable portion fixtures, equipment, or Alterations installed by or on behalf of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18Landlord shall notify Tenant, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to within 30 days after the date of the Casualtycasualty, if Landlord's reputable contractor anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant may terminate this Lease effective as of the date of casualty by giving notice to the other within 10 days after Landlord's notice. Landlord shall diligently cause the restoration to be completed. If the restoration is not completed within 240 days from the date of the casualty, Tenant may terminate this Lease by giving written notice to Landlord. In addition to the foregoing, Landlord shall notify Tenant 150 days following the casualty as to whether Landlord's reputable contractor anticipates that the restoration will take longer than an additional 90 days from such date to complete and, if such contractor anticipates that the restoration will take longer than 90 days from such date to complete, Tenant may terminate this Lease by giving written notice to Landlord. If a casualty occurs during the last 12 months of the Term, Landlord or Tenant may terminate this Lease unless, in the case of a termination by Landlord, Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance required to be maintained by Landlord under this Lease; provided, however, that Landlord shall have no such right to terminate in the event that Landlord fails to maintain such coverage. Tenant will receive an abatement of Minimum Annual Rent and Annual Operating Expenses to the extent the Premises are rendered untenantable as a Casualty that does not render result of the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty. 16.

Appears in 1 contract

Samples: Lease Agreement (Intest Corp)

Damage by Fire or Other Casualty. Tenant shall promptly notify give prompt notice to Landlord in case of any fire or other damage to the Leased Premises. If the Leased Premises or destruction of any portion the Building are damaged by fire or other casualty, Landlord shall diligently and as soon as practicable after such damage occurs (taking into account the time necessary to effectuate a satisfactory settlement with Landlord's insurance company) repair such damage at its own expense, and until such repairs have been completed the Basic Rent and Additional Charges shall be abated in proportion to the part of the Leased Premises which is rendered untenantable or unusable in the ordinary course of Tenant's business (a “Casualty”in no event shall damage to any parking areas be deemed to render the Leased Premises untenantable). However, if available insurance proceeds are insufficient or if the Leased Premises or the Building are damaged by fire or other casualty to such an extent that the damage, in Landlord's reasonable opinion, cannot be fully repaired within one hundred eighty (180) days from the date such damage occurs, Landlord shall have the right, in its sole and diligently absolute discretion, to terminate this Lease. Landlord shall use reasonable efforts within sixty (60) days (but in no event later than ninety (90) days) after the occurrence of such damage to notify Tenant in writing of the estimated length of time to repair or reconstruct such portion to rebuild and whether Landlord shall terminate this Lease. Notwithstanding the foregoing, if Landlord shall elect or be obligated to rebuild or repair the Leased Premises or the Building, but in good faith determines that the Leased Premises or the Building cannot be rebuilt or repaired within two hundred ten (210) days after the date of the Premises to a like occurrence of the damage, without payment of overtime or better condition than existed prior to such other premiums, and the damage or destruction. Any net insurance proceeds payable with respect to the Casualty Building has rendered the Leased Premises wholly or partially unusable or inaccessible, Landlord shall notify Tenant thereof in writing at the time of Landlord's election to rebuild or repair and Tenant shall thereafter have a period of fifteen (15) business days within which Tenant may elect to terminate this Lease, upon written notice to Landlord. Failure of Tenant to exercise said election within said fifteen (15) business day period shall constitute Tenant's agreement to accept delivery of the Leased Premises under this Lease whenever tendered by Landlord, provided Landlord thereafter pursues reconstruction or restoration diligently to completion, subject to delays beyond Landlord's reasonable control. Notwithstanding the foregoing, if the fire or other casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds caused by the Facility Mortgagee, if any. If such proceeds are insufficientGROSS negligence or WILLFUL MISCONDUCT of Tenant or its agents or employees, Tenant shall provide remain liable for the required additional funds; if they are more than sufficient, full amount of the surplus shall belong Basic Rent and be paid to Tenant. Except as expressly provided in Additional Charges during the last sentence period of this Section 18, Tenant shall not have any right under restoration or until termination of this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up required repairs shall be made at Tenant's expense to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does extent not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycovered by insurance.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Apache Medical Systems Inc)

Damage by Fire or Other Casualty. If the Leased Premises or other portions of the building essential to or affording access to them should during the term of this lease be damaged by fire or other casualty so as to render the Leased Premises wholly or partially unsuitable for occupancy, Landlord shall repair and restore the same as promptly as is reasonably possible, strikes, walkouts, and force majeure excepted, provided, however, that if Landlord shall determine the Leased Premises or other such portions of the building cannot be repaired within One Hundred and Eighty (180) days from the date of such damage, it shall so notify Tenant, and either Landlord or Tenant may then or within fifteen days thereafter terminate the lease by notifying the other party in writing of its election so do. There shall promptly notify Landlord be an equitable adjustment of rental during the period of repair following damage by fire or other casualty, and no rental shall be charged to Tenant during any period that the Leased Premises are totally unfit for occupancy or during which there is no access to the Leased Premises by reason of such damage. Notwithstanding the foregoing, should damage or destruction of any portion occur during the last twelve months of the Premises (a “Casualty”) and diligently repair Lease Term, either Landlord or reconstruct such portion Tenant shall have the option to terminate this Lease, effective on the date of damage or destruction, provided notice to terminate is given within 30 days of the Premises to a like or better condition than existed prior to date of such damage or destruction. Any net insurance proceeds payable with respect to Notwithstanding the Casualty shall be paid directly to Landlord andforegoing, if an Event should the damage or destruction occur by reason of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to LandlordTenant’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18negligence, Tenant shall not have the option to terminate. Tenant agrees to hold harmless and indemnify Landlord from and against any right under this Leaseliability or loss, including counsel fees and hereby waives all rights under applicable lawcourt costs incurred in good faith by the Landlord, to xxxxx, reduce or offset Rent by reason arising out of any damage cause associated with Tenant’s business or destruction use of the Leased Premises. In addition Tenant agrees to provide public liability insurance naming Landlord and Landlord’s Agent as additional insured to protect Landlord and Landlord’s Agent from risks customarily covered by such insurance, with limits of at least two million and NO/100 Dollars ($2,000,000.00) each occurrence and general aggregate for bodily injury and or property damage, as well as six month’s business interruption insurance. Tenant also shall carry contents coverage on its contents with a waiver of subrogation clause as to Landlord. Said policy or policies shall include Landlord and Landlord’s Agent as additional insureds to Tenant, with a certificate thereof to be furnished to Landlord and Landlord’s Agent containing a provision that the policies may not be canceled or changed without giving to the Landlord and Landlord’s Agent at least (30) days written notice prior to any such change or expiration or cancellation of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtypolicy.

Appears in 1 contract

Samples: Lease Agreement (Senetek PLC /Eng/)

Damage by Fire or Other Casualty. 22.1 If the Premises shall be damaged by fire or other casualty not arising from the fault or negligence of Tenant or its servants, agents, employees, invitees or licensees or, if such damage, irrespective of cause, shall be insured: (1) except as otherwise provided in sub-section (2) hereof, the damage shall be repaired by and at the expense of Landlord (subject to Landlord's receipt of applicable insurance proceeds) and the Basic Rent and Additional Rent until such repairs shall be made shall be equitably abated according to the part of the premises which is usable by Tenant, unless such damage was caused by the fault or negligence of Tenant or its servants, agents, employees, invitees, or licensees, in which case no abatement of Basic Rent or Additional Rent shall be made. Landlord agrees, at its expense, to repair promptly any damage to the Premises, except that Tenant agrees to repair or replace its own furniture, furnishings and equipment. No penalty shall accrue due to an Excusable Delay. (2) If the Premises are totally damaged or are rendered wholly untenantable by fire or other casualty, or if Landlord's architect certifies that it cannot be repaired within one hundred twenty (120) days of the casualty or if Landlord shall decide not to restore or repair the same, or shall decide to demolish the Building or to rebuild it, then Landlord shall, within ninety (90) days after such fire or other casualty, give Tenant a notice of such circumstance or decision, and thereupon the Term shall expire ten (10) days after such notice is given, and Tenant shall promptly notify vacate the Premises and surrender the same to Landlord. (3) If Landlord of any damage or destruction of any portion fails to complete the repair and restoration of the Premises within six (a “Casualty”6) and diligently repair or reconstruct such portion months from the date of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and casualty (subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Excusable Delays) then Tenant shall have the right to cancel and terminate this Lease and remove upon the Facility from delivery of a notice to Landlord delivered within fifteen (15) days after the Portfolio. Upon the removal expiration of the Facility from the Portfolio, this Lease aforesaid six (6) months period. (4) Landlord agrees that it shall diligently pursue all repair and restoration work required on its part to be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycompleted hereunder.

Appears in 1 contract

Samples: Agreement of Lease (Mim Corp)

Damage by Fire or Other Casualty. Tenant In the event the Leased Premises shall promptly notify be damaged or destroyed in whole or in part by fire or other casualty during the term hereof, Landlord will immediately repair and restore the same to good, tenantable condition within sixty (60) days from the date of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to , and the Casualty rental herein provided for shall xxxxx entirely in case the entire premises are untenantable and pro-rata for the portion rendered untenantable, or in case a part only is untenantable, until the same shall be paid directly restored to Landlord anda tenantable condition. Tenant, if an Event of Default has in its sole discretion, shall have the right to determine whether or not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if anyare tenantable for its use. If such proceeds are insufficientdamage or destruction cannot reasonably be repaired within the aforementioned period, Landlord shall notify Tenant within ten (10) days after the happening of such damage or destruction whether or not Landlord will repair or rebuild. If Landlord elects not to repair or rebuild, this Lease shall be terminated. If Landlord shall elect to repair or rebuild, Landlord shall specify the time period within such repairs or restoration shall be completed, and Tenant shall provide have the required additional funds; if they are more than sufficientoption, within ten (10) days after receipt of such notice, to elect whether to terminate this Lease without any further liability hereunder, or to extend the surplus shall belong and be paid to Tenant. Except as expressly provided in period of the last sentence term of this Section 18, Lease equivalent to the time from the happening of such damage or destruction until the Leased Premises are restored to their former condition. Tenant shall not have any right under this Leaseto terminate with respect to the foregoing if Landlord repairs or rebuilds the damaged premises within the sixty (60) day period, and hereby waives all rights under applicable law, Landlord may not elect not to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds repair if property can be repaired in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty60 days. In the event of a Casualty that does not render the Facility unsuitable for its Permitted UseTenant elects to extend this 60 day rebuilding period, Tenant Landlord shall restore the Facility leased Premises to substantially its former condition within the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18time agreed, and Tenant shall not be liable to pay rent for the Rent shall be reduced on a pro rata basis based upon period from the number time of beds removed from service and otherwise taking into consideration all relevant factors affecting such damage or destruction until the Facility resulting from such partial CasualtyPremises are so restored to their former condition.

Appears in 1 contract

Samples: Leiner Health Products Inc

Damage by Fire or Other Casualty. If the Premises, Building or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage and restore the Premises, Building or destruction of any portion of Common Areas to substantially the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction. Any net insurance proceeds payable with respect to , but not including the Casualty shall be paid directly to Landlord andrepair, if an Event of Default has not occurred hereunder, may be used for the repair restoration or reconstruction replacement of the applicable portion fixtures, equipment, or Alterations (other than the building standard improvements included within the Tenant Improvements) installed by or on behalf of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18Landlord shall notify Tenant, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to within 30 days after the date of the Casualtycasualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant (unless the damage was caused by Tenant) may terminate this Lease by giving notice to the other within 10 days after Landlord’s notice, which notice shall specify a termination date not less than ten (10) days or more than thirty (30) days after such termination notice; provided Landlord’s election to terminate may be contained in the original notice to Tenant. In If a casualty occurs during the event last 12 months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. Moreover, notwithstanding anything herein to the contrary, Landlord may terminate this Lease if the loss is not covered by the insurance proceeds actually received by Landlord and available to be used toward the restoration of the Premises or Common Areas, which shall not include proceeds of insurance paid or payable to any Mortgagee unless such Mortgagee agrees in writing allow such funds to be used toward the restoration. Tenant will receive an abatement of Minimum Annual Rent to the extent the Premises are rendered untenantable as a Casualty that does not render result of the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty.

Appears in 1 contract

Samples: Lease Agreement (Nortech Systems Inc)

Damage by Fire or Other Casualty. Tenant shall promptly notify give prompt notice to Landlord in case of any fire or other damage to the Leased Premises. If the Leased Premises or destruction the Building are damaged by fire or other casualty not caused by the act or negligence of any portion Tenant or its agents or employees, Landlord shall diligently and as soon as practicable after such damage occurs (taking into account the time necessary to effectuate a satisfactory settlement with Landlord's insurance company) repair such damage at its own expense, and until such repairs have been completed the Basic Rent and Additional Charges shall be abated in proportion to the part of the Leased Premises which is rendered untenantable (a “Casualty”in no event shall damage to any parking areas be deemed to render the Leased Premises untenantable). However, if available insurance proceeds are insufficient or if the Leased Premises or the Building are damaged by fire or other casualty to such an extent that the damage, in Landlord's opinion, cannot be fully repaired within one hundred eighty (180) and diligently repair or reconstruct days from the date such portion damage occurs, Landlord shall have the right to, exercised by giving Tenant written notice within such one hundred eighty (180)-day period, terminate this Lease effective as of the date of such damage. Notwithstanding the foregoing, if Landlord shall elect or be obligated to rebuild or repair the Leased Premises to a like or better condition than existed prior to such the Building, but in good faith determines that the Leased Premises or the Building cannot be rebuilt or repaired within two hundred ten (210) days after the date of the occurrence of the damage, without payment of overtime or other premiums, and the damage or destruction. Any net insurance proceeds payable with respect to the Casualty Building has rendered the Leased Premises wholly or partially unusable or inaccessible, Landlord shall notify Tenant thereof in writing at the time of Landlord's election to rebuild or repair and Tenant shall thereafter have a period of thirty (30) days within which Tenant may elect to terminate this Lease, upon written notice to Landlord. Failure of Tenant to exercise said election within said thirty (30) business day period shall constitute Tenant's agreement to accept delivery of the Leased Premises under this Lease whenever tendered by Landlord, provided Landlord thereafter pursues reconstruction or restoration diligently to completion, subject to delays beyond Landlord's reasonable control. Notwithstanding the foregoing, if the fire or other casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds caused by the Facility Mortgageecarelessness, if any. If such proceeds are insufficientnegligence or improper conduct of Tenant or its agents or employees, Tenant shall provide remain liable for the required additional funds; if they are more than sufficient, full amount of the surplus shall belong Basic Rent and be paid to Tenant. Except as expressly provided in Additional Charges during the last sentence period of this Section 18, Tenant shall not have any right under restoration or until termination of this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease required repairs shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtymade at Tenant's expense.

Appears in 1 contract

Samples: Noosh Inc

Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Common Areas to substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction. Any net insurance proceeds payable with respect to , but not including the Casualty shall be paid directly to Landlord andrepair, if an Event of Default has not occurred hereunder, may be used for the repair restoration or reconstruction replacement of the applicable portion fixtures, equipment, or Alterations installed by or on behalf of the Premises pursuant to Tenant. Landlord shall notify Tenant, (“Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to Notice”) within 30 days after the date of the Casualtycasualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, Landlord may terminate this Lease effective as of the date of casualty by giving notice to the Tenant within 10 days after Landlord’s Notice. In the event of that (a) the restoration will take more than 180 days from the date of the casualty to complete; (b) the casualty was not caused by Tenant or Tenant’s Agents; (c) the Premises are rendered untenable or the casualty to the Common Area limits access to the Premises such that Tenant is unable to conduct its business on the Premises, then Tenant may terminate this Lease effective as of the date of casualty by giving notice to the Landlord within 10 days after Landlord’s Notice. If a Casualty that casualty occurs during the last 12 months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not render covered by the Facility unsuitable for its Permitted Use, insurance required to be maintained by Landlord under this Lease. Tenant shall restore will receive an abatement of Minimum Annual Rent and Annual Operating Expenses to the Facility to substantially extent the same condition Premises are rendered untenantable as existed immediately before a result of the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty.

Appears in 1 contract

Samples: Lease Agreement (CENNTRO ELECTRIC GROUP LTD)

Damage by Fire or Other Casualty. Tenant Lessee shall promptly immediately notify Landlord Lessor in case of any damage to the Leased Property or destruction of any portion part thereof. Subject to the provisions hereof, if the Leased Property is damaged by fire or other casualty, Lessee shall restore the Leased Premises (to its condition as of the Premises (a “Casualty”Commencement Date) and diligently repair or reconstruct such portion with reasonable diligence, subject to delays which may arise by reason of the Premises adjustment of loss under the insurance policies carried by Tenant and to a like other Unavoidable Delays. All such restoration shall be at the sole expense of Lessee, whether or better condition than existed prior to such damage or destruction. Any net not the insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used sufficient for the repair or reconstruction such purpose. All proceeds of the applicable portion of the Premises property insurance required to be maintained by Lessee pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease 14.1(a) shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior made available to Lessee to enable it to repair and restore the date of the CasualtyLeased Property. In the event that the cost of restoring the Leased Property is estimated by an independent engineer or architect to exceed the net insurance proceeds available therefor, Lessee shall expend its own funds to the extent of such excess before making application for receipt of such net insurance proceeds as hereinafter provided. The net insurance proceeds derived from the casualty shall be disbursed by the Lessor or the Lessor’s Assignee to or on behalf of Lessee from time to time (but not more often than monthly) as the Leased Property is restored pursuant to a Casualty that does not render draw schedule and disbursement procedures agreed to by and among Lessee, Lessor and Lessor’s Assignee, each acting reasonably. Lessor and Lessor’s Assignee shall cooperate in good faith with Lessee to permit the Facility unsuitable for its Permitted Use, Tenant restoration of the Leased Property to be completed as soon as possible after the casualty. There shall restore be no abatement of Rent during the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions period of this Section 18any restoration, and if any insurance proceeds shall remain after the Rent restoration has been completed, as certified by an independent engineer or architect, such proceeds shall be reduced on a pro rata basis based upon the number paid over to and retained by Lessee, provided no Event of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyDefault then exists.

Appears in 1 contract

Samples: Lease (Gc Net Lease Reit, Inc.)

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Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord of any damage or destruction of any portion of If the Premises (a “Casualty”) shall be damaged by fire or other casualty not arising from the fault or negligence of Tenant or its servants, agents, employees, invitees or licensees, except as otherwise provided in this Section 6.05, the damages shall be repaired by and diligently at the expense of Landlord with reasonable promptness, provided always, however, and upon the express condition that there are funds available to Landlord from casualty insurance policy proceeds actually paid to and received by Landlord for such repair or reconstruct work; and provided further that such portion of the Premises duty to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect repair by Landlord shall at all times be subject to the Casualty shall be paid directly to Landlord and, if an Event obtaining of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements all necessary government approvals and subject to the provisions approval and consent of the Facility Mortgage Documents then mortgagee and the release willingness of such mortgagee to make the proceeds of casualty insurance proceeds by policies payable to such mortgagee available to Landlord for such purposes. The Minimum Rent and any other charges until such repairs shall be made shall be equitably abated according to the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion part of the Premises which is usable by reason of an insured Tenant. Tenant shall repair or uninsured Casualtyreplace its own furniture, furnishings and equipment. Landlord shall not be liable for any delay caused by Force Majeure (hereinafter defined). If the Facility Mortgagee does Premises are totally damaged or are rendered wholly untenantable by fire or other casualty, or if Landlord's architect certifies that it cannot agree to release all be repaired within one hundred eighty (180) days of the insurance proceeds casualty or if Landlord shall decide not to reimburse repair the same, or shall decide to demolish the Building or not to rebuild it, then Landlord shall, within one hundred eighty (180) days after such fire and other casualty, give Tenant a notice of such decision, and thereupon the Term shall expire ten (10) days after such notice is given and Tenant shall vacate the Premises and surrender the same to Landlord. If Landlord does not agree substantially complete the repair and restoration of the Premises within twelve (12) months from the date of the casualty (subject to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Force Majeure) then Tenant shall have the right to cancel and terminate this Lease and remove upon the Facility from delivery of a notice to Landlord delivered not less than thirty (30) days after the Portfolio. Upon the removal expiration of the Facility from aforesaid twelve (12) month period. Tenant waives the Portfoliobenefit of any statutes of the State of Colorado allocating insurance proceeds or requiring application thereof in specific ways or relieving Tenant of rental obligations and agrees that Tenant will not be relieved of the obligations to pay the Minimum Rent or any other charges in case of damage to or destruction of the Building, or the Premises, except as provided by this Lease. Anything contained in this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date contrary notwithstanding, Landlord shall not be obligated to expend any funds in connection with any repair or restoration work in excess of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.the

Appears in 1 contract

Samples: Oceanic Exploration Co

Damage by Fire or Other Casualty. a. If the Building or Property is damaged by fire or other casualty, Landlord, using the services of a competent licensed architect who has substantial experience in the design and build-out of similar commercial locations, shall give Tenant Notice as to whether the Building and Property or the Common Area, with the exercise of reasonable diligence, can or cannot be made fit for occupancy within 180 days from the occurrence of such casualty (Repair Period). If the Repair Period will exceed 180 days, then for a period of sixty (60) days after the Notice, either party may terminate the Lease by providing Notice to the other party. If there is damage to the Building and Property or the Common Area as described herein, and if the Lease is not terminated by Landlord or Tenant, or if the Repair Period will not exceed 180 days, then this Lease shall promptly notify Landlord remain in full force and effect, and the parties waive any provisions of any damage or destruction law to the contrary. Thereafter, the Landlord will diligently pursue the completion of all Landlord’s Work as described in Exhibit B. The date that the Landlord has completed all of its work and is ready to deliver the Building and Property to the shall be referred to as the “Repair Ready for Occupancy Date” Upon delivery of the Building and Property on the Repair Ready For Occupancy Date, the Tenant will diligently pursue the completion of all of the Tenant’s Work. Until the Ready for Occupancy Date, all Rent, Additional Rent, and any Prorata Share shall be equitably abated as to the portion of the Premises Building and Property or the Common Area that cannot be commercially reasonably used. From the Repair Ready for Occupancy date, the Tenant shall have no more than ninety (a “Casualty”90) days within which to complete the tenant finish and diligently repair or reconstruct such be open for business. During this period, the Tenant’s Rent and any Additional Rent (but not its Prorata Share of any expenses) will be equitably abated as to the portion of the Premises to a like Building and Property or better condition than existed prior to such damage or destructionthe Common Area that cannot be commercially reasonably used. Any net insurance proceeds payable with respect to the Casualty shall After said ninety (90) day period, this abatement will cease and all rents and apportioned costs will be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds due as required by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.

Appears in 1 contract

Samples: Lease (Natural Grocers by Vitamin Cottage, Inc.)

Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage or destruction of any portion of and restore the Premises (a “Casualty”including the Tenant Improvements) and diligently repair or reconstruct such portion of Common Areas to substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction. Any net insurance proceeds payable with respect to , but not including the Casualty shall be paid directly to Landlord andrepair, if an Event of Default has not occurred hereunder, may be used for the repair restoration or reconstruction replacement of the applicable portion fixtures, equipment, or Alterations installed by or on behalf of Tenant. Landlord shall notify Tenant, within 30 days after the date of the casualty, of the time that Landlord reasonably anticipates that the restoration of the Premises pursuant or Common Areas shall require, and if Landlord reasonably anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant may terminate this Lease effective as of the date of casualty by giving notice to the other within 10 days after Tenant’s receipt of Landlord’s disbursement requirements notice. If a casualty, which Landlord reasonably anticipates taking more than 30 days to repair occurs during the last 12 months of the Term, Landlord or Tenant may terminate this Lease unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance required to be maintained by Landlord under this Lease but, subject to the provisions of this Lease, Landlord shall restore the Facility Mortgage Documents Premises and the release of insurance proceeds by the Facility MortgageeCommon Areas, as applicable, if any. If such proceeds are insufficientin fact made available to Landlord. Tenant will receive an abatement of Rent to the extent the Premises are rendered untenantable as a result of the casualty. Furthermore, Tenant shall provide if Landlord elects to repair the required additional funds; if they are more than sufficientPremises or Common Areas, as applicable, but fails to complete the surplus shall belong and be paid to Tenant. Except as expressly provided in repairs within 270 days from the last sentence date of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any the damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Usedestruction, then Tenant shall have the right right, exercised within 30 days after the 270 day period, to terminate this Lease and remove by providing Landlord with 30 days’ prior written notice therefor if the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does Premises are not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycomplete within said 30 day notice period.

Appears in 1 contract

Samples: Lease Agreement (Neuronetics, Inc.)

Damage by Fire or Other Casualty. If the Premises are totally destroyed by fire or other casualty or if a casualty shall render the Premises unusable for Tenant’s business purposes, using a commercially reasonable standard, and such damage cannot be repaired as reasonably determined by Landlord within one hundred eighty (180) days from the date of said casualty (each a “Substantial Casualty”), either Landlord or Tenant (unless the damage was caused by the fault or negligence of Tenant or Tenant’s Agents) may terminate this Lease within thirty (30) days after the occurrence of the event causing the damage. If a casualty occurs during the last 12 months of the Term, either Landlord or Tenant (unless the damage was caused by the fault or negligence of Tenant or Tenant’s Agents) may terminate this Lease unless Tenant has the right to extend the Term and does so within 30 days after the date of the casualty. Moreover, if a casualty occurs, Landlord may terminate this Lease if the loss is not adequately covered in Landlord’s sole but reasonable discretion by the insurance required to be maintained by Landlord under this Lease. In the event that either party elects to terminate this Lease after a casualty, the obligation of Tenant to pay Rent and other charges hereunder shall end as of the date when the damage occurred and other charges prepaid by Tenant shall promptly notify be adjusted between the parties. If neither party so terminates this Lease as provided above or in the case of a casualty not constituting a Substantial Casualty, then Landlord of any damage shall commence the repair, restoration or destruction of any portion rebuilding of the Premises as soon as reasonably possible and thereafter diligently prosecute the same to completion as soon as reasonably possible, provided adequate insurance proceeds are available, and Tenant shall, at Tenant’s sole cost and expense, repair, replace and restore to the extent deemed necessary by Tenant for the operation of Tenant’s business from the Premises, Tenant’s personalty, trade fixtures, equipment and fixtures, and all Alterations installed by or on behalf of Tenant either prior to or during the Term. If Landlord’s portion of such repair, restoration or rebuilding is not substantially completed within three hundred sixty-five (a “Casualty”365) days after the date of such damage, except for Force Majeure (as defined below) and diligently repair delays caused by Tenant or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord andTenant’s Agents, if an Event of Default has and Tenant cannot occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided operate in the last sentence of this Section 18Premises, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, then Tenant shall have the right to terminate this Lease (unless the damage was caused by a willful act of Tenant or Tenant’s Agents) and remove the Facility from the Portfolio. Upon the removal obligation of the Facility from the Portfolio, this Lease Tenant to pay Rent and other charges hereunder shall be end as of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of such termination and other charges prepaid by Tenant shall be adjusted between the Casualtyparties. In If neither party terminates this Lease as provided above, and if the event of a Casualty that does not casualty or the repair, restoration or rebuilding caused thereby shall render the Facility unsuitable for its Permitted UsePremises untenantable, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18whole or in part, and is not due to the fault or negligence of Tenant or Tenant’s Agents, employees or invitees, an equitable abatement in Rent and other charges hereunder shall be reduced on a pro rata basis based upon allowed from the number of beds removed from service and otherwise taking into consideration all relevant factors affecting date when the Facility resulting from such partial Casualtydamage occurred until the date when the repair, restoration or rebuilding is substantially complete.

Appears in 1 contract

Samples: Lease Agreement (ArcLight Clean Transition Corp.)

Damage by Fire or Other Casualty. 18.1. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall promptly notify Landlord give prompt written notice thereof to Landlord. In the event of any damage fire or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect other casualty to the Casualty shall be paid directly to Premises, Landlord andshall, if an Event within ninety (90) days of Default has not occurred hereundersuch fire or other casualty, may be used provide Tenant with a written notice (the "Landlord's Notice") specifying the period for the repair or reconstruction of the applicable portion Premises, as determined by an independent, reputable licensed architect or engineer selected by Landlord and approved by Tenant. If the Building is so damaged that its restoration requires the expenditure of more than sixty percent (60%) of the replacement cost of the Building (exclusive of the cost of footings and foundations) immediately prior to such damage, Landlord may, at its option, terminate this Lease by so notifying Tenant as part of Landlord's Notice. If Landlord's Notice indicates that such reconstruction of the Premises pursuant shall exceed one hundred twenty (120) days and Landlord has not elected to terminate this Lease as part of Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient's Notice, Tenant shall provide have the required additional funds; if they are more than sufficientright, to be exercised within fifteen (15) days after receipt of Landlord's Notice, to elect, by notice to Landlord, to cancel this Lease (hereinafter called "Tenant's Cancellation Notice"). In the event that Tenant has not delivered either Tenant's Cancellation Notice within the applicable time frame, or Landlord indicates in Landlord's Notice that the Premises can be restored within one hundred eighty (180) days, Landlord shall commence and proceed with reasonable diligence to restore the Premises damaged or destroyed to substantially the same condition which existed prior to such fire or other casualty, including, but not limited to, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence restoration of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion those areas of the Premises by reason of an insured or uninsured Casualtynecessary to provide Tenant with access to the Building; however, Tenant reserves the right, using the applicable insurance proceeds, to restore the Alterations. If Landlord indicates in Landlord's Notice that the Facility Mortgagee does Premises can be restored within one hundred twenty (120) and the Premises are not agree restored within said one hundred twenty (120) day period (not subject to release all extension for any reason, including Excusable Delays), or if Landlord in Landlord's Notice indicates that it will take a period longer than one hundred twenty (120) days (not subject to extension for any reason, including Excusable Delays) to restore the Premises to the condition required herein, then this Lease and the Term hereof may, at the election of Tenant, be terminated by notice in writing from Tenant to Landlord, provided Tenant serves such notice on Landlord within fifteen (15) days after expiration of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to one hundred twenty (120) day period or such longer period, if applicable, which notice shall be effective thirty (30) days after the amount giving of such insurance proceeds in notice if the event of a Casualty Premises have not been restored by that renders date. Notwithstanding the Facility unsuitable for its Permitted Useforegoing, Tenant Landlord shall have the right to terminate this Lease at the time of Landlord's Notice, if the casualty occurs during the last two (2) years of the Term and remove the Facility period for restoration of the Premises as so determined exceeds one hundred twenty (120) days and Tenant does not exercise its next available renewal option (if any) within thirty (30) days after Landlord's Notice. If the Lease is terminated by either Landlord or Tenant as above permitted, Landlord and Tenant thereafter shall have no further obligation or claim, one to the other, except with respect to those items that survive the termination of this Lease. The Base Rent and Additional Rent for the portion of the Premises that are unfit for the conduct of Tenant's business shall abate from the Portfoliodate of such casualty until the date that such portixx xx the Premises is restored (including such period not to exceed three (3) months beyond the completion of Landlord's restoration obligations set forth herein, as is reasonably necessary for Tenant, using diligent efforts, to substantially complete the restoration of any Alterations which Tenant elects to restore hereunder for the Premises to be tenantable for the Permitted Use). Upon Landlord's restoration obligations shall exclude any personalty, equipment and trade fixtures of Tenant or any Alterations that are not insured against under Section 26.1(b) of this Lease. In addition, Landlord's obligation to restore the removal Premises within the time frames set forth in this Article shall mean that (i) Landlord's restoration of the Facility from damaged portion of the Portfolio, this Lease shall be of no further force or affectPremises as described above has been substantially completed, except for any obligations or liability details of any party hereunder that accrued on or prior to construction, decoration and mechanical adjustments which are minor in character, the date non-completion of which will not unreasonably interfere with Tenant's use and enjoyment of the Casualty. In Premises; (ii) all of the event of a Casualty that does Building Systems, including, but not render the Facility unsuitable for its Permitted Uselimited to, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18sanitary, electrical, heating, air conditioning, mechanical and other systems and the Rent elevators, are completed and in good order and operating condition except for mechanical adjustments which are minor in character; and (iii) (a) Landlord shall have obtained a certificate of approval or temporary or permanent certificate of occupancy for the Premises or (b) all requirements to obtain a certificate of approval or temporary or permanent certificate of occupancy for the Premises, other than the completion of those items that are required to be reduced on a pro rata basis based upon restored by Tenant therein, shall have been satisfied. Landlord shall use reasonable efforts to complete any of the number aforesaid details of beds removed from service construction, decoration and otherwise taking into consideration all relevant factors affecting mechanical adjustments which are minor in character within thirty (30) days thereafter, or such additional period as may be reasonable required for the Facility resulting from such partial Casualtycompletion thereof using diligent efforts.

Appears in 1 contract

Samples: Agreement of Lease (National Patent Development Corp)

Damage by Fire or Other Casualty. Tenant shall promptly notify Landlord of any damage or destruction of any portion of If the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty any part thereof shall be paid directly damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Landlord and, if an Event of Default has not occurred hereunder, may Lessor. In case the Building shall be used for the repair so damaged by fire or other casualty that substantial alteration or reconstruction of the applicable Building shall, in Lessor's sole opinion, be required (whether or not the premises have been damaged by such fire or other casualty), or in the event any mortgagee under a mortgage or deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, Lessor, may, at its option, terminate this Lease and the term and estate hereby granted by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event the rent hereunder shall be abated, and this Lease shall be deemed terminated, as of the date of such damage. In the event Lessor decides to terminate this Lease and Lessee has paid rent for a one month period subsequent to the deemed termination date, then Lessor shall refund a prorata portion of such rental payment(s) within ten (10) days of such notice of termination. If Lessor does not thus elect to terminate this Lease, Lessor shall within seventy-five (75) days after the date of such damage commence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Lessor shall not be responsible for delays outside its control) to substantially the same condition in which the property was in immediately prior to the happening of the casualty, except that Lessor shall not be required to rebuild, repair or replace any improvement or additions made to the Premises pursuant by Lessee or any part of Lessee's furniture, furnishings, fixtures, equipment or other personal property unless such damage was caused by Lessor's gross negligence or willful act. Lessor shall not be liable for any inconvenience or annoyance to Landlord’s disbursement requirements and Lessee or injury to the business of Lessee resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the Facility Mortgage Documents next sentence, Lessor shall allow Lessee a fair diminution of rent during the time and to the release of insurance proceeds by extent the Facility Mortgagee, if anyPremises are unfit for occupancy. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have premises or any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any other portion of the Premises Complex be damaged by reason fire or other casualty resulting from acts or omission of an insured Lessee or uninsured Casualty. If any of Lessee's agents, employees, or Invitees, the Facility Mortgagee does rent hereunder shall not agree be diminished during the period of such damage, and Lessee shall be liable to release all Lessor for the cost and expense of the insurance proceeds to reimburse Tenant repair and Landlord does not agree to reimburse Tenant up restoration of the Building caused thereby to the amount of extent such cost and expense is not covered by insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18proceeds, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed also for rents from service and otherwise taking into consideration other Lessees lost by Lessor, as well as all relevant factors affecting the Facility resulting from such partial Casualtyother damages allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Design Automation Systems Inc)

Damage by Fire or Other Casualty. 18.1. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall promptly notify Landlord give prompt written notice thereof to Landlord. In the event of any damage fire or destruction other casualty to the Building, Landlord shall, within ninety (90) days of any portion of such fire or other casualty, provide Tenant with a written notice (the Premises (a CasualtyLandlord’s Notice”) and diligently repair or reconstruct such portion of in accordance with this Article 18. In case the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty Building shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair so damaged that substantial alteration or reconstruction of the applicable portion Building shall, in Landlord’s opinion, be required (whether or not the Premises shall have been damaged by such casualty), or in the event of any substantial uninsured loss to the Building, Landlord may at its option terminate the Lease by so notifying Tenant as part of Landlord’s Notice, provided that Landlord similarly terminates all other leases in the Building for premises impacted in a manner substantially similar to the impact on the Premises. If Landlord does not elect to terminate the Lease, Landlord’s Notice shall specify whether, in Landlord’s judgment, the Premises or those portions of the Building affecting the use and enjoyment of the Premises pursuant to can be reconstructed within 90 days from the occurrence of such fire or casualty. If Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If Notice indicates that such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion reconstruction of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all those portions of the insurance proceeds to reimburse Tenant Building affecting the use and enjoyment of the Premises shall exceed two hundred seventy (270) days and Landlord does not agree elect to reimburse Tenant up to terminate the amount of such insurance proceeds Lease as provided in the event of a Casualty that renders the Facility unsuitable for its Permitted UseLandlord’s Notice, Tenant shall have the right right, to be exercised within 30 days after receipt of Landlord’s Notice, to elect, by notice to Landlord, to terminate this Lease, (hereinafter called “Tenant’s Notice”). In the event the Lease is not terminated by either Landlord or Tenant as hereinabove permitted, Landlord shall, subject to Excusable Delay, commence and proceed with reasonable diligence to restore the portion of the Building affecting the use and occupancy of the Premises. If Landlord indicates in its Notice that the portions of the Building affecting the use and occupancy of the Premises can be restored within two hundred seventy (270) days and such portions of the Building are not restored within two hundred seventy (270) days after Landlord’s undertaking such restoration (except for Excusable Delay), or if Landlord in Landlord’s Notice indicates that it will take a period longer than two hundred seventy (270) days to restore said portion of the Building and said portions are not restored within such longer period (except for Excusable Delay), then this Lease and remove the Facility Term hereof may at the election of Tenant be terminated by notice in writing from Tenant to Landlord, providing Tenant serves such notice on Landlord within 30 after expiration of the two hundred seventy (270) day restoration period or such longer period, if applicable, which notice shall be effective thirty (30) days after the giving of such notice if the Premises have not been restored by that date. If the Premises have been restored within said thirty (30) day period from the Portfoliodate the notice is given, the Lease shall continue in full force and effect. Upon If the removal of the Facility from the PortfolioLease is terminated by either Landlord or Tenant as above permitted, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued terminate on or prior to the date of termination established pursuant to this Article as if such date was the Casualtyoriginally specified Termination Date. In Landlord shall not be liable to Tenant for any damage suffered including, without limitation, due to Tenant’s inconvenience, loss of business or annoyance to Tenant or damage to the event business of Tenant resulting in any way from such damage or the repair thereof, except that Landlord shall allow Tenant a Casualty fair diminution of Base Rent and Additional Rent during the time and to the extent that does not render the Facility unsuitable Premises is unfit for its Permitted Useoccupancy. Subject to the conditions and limitations set forth in Section B.2 of Exhibit “B”, Landlord, at what Landlord believes is the appropriate time in terms of the progress of construction shall permit Tenant entry to the Premises to perform Tenant Installations and, if any, Special Work. During the period of any reconstruction undertaken by Landlord, Tenant shall be responsible to remove its personal property, fixtures and equipment from the damaged area prior to Landlord’s institution of reconstruction work. Landlord shall have no liability to Tenant with respect to any damage, loss or theft of any such personal property, fixtures and equipment not so removed. If Landlord is obligated to or elects to restore the Facility Building as herein provided, with respect to substantially the same condition as existed immediately before restoration of the partial Casualty in accordance with Premises Landlord shall be obligated to restore only those portions of the provisions of this Section 18Premises which were originally provided at Landlord’s expense (“Landlord’s Work”), and the Rent restoration of items in the Premises not provided at Landlord’s expense shall be reduced on the obligation of Tenant. In addition, Landlord’s obligation to restore the Building within the time frames set forth in this Article shall mean that (i) Landlord’s Work has been substantially completed except for (x) details of construction, decoration or mechanical adjustments which are minor in character, the noncompletion of which will not materially interfere with Tenant’s use and enjoyment of the Premises, and (y) uncompleted Special Work; (ii) all of the Building’s sanitary, electrical, heating, air conditioning, mechanical and other systems, to the extent they serve the Premises, are completed and in good order and operating condition except for mechanical adjustments which are minor in character; and (iii) Landlord shall have obtained (a) a pro rata basis based upon certificate of approval or temporary or permanent certificate of occupancy for the number Premises or (b) all requirements to obtain a certificate of beds removed from service and otherwise taking into consideration all relevant factors affecting approval or temporary or permanent certificate of occupancy for the Facility resulting from such partial CasualtyPremises, other than the completion of Special Work or Tenant Installations therein, shall have been satisfied.

Appears in 1 contract

Samples: Agreement of Lease (Dendrite International Inc)

Damage by Fire or Other Casualty. If the Premises or the Building are damaged by fire or other insured casualty, Landlord will give Tenant shall promptly notify Landlord of any damage or destruction of any portion written notice of the Premises time which will be needed to repair such damage, as determined by Landlord in its reasonable discretion, and the election (a if any) which Xxxxxxxx has made according to this Article 8. Such notice will be given before the 30th day (the Casualtynotice date”) and diligently repair after the fire or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an other insured or uninsured Casualtycasualty. If the Facility Mortgagee does not agree Premises or the Building are damaged by fire or other insured casualty to release all of an extent which may be repaired within one hundred fifty (150) days after the insurance proceeds notice date, as reasonably determined by Landlord, Landlord will promptly begin to reimburse Tenant repair the damage after the notice date and Landlord does not agree to reimburse Tenant up to will diligently pursue the amount completion of such insurance proceeds in the repair. In that event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease will continue in full force and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall effect except that Base Rent will be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced abated on a pro rata basis from the date of the damage until the date of the completion of such repairs (the “repair period”) based upon on the number proportion of beds removed from service the rentable area of the Premises Tenant is unable to use during the repair period. If the Premises or the Building are damaged by fire or other insured casualty to an extent that may not be repaired within one hundred fifty (150) days after the notice date, as reasonably determined by Xxxxxxxx, then (a) Landlord may cancel this Lease as of the date of such damage by written notice given to Tenant on or before the notice date or (b) Tenant may cancel this Lease as of the date of such damage by written notice given to Landlord within ten (10) days after Landlord’s delivery of a written notice that the repairs cannot be made within such 150-day period. If neither Landlord nor Tenant so elects to cancel this Lease, Landlord will diligently proceed to repair the Building and Premises and Base Rent will be abated on a pro rata basis during the repair period based on the proportion of the rentable area of the Premises Tenant is unable to use during the repair period. Notwithstanding the foregoing, if the Premises or the Building are damaged by uninsured casualty, or if the proceeds of insurance are insufficient to pay for the repair of any damage to the Premises or the Building, Landlord will have the option to repair such damage or cancel this Lease as of the date of such casualty by written notice to Tenant on or before the notice date as defined in the foregoing provisions of this Section 8.1. If any such damage by fire or other casualty is the result of the willful conduct or negligence or failure to act of Tenant, its agents, contractors, employees, or invitees, there will be no abatement of Base Rent as otherwise taking into consideration all relevant factors affecting provided for in this Article 8. Tenant will have no rights to terminate this Lease on account of any damage to the Facility resulting from such partial CasualtyPremises, the Building, or the Property, except as set forth in this Lease. In the event Landlord repairs or restores the Premises or the Building, as the case may be, pursuant to this Section 8.1, then Tenant, at its expense, shall promptly repair the Premises to at least building standard condition.

Appears in 1 contract

Samples: Office Lease Agreement (CareDx, Inc.)

Damage by Fire or Other Casualty. In case the improvements on the -------------------------------- Leased Premises are destroyed or substantially damaged by fire, earthquake, or other casualty during the term of this Lease, Tenant shall promptly notify give Landlord prompt written notice thereof. If the improvements on the Leased Premises are destroyed or substantially damaged by fire or other casualty, Landlord or Tenant shall have the right at its option to terminate this Lease by written notice to the other. In the event of any such termination of this Lease, the rights and liabilities of the parties hereto shall be determined and adjusted as of the date of such substantial damage or destruction, and the Lease shall terminate. Any such termination may be made by notice in writing of exercise of its option to terminate the Lease within sixty (60) days following the date of the destruction or damage. For purposes of any this paragraph, damage will be deemed to be substantial if the reasonable cost of repairing and restoring the damaged or destroyed buildings and improvements for Tenant's use exceeds fifty percent (50%) of the value of such buildings and improvements prior to such damage. If less than all or a substantial portion of the buildings and improvements on the Leased Premises (a “Casualty”) are damaged or destroyed and diligently repair Landlord elects to rebuild and restore, then the Lease shall not be terminated, but shall remain in full force and effect subject to the following provisions. In the event that the Lease is not terminated, Landlord will rebuild and restore, at its expense and with reasonable diligence, the damaged or reconstruct such portion destroyed portions of the Premises as nearly as practicable to a like or better the condition than existed they were in prior to such damage or destruction, provided, however, that the requirement to rebuild and restore the Premises shall not extend to any furnishings, fixture, or equipment which Tenant has previously installed in the Premises, whether or not title to such items had passed to Landlord under other provisions of this Lease. Any net insurance proceeds payable with respect During the period of such rebuilding and restoration the rent shall be abated in the same ratio that the portion of the said Leased Premises rendered for the time being unfit for occupancy shall bear to the Casualty whole Leased Premises. Landlord and Tenant agree that any and all insurance payments for fire damage or destruction to the improvements on the Leased Premises shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair sole purpose of repairing, rebuilding and/or restoring the improvements on the Leased Premises, unless this Lease is terminated as the result of such damage or reconstruction destruction. If, under the terms of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable lawthe improvements on the Leased Premises are not rebuilt or restored, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds for loss of Landlord's building and property and loss of rents shall become the property of the Landlord, and the Lease shall terminate effective as of the date of such damage or destruction. Tenant shall release its interest and endorse all insurance proceeds checks to reimburse Tenant Landlord when no rebuilding is undertaken or for payment of rebuilding and Landlord does not agree to reimburse Tenant up restoration when such is undertaken, provided that property insurance on Tenant's trade fixtures, equipment and personal property shall be the property of Tenant. Notwithstanding any other provision of this paragraph to the amount of such insurance proceeds contrary, in the event of a Casualty that renders there are insufficient insurance proceeds available to the Facility unsuitable for its Permitted UseLandlord to rebuild and restore the Premises damaged by casualty, Tenant Landlord shall have the right at its option to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyLease.

Appears in 1 contract

Samples: Commercial Lease (Primex Technologies Inc)

Damage by Fire or Other Casualty. 22.1 If the Premises shall be damaged by fire or other casualty not arising from the fault or negligence of Tenant or its servants, agents, employees, invitees or licensees or, if such damage irrespective of cause shall promptly notify be insured: (1) except as otherwise provided in subsection (2) hereof, the damage shall be repaired by and at the expense of Landlord (subject to the receipt of any damage or destruction of any portion applicable insurance proceeds) and the Basic Rent and Additional Rent until such repairs shall be made shall be equitably abated according to the part of the Premises (a “Casualty”) and diligently which is usable by Tenant, unless such damage was caused by the fault or negligence of Tenant or its servants, agents, employees, invitees, or licensees, in which case no abatement of Basic Rent or Additional Rent shall be made. Landlord agrees, at its expense, to repair promptly any damage to the Premises, except that Tenant agrees to repair or reconstruct replace its own furniture, furnishings and equipment. No penalty shall accrue due to an Excusable Delay. (2) If the Premises are totally damaged or are rendered wholly untenantable by fire or other casualty, or if Landlord's architect certifies that it cannot be repaired within nine (9) months of the casualty or if Landlord shall decide not to restore or repair same, or shall decide to demolish the Building or to rebuild it, then Landlord shall, within thirty (30) days after final adjustment of all the insurance claims from such portion fire or other casualty, give Tenant a notice of such circumstance or decision, and thereupon the Term shall expire ten (10) days after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. (3) If Landlord fails to complete the repair and restoration of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to within nine (9) months from the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction date of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and casualty (subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Excusable Delays) then Tenant shall have the right to cancel and terminate this Lease and remove upon the Facility from delivery of a notice to Landlord delivered within fifteen (15) days after the Portfolio. Upon the removal expiration of the Facility from the Portfolio, this Lease aforesaid nine (9) month period. (4) Landlord agrees that it shall diligently pursue all repair and restoration work required on its part to be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycompleted hereunder.

Appears in 1 contract

Samples: Trey Industries Inc

Damage by Fire or Other Casualty. If the Premises or Building shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall, in a good and workmanlike manner and in compliance with Laws, repair such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Building to substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures, equipment, or Alterations installed by or on behalf of Tenant. Any net Within 30 days after the date of the casualty, Landlord shall notify Tenant of the estimated time to repair and restore the Premises or Building from the date of the casualty, as reasonably determined by Landlord’s contractor (the “Estimate”). If the Estimate is more than 365 days, either Landlord or Tenant may terminate this Lease effective as of the date of casualty by giving notice to the other within 10 business days after Landlord’s notice to Tenant of the Estimate. If a casualty occurs during the last 12 months of the Term, Landlord or Tenant may terminate this Lease by written notice to the other within 30 days after the date of the casualty, unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. Moreover, if the loss is not covered by the insurance proceeds payable with respect required to be maintained by Landlord under this Lease, Landlord may terminate this Lease by written notice to Tenant given within 30 days after Landlord becomes aware that the loss is not covered by the insurance required to be maintained by Landlord under this Lease. In the event the repair or restoration is not substantially completed (such that Tenant may use and occupy the Premises in substantially the same manner as existed prior to the casualty) by the date which is 90 days after the date set forth in the Estimate (the “Repair Deadline”), Tenant may thereafter terminate this Lease upon written notice to Landlord prior to substantial completion of such repair or restoration, in which event this Lease shall terminate on the date which is thirty (30) days after Landlord’s receipt of such termination notice (the “Casualty Termination Date”), unless the repair or restoration is substantially completed prior to the Casualty shall be paid directly Termination Date. Tenant will receive an abatement of Minimum Annual Rent and Annual Operating Expenses to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair extent the Premises or reconstruction of the applicable a portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions are rendered untenantable as a result of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty.

Appears in 1 contract

Samples: Lease Agreement (INSMED Inc)

Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section 15, shall repair such damage or destruction of any portion of and restore the Premises (a “Casualty”) and diligently repair or reconstruct such portion of Common Areas to substantially the Premises to a like or better same condition than existed in which they were immediately prior to such damage or destructiondestruction (including Landlord’s Work), but not including the repair, restoration or replacement of any FFE or any Alterations installed by or on behalf of Tenant. Any net Landlord shall notify Tenant, within thirty (30) days after the date of the casualty, if Landlord anticipates that the restoration will take more than one hundred eighty (180) days from the date of the casualty to complete; in such event, either Landlord or Tenant (unless the damage was intentionally caused by Tenant) may terminate this Lease effective as of the date of casualty by giving notice to the other within ten (10) days after Landlord’s notice or, if neither party terminates this Lease as aforementioned, and such restoration is not completed within such two hundred seventy (270) day period, then Tenant may terminate this Lease upon thirty (30) days’ written notice to Landlord at any time prior to the completion. If a casualty occurs during the last twelve (12) months of the Term, either party may terminate this Lease unless Tenant has the right to extend the Term for at least three (3) more years and does so within thirty (30) days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance required to be maintained by Landlord under this Lease or if any holder of a Mortgage on the Land or Building does not permit or release insurance proceeds payable with respect for such repair or restoration. Tenant will receive a proportionate abatement of Minimum Annual Rent and Annual Operating Expenses to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair extent all or reconstruction of the applicable a portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except is rendered untenantable as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason a result of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtycasualty.

Appears in 1 contract

Samples: Lease Agreement (Ocugen, Inc.)

Damage by Fire or Other Casualty. 16.1. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall promptly notify Landlord give prompt written notice thereof to Landlord. In the event of any damage fire or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect other casualty to the Casualty Building, Landlord shall, within ninety (90) days of such fire or other casualty, provide Tenant with a written notice (the "Landlord's Notice") in accordance with this Article 16. In case the Building shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such casualty), or in the event of any substantial uninsured loss to the Building or in the event the mortgagee of any mortgage affecting the Premises does not make insurance proceeds available, Landlord may at its option terminate the Lease by so notifying Tenant as part of Landlord's Notice, provided, however, that Tenant shall have the option, upon Landlord's notification to Tenant of its election not to perform the reconstruction, (i) to use the insurance proceeds (plus any deductible) to perform the reconstruction of the Premises, or (ii) to terminate the Lease. Tenant's election to restore shall nullify Landlord's election to terminate the Lease. Notwithstanding anything to the contrary contained herein, Landlord's obligation to repair will not extend to the Tenant Improvements unless Tenant makes available to Landlord the funds to pay for the cost of such repairs and Landlord's repairs will not exceed the scope of the work required to be done by Landlord at the outset of this Lease as set forth in this lease unless damage by fire or other casualty is caused by the Landlord negligence or other tenants, Tenant acknowledging that Landlord does not have responsibility for actions of other Tenants that violate their lease or applicable portion laws or insurance regulations. Furthermore, should the damage or destruction occur during the last year of the Term, then notwithstanding any contrary provision contained herein, Landlord will have the option of not repairing the Demised Premises and terminating this Lease. If Landlord does not elect to terminate the Lease, Landlord's Notice shall specify whether in Landlord's judgment, the Premises or those portions of the Building affecting the use and enjoyment of the Premises pursuant to Landlord’s disbursement requirements and subject to can be reconstructed within one hundred eighty (180) days from the provisions occurrence of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if anysuch fire or casualty. If Landlord's Notice indicates that such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion reconstruction of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all those portions of the insurance proceeds to reimburse Tenant Building affecting the use and enjoyment of the Premises shall exceed one hundred eighty (180) days and Landlord does not agree elect to reimburse Tenant up to terminate the amount of such insurance proceeds Lease as provided in the event of a Casualty that renders the Facility unsuitable for its Permitted UseLandlord's Notice, Tenant shall have the right right, to terminate be exercised within fifteen (15) days after receipt of Landlord's Notice, to elect, by notice to Landlord, to cancel this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the PortfolioLease, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty(hereinafter called "Tenant's Notice"). In the event of a Casualty that does the Lease is not render the Facility unsuitable for its Permitted Useterminated by either Landlord or Tenant as hereinabove permitted, Landlord shall, subject to Tenant shall Delay and Excusable Delay, commence and proceed with reasonable diligence to restore the Facility portion of the Building affecting the use and occupancy of the Premises. If Landlord indicates in its Notice that the portions of the Building affecting the use and occupancy of the Premises can be restored within one hundred eighty (180) days and such portions of the Building are not restored within one hundred eighty (180) days after Landlord's undertaking such restoration (except for Tenant Delay and Excusable Delay), or if Landlord in Landlord's Notice indicates that it will take a period longer than one hundred eighty (180) days to substantially restore said portion of the same condition as existed immediately before the partial Casualty in accordance with the provisions of Building and said portions are not restored within such longer period (except for Excusable Delay), then this Section 18, Lease and the Rent shall Term hereof may at the election of Tenant be reduced terminated by notice in writing from Tenant to Landlord, providing Tenant serves such notice on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.Landlord within fifteen (15) days

Appears in 1 contract

Samples: Lease Agreement (Asta Funding Inc)

Damage by Fire or Other Casualty. If the Premises shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord Landlord, and Landlord, subject to any mortgagee's consent to the conditions set forth in this Section 12, and subject also to the provisions of any Paragraph (b) below, shall repair, rebuild or replace such damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of restore the Premises to a like or better substantially the same condition than existed in which they were immediately prior to such damage or destruction; provided further, that if a casualty occurs during the last twelve (12) months of the Term or any extension thereof, Landlord may cancel this lease. Any The work shall be commenced promptly and completed with due diligence, taking into account the time required by Landlord to effect a settlement with, and procure insurance proceeds from, the insurer, and for delays beyond Landlord's reasonable control. In the event that, in the reasonable opinion of a reputable contractor or architect designated by Landlord (the "Rebuilding Report"), and communicated to Tenant, the work cannot reasonably be completed within one hundred eighty (180) days of the casualty, Landlord may terminate this lease by written notice to Tenant within ten (10) business days after Landlord receives the Rebuilding Report. In addition, if the Rebuilding Report shows that the work cannot reasonably be completed within two hundred ten (210) days of the casualty, Tenant may terminate this Lease by written notice to Landlord within ten (10) business days after Tenant receives the Rebuilding Report, but such termination must occur before Landlord has started repair and restoration. The net amount of any insurance proceeds (excluding proceeds received pursuant to a rental coverage endorsement) recovered by reason of the damage or destruction of the Premises in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess amount being hereinafter called the "net insurance proceeds") shall be applied towards the reasonable cost of restoration. If in Landlord's reasonable opinion the cost of completing such restoration will exceed the net insurance proceeds payable despite Landlord's compliance with respect to Section 7(e)(i), Landlord shall have the Casualty shall be paid directly to Landlord andright, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction within thirty (30) days of the applicable casualty, to terminate this lease and all the unaccrued obligations of the parties hereto by sending a written notice of such termination to Tenant, the notice to specify a termination date no less then ten (10) days after its transmission. Landlord's obligation or election to restore the Premises under this Section shall include the repair, restoration or replacement of the base Building and the Tenant Improvements, but shall not include fixtures, alterations, furniture or any other property owned, installed, made by, or in the possession of Tenant. Rent shall equitably axxxx for any period that Tenant is unable to use all or a portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions as a result of the Facility Mortgage Documents and the release a casualty normally covered by an "all risk" type of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualtypolicy.

Appears in 1 contract

Samples: Lease Agreement (Auxilium Pharmaceuticals Inc)

Damage by Fire or Other Casualty. Tenant If, through no fault or negligence of Tenant, his visitors, agents or servants, the Premises shall promptly notify Landlord be partially damaged by fire or other casualty, the damage, excluding any of any damage Tenant’s alterations, floor coverings, equipment, decorations or destruction of any fixtures, shall be repaired by Landlord, and the rent, until such repairs are made, shall be apportioned according to the portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds which are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualtystill usable. If the Facility Mortgagee does damage shall be so extensive as to render the Premises wholly untenantable, the rent shall cease until such time as the Premises shall become tenantable. However, if the damage, is so extensive that the Premises cannot agree to release all be made tenantable within four (4) months from the date of the insurance proceeds fire or other casualty, Landlord, at its option, may elect to reimburse relocate Tenant and into reasonably similar office space within the Building, or if Landlord does shall not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Useso elect, Tenant then either party shall have the right to terminate this Lease and remove upon ten (10) days written notice to the Facility from other. In case the Portfolio. Upon Building generally throughout (though the removal Premises may not be affected) is so injured or destroyed by fire or other casualty that Landlord shall decide not to rebuild or reconstruct the Building, the term of the Facility from the Portfolio, this Lease shall cease upon fifteen (15) business days written notice sent by Landlord and the rent shall be paid up to the time of such destruction and the Lease shall thereafter be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualtyeffect. In the event of a Casualty that does any question shall arise between Landlord and Tenant as to whether or not render the Facility unsuitable repairs shall have been made with reasonable dispatch, due allowance shall be made for its Permitted Useany delays, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty which may arise in accordance connection with the provisions adjustment of this Section 18the fire insurance loss and for any delays arising out of what are commonly known as “labor troubles” or “material troubles” or from any other cause beyond Landlord’s control. In any event Landlord shall not be liable to Tenant by reason of fire or other damage to the Building or the Premises (excluding gross negligence or willful acts of Landlord). Anything contained herein to the contrary notwithstanding, and if the Rent proceeds of Landlord’s insurance (recovered or recoverable) as a result of any damage to the demised premises by a casualty shall be reduced on insufficient to pay for the cost of repair of the premises, or if the premises shall be damaged by a pro rata basis based upon casualty which is not covered by Landlord’s insurance, Landlord shall have the number right to terminate this Lease by giving written notice of beds removed from service and otherwise taking into consideration all relevant factors affecting such termination to Tenant within ninety (90) days after the Facility resulting from date of such partial Casualtycasualty.

Appears in 1 contract

Samples: Lease Agreement (Ediets Com Inc)

Damage by Fire or Other Casualty. If the Premises shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify Landlord of any Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of restore the Premises to a like or better substantially the same condition than existed in which they were immediately prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures, equipment, or Alterations installed by or on behalf of Tenant. Any net Landlord shall notify Tenant, within thirty (30) days after the date of the casualty, if Landlord anticipates that the restoration will take more than one hundred eighty (180) days from the date of the casualty to complete; in such event, Tenant may terminate this Lease effective as of the date of casualty by giving notice to Landlord within ten (10) days after Landlord’s notice. If a casualty occurs during the last twelve (12) months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Term for at least three (3) more years and does so within thirty (30) days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance proceeds payable with respect required to be maintained by Landlord under this Lease and the cost to restore the uninsured damage exceeds Landlord’s Casualty/Condemnation Contribution; provided, that, if Tenant agrees to pay the restoration costs in excess of Landlord’s Casualty/Condemnation Contribution, Landlord shall not be permitted to terminate this Lease pursuant to this sentence. Tenant will receive an abatement of Minimum Annual Rent and Annual Operating Expenses to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of extent any portion of the Premises are rendered unusable by reason of an insured or uninsured Casualty. If Tenant (for the Facility Mortgagee does not agree to release all then-current use) as a result of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfoliocasualty. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the The provisions of this Lease, including this Section 1815, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any statute or regulation of the Rent state in which the Premises is located, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall be reduced on a pro rata basis based upon have no application to this Lease or any damage or destruction to all or any part of the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial CasualtyPremises.

Appears in 1 contract

Samples: Lease Agreement (QuantumScape Corp)

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