Common use of DAMAGE OR DESTRUCTION OF PREMISES Clause in Contracts

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (Inspire Pharmaceuticals Inc), Lease Agreement (Inspire Pharmaceuticals Inc)

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DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or the Building are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if part by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty (a “casualty”), Tenant shall immediately give notice thereof to Landlord. Unless this Lease is terminated as provided herein, Landlord, at its own expense (but only to the extent of the insurance proceeds (net of all costs and expenses incurred in obtaining same) received by Landlord on account thereof), except for any insurance deductibles (which shall be deemed Operating Costs), shall proceed with diligence to repair or cause to be repaired such damage so as to restore the Premises (including the Initial Tenant Work but excluding any other Tenant Work) to substantially the same condition they were in prior to the casualty, subject to then applicable Legal Requirements. All such repairs made necessary by any act or omission of Tenant shall be made by Landlord at Tenant’s expense to the extent that the cost of such repairs is not covered by insurance proceeds available therefor (including the payment by Tenant of any applicable deductible amount). Landlord shall not be liable for delays in the Premises. Notwithstanding making of any such repairs that are due to government regulation, casualties, strikes, unavailability of labor and materials, delays in obtaining insurance proceeds (provided Landlord files insurance claims with reasonable diligence), and other causes beyond the foregoingreasonable control of Landlord, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration repairing such damage. All repairs to and replacements of the Premises Tenant Property and any Tenant Work other than the amount received Initial Tenant Work shall be made by and at the expense of Tenant, which work Tenant shall promptly commence as soon as practicable and thereafter prosecute diligently to completion. Landlord from the proceeds of any insurance maintained by Landlordshall, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date occurrence of said a casualty, and provide Tenant with a good faith estimate of the time required to repair the damage to the Premises or the Building, as provided herein; if such estimate is for a period of more than two hundred seventy (270) days from the occurrence of the casualty (or during the last twenty-four (24) months of the Term, for a period of more than ninety (90) days), the Premises shall be deemed “substantially damaged”. If the Premises or the Building are substantially damaged, or if any mortgagee refuses to make available to Landlord for the purpose of making such repairs a sufficient amount of the insurance proceeds, then in either such event, Tenant shall have the right case Landlord may elect to terminate this Lease by giving Tenant written notice to Landlord of such termination within ten one hundred twenty (10120) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty. In addition, if the Premises or the Building are substantially damaged through no fault of Tenant or Tenant’s employees, contractors, invitees or agents, then Tenant may terminate this Lease by giving Landlord written notice of such termination within one hundred twenty (120) days of the date of such casualty. 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 abated from and after the date of such casualty lossuntil the Premises (except as to Tenant Property and any Tenant Work other than the Initial Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Notwithstanding the foregoing, if such casualty was due to the act or omission of Tenant or Tenant’s employees, contractors, invitees or agents, such abatement or reduction shall be made only if and to the extent of any proceeds of rental interruption insurance actually received by Landlord and allocated to the Premises. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent (to the extent not abated as set forth above) and Additional Rent for Operating Costs shall be apportioned as of such date.

Appears in 2 contracts

Samples: Lease (C4 Therapeutics, Inc.), Lease (C4 Therapeutics, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are Premises, the Unit or the Building or any part thereof shall be damaged or destroyed by fire or other casualty (a “casualty”), or ordered to be demolished by the action of any public authority in consequence of a casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If or taken by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure any exercise of the Building (excluding any tenant improvements or alterations therein) right of eminent domain, Tenant shall immediately give notice thereof to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantableLandlord. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate Unless this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except is terminated as provided herein, this Lease shall remain in full force and effect and Landlord shall have no obligation proceed (or shall cause the Primary Board to rebuild proceed) with diligence to repair or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in cause to be repaired such damage so as to restore the Premises. Notwithstanding , the foregoingBuilding and access thereto, or what may remain thereof (including the Initial Tenant Work but excluding any other Tenant Work), as nearly as practicable to the condition they were in no event immediately prior to such damage, destruction or taking, subject to then applicable Legal Requirements and Title Matters, but neither Landlord nor the Primary Board shall Landlord be required to expend more funds in connection with the such repair or restoration of the Premises rebuilding more than the amount received by Landlord from the proceeds of insurance or award of damages, if any, recovered or recoverable with respect to such damage, destruction or taking (plus, in the case of casualty, the amount of any insurance maintained deductibles (which shall be deemed Operating Costs)), less Landlord’s (or the Primary Board’s) reasonable expenses incurred in collecting such proceeds or award, as the case may be, but in the case of damage or destruction only to the extent Landlord was carrying the insurance required to be carried pursuant to this Lease at the time of such damage or destruction. All such repairs made necessary by Landlord, provided, however, if any negligent act or omission or any willful misconduct of Tenant shall be made by Landlord does (or the Primary Board) at Tenant’s expense to the extent that the cost of such repairs is not have sufficient covered by insurance proceeds to rebuild and elects available therefor (including the payment by Tenant of any applicable deductible amount). Landlord shall not to fund be liable for delays in the making of any such deficiencyrepairs that are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. All repairs to and replacements of Tenant Property and any Tenant Work other than the Initial Tenant Work shall provide Tenant with written notice be made by and at the expense of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualtyTenant, and in such event, which work Tenant shall have the right promptly commence as soon as practicable and thereafter prosecute diligently to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty losscompletion.

Appears in 2 contracts

Samples: Lease (Vigil Neuroscience, Inc.), Lease (Vigil Neuroscience, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Annual Rental Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall not xxxxxbe made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenantunfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s business, either property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in whole which they were immediately prior to such fire or in part, other casualty; and that if and to the extent Landlord shall cause be unable to collect the insurance proceeds (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 there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the physical structure business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the Building term, within ninety (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (3090) days after the date of said notice from Landlordsuch casualty), and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of then Tenant may terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair day period in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no which event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as void and of the date of such casualty lossno further force or effect.

Appears in 2 contracts

Samples: Commencement Date Agreement (Xenetic Biosciences, Inc.), Commencement Date Agreement (Xenetic Biosciences, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. 12.01.01 If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (including the Initial Tenant Improvements but excluding Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Annual Rental Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property and any Tenant Work shall not xxxxxbe made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord which pursuant to this Section are to be at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenant’s businessunfit, either in whole or in partshall be abated until the Premises (except as to Tenant Property, Landlord and any Tenant Work) shall cause the damage have been restored as nearly as practicable to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, condition in the interim, the Annual Rental shall be proportionately reduced as which they were immediately prior to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (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 there shall be no termination under this paragraph abatement of rent. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other casualty in causes beyond the Premises. Notwithstanding the foregoingreasonable control of Landlord, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 2 contracts

Samples: Lease (Keros Therapeutics, Inc.), Lease (Keros Therapeutics, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable laws and at the expense of Landlord to cause such damage to be repaired without unreasonable delay and such damage, excluding any items installed or paid for by Tenant which Tenant is required or permitted to remove upon expiration (which items shall be Tenant's responsibility to repair). Notwithstanding the Annual Rental foregoing: (i) Landlord shall not xxxxx. If by reason of be obligated to expend for such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding repair any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, the net insurance proceeds made available to Landlord shall provide Tenant written notice within ten (10) days after deduction therefrom of Landlord's expenses in obtaining such estimation proceeds and any amounts applied by Landlord, whereupon either party shall have any mortgagee to obligations other than the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as repair of the date of such casualty in proportion to the part of the Premises rendered untenantable, Premises; and (ii) xxxxx entirely as if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or neglect of Tenant or such person prevents Landlord or its mortgagees from collecting all insurance proceeds, then the effective date cost of repairing the termination casualty damage shall be paid by Tenant and there shall be no abatement of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises rent except to the extent of any insurance proceeds are actually received by Landlord or mortgagees or proceeds would have been recovered if Landlord had maintained the insurance required to be maintained under Section 6.4 (Landlord agreeing to, if necessary). If any casualty occurs to more than fifty percent (50%) or more of the replacement value warehouse portion of the Premises or which renders twenty-five percent (25%) of the call center/office portion of the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year twelve (12) months of the TermTerm (as the same may have been extended), then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord or any extended term, as determined Tenant by Landlord a notice in the exercise writing of its reasonable discretion and upon written notice election so to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice given to the other party within one (1) month following such casualty, the effective termination date being not less than thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend nor more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said such notice. If the Building or the Premises shall be damaged or destroyed by fire or other casualty, and in such event, then Tenant shall be entitled to a just abatement of Annual Base Rent to the extent the Premises have been rendered untenantable for the right period from the date of such damage or destruction to the date the Premises shall be substantially repaired or restored, PROVIDED, HOWEVER, should Tenant reoccupy a portion of the Premises during the period the restoration work is taking place and prior to the date that the whole of the Premises are made tenantable, Annual Fixed Rent allocable to such portion of the Premises shall be payable by Tenant from the date of such occupancy. If neither Landlord nor such mortgagee (i) has commenced such replacement within four (4) months following such casualty, or (ii) having so commenced such replacement, has not completed substantially such restoration within nine (9) months following such casualty, then Tenant may, until any such aforesaid replacement commences in the case of (i) or is so completed in the case of (ii), terminate this Lease by written giving at least thirty (30) days prior notice thereof to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such which termination shall be effective vitiated and rendered null and void if Landlord or such mortgagee so commences in the case of (i) or completes in the case of (ii) within said thirty (30) day period). Except as provided in this paragraph, Tenant's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be affected by any damage or casualty, and the date Term of such casualty lossthis Lease and rent hereunder shall continue nonetheless.

Appears in 1 contract

Samples: J Jill Group Inc

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the TermTerms. Provided, however, if by reason of such casualty, the Premises premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, and (ii) xxxxx entirely as in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts of the effective date omissions of the termination of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders if the Premises is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year year of the Term, Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,discretion, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay such that each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and the Annual Rental Rent shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the such damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delaydelay such that each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and, in the interim, the Annual Rental Rent shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten nine (2109) daysmonths (as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), Landlord shall provide and thereafter notifies Tenant written notice within ten (10) days of such estimation by Landlordthereof, whereupon then, either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said such notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the gross negligence or willful misconduct of Tenant or Tenant’s agents, contractors, employees, or invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Tenant within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said such termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other known casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Dova Pharmaceuticals, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If 12.1 In the event the buildings or other structures on the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s businessdestroyed, Landlord shall cause repair and restore such improvements then owned by Landlord to their condition prior to said damage or destruction, and this Lease shall continue in full force and effect. The proceeds of insurance maintained pursuant to Paragraph 8.1 which are paid to Landlord shall be repaired without unreasonable delay utilized by Landlord to defray the cost and expense of repairing and rebuilding the Annual Rental shall not xxxxxPremises. If insurance proceeds are insufficient, or if insurance proceeds are not available to cover the cost and expense of repair or rebuilding, or if insurance proceeds due Landlord are not paid to Landlord by reason the time of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion repair and rebuilding of the Premises commences, and the damage or destruction resulted from the fault of Tenant, then in any of those events Tenant agrees to pay to Landlord, as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualtyadditional rent, the Premises amount required to pay for such repair and rebuilding as the cost thereof is incurred by Landlord. If insurance proceeds are rendered untenantable in some material portionthereafter paid to Landlord which cover repair and rebuilding expenses funded by Tenant, Landlord agrees to repay Tenant for such expenses. Landlord agrees to use reasonable and diligent efforts to recover all insurance proceeds due under insurance policies maintained pursuant to Paragraph 8.1 of this Lease. In the event the Building is damaged or destroyed, and Landlord, in its commercially reasonable estimation, determines the cost of repairing such damage or destruction is not fully covered by insurance policies carried by Landlord (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) daysan "Uninsured Loss"), Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within upon thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant. However, Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date may prevent termination of the casualty and Lease pursuant to this Paragraph 12.1 by paying the Annual Rental shall xxxxx as cost of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossUninsured Loss.

Appears in 1 contract

Samples: Tenant Industrial Lease (Target Logistics Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee) to repair or cause such damage to be repaired without unreasonable delay and the Annual Rental such damage, excluding any items installed or paid for by Tenant which Tenant is permitted to remove upon expiration, (which items shall not xxxxx. be Tenant's responsibility to repair.) If by reason (i) all or any substantial part (meaning more than 25% of such casualty floor area or of insurable value) of the Premises are rendered untenantable for Tenant’s businessmaterially damaged by fire or other casualty (whether or not insured) or (ii) the Building (whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration, either in whole reconstruction or in part, Landlord shall cause the damage to the physical structure demolition of the Building shall in Landlord's sole discretion be appropriate, or (excluding iii) if any tenant improvements or alterations therein) casualty occurs to be repaired or replaced without unreasonable delay, and, in the interim, Premises during the Annual Rental shall be proportionately reduced as to such portion last year of the Premises as is rendered untenantable. Any Term and its repair will reasonably cost more than $100,000, then in any such abatement case, this Lease and the Term hereof may be terminated at the election of rent shall not, however, create an extension Landlord by a notice in writing of its election so to terminate given to Tenant within six (6) months following the date of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable effective termination date being not less than thirty (30) nor more than sixty (60) days thereafter. Landlord shall notify Tenant in some material portion, and Landlord, in its commercially reasonable estimation, determines writing within seventy-five (within 60 75) days after of the date of said casualty) that the amount of time required casualty whether Landlord elects to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right or to terminate this the Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (of this Section. If Landlord elects to repair the damage, such notice shall include Landlord's estimate of the time to be provided within sixty (60) days after repair. Notwithstanding anything to the date of said casualtycontrary herein, and in such eventif the Premises are substantially damaged so as to prevent Tenant from using the Premises for its intended purposes, Tenant shall have the right to terminate this Lease by prior written notice to Landlord thereof either (i) within ten (10) fifteen days after Tenant’s receipt of said Landlord's notice electing to repair the damage if Landlord estimates that the repair will take longer than six (6) months to complete or (ii) if Landlord fails to repair the damage prior to the later of six (6) months from Landlord and such termination shall be effective as of the date of Landlord's notice or such longer time period as Landlord estimates in Landlord's notice. Tenant shall be entitled to a just abatement of Annual Fixed Rent (and additional rent on account of Landlord's Taxes and Operating Expenses) during the period of impaired use of the Premises (including a partial abatement if only a portion of the Premises is untenantable). If any mortgagee refuses without fault by Xxxxxx to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord nor such mortgagee has commenced such replacement within six (6) months following adjustment of such casualty loss.loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice

Appears in 1 contract

Samples: Lease (Interneuron Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If In the event the whole or any part of the improvements on the Premises are (excluding Lessee's equipment and fixtures) shall be damaged or destroyed by fire fire, flood, windstorm, strikes, riots, civil commotions, acts of God, or other casualty, but are not rendered untenantable for Tenant’s business, Landlord Lessor shall cause such damage restore same to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage their condition just prior to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced said loss without unreasonable delay. Any insurance proceeds received by Lessor pursuant to the provisions of this Lease, and, in the interim, the Annual Rental shall be proportionately reduced as held in an escrow fund(at a bank designated by Lessor) and shall be disbursed directly to such portion Lessor during the restoration period to pay for the cost of the Premises as is rendered untenantablesaid restoration. Any such abatement insurance proceeds over and above the cost of rent restoration shall notbe paid to and be the property of Lessor upon completion of restoration. If the insurance proceeds are insufficient to pay for the cost of restoration, howeverLessor shall, create an extension at its expense, pay the difference. Lessor and Lessee may mutually agree in writing not to restore the improvements. If any damage mentioned in this first sentence of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence this Paragraph is in excess of two hundred ten fifty (21050%) daysof the total replacement cost of the improvements during the final sixty months of the Initial Term or during any Option Term, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to Lessee may terminate this Lease by giving written notice of termination within thirty (30) 30 days after the date such damage. If this Lease is terminated under any provision of said notice from Landlordthis Paragraph, and the Annual Rental shall (i) xxxxx as Lessee shall release the insurance proceeds to Lessor except, for the portion received by reason of the date loss of such casualty in proportion Lessee's equipment, trade and business fixtures, signs and other personal property which portion will be paid to the part of the Premises rendered untenantableLessee, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should Base Rent shall be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after payable through the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect Lessor will refund to Lessee any rights of Landlord or Tenant hereunder arising from prepaid unaccrued Base Rent and the prior defaults of the other partysecurity deposit, less sum,if any, Lessee owes to Lessor. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss21.

Appears in 1 contract

Samples: Attornment Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s Lessee's business, Landlord either in whole or in part, Lessor shall cause such damage to be repaired without unreasonable delay and the Annual Rental Rent shall not xxxxxbe abated. If by any reason of such casualty casualty, the Premises are rendered untenantable for Tenant’s Lessee's business, either in whole or in part, Landlord Lessor shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, and in the interim, the Annual Rental shall be proportionately equitably reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the TermTerm of this Lease. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portionsubstantially untenantable, and Landlord, in its commercially Lessor is unable to give reasonable estimation, determines (within 60 days after the date of said casualty) assurances that the amount of time required to repair the damage using due diligence is in excess of two shall not exceed one hundred ten eighty (210180) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty sixty (3060) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion casualty. Notwithstanding anything to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of contrary contained in this paragraph, in the event there should be of a casualty loss to the Premises equal to the extent of fifty percent (50%) % or more of the replacement value of for the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term or the Renewal Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) 60 days after the date of the casualty and the Annual Rental rent shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord there shall have be no obligation of Lessor to rebuild or repair in case of fire or other casualty, and no termination under pursuant to this paragraph shall affect any rights of Landlord Lessor or Tenant Lessee hereunder arising from the prior defaults of the other party. Tenant Lessee shall give Landlord Lessor immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Aftermarket Technology Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are Premises, the Unit or the Building or any part thereof shall be damaged or destroyed by fire or other casualty (a “casualty”), or ordered to be demolished by the action of any public authority in consequence of a casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If or taken by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure any exercise of the Building (excluding any tenant improvements or alterations therein) right of eminent domain, Tenant shall immediately give notice thereof to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantableLandlord. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate Unless this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except is terminated as provided herein, this Lease shall remain in full force and effect and Landlord shall have no obligation proceed (or shall cause the Primary Board to rebuild proceed) with diligence to repair or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in cause to be repaired such damage so as to restore the Premises. Notwithstanding , or what may remain thereof (including the foregoingInitial Tenant Work but excluding any other Tenant Work), as nearly as practicable to the condition they were in no event immediately prior to such damage, destruction or taking, subject to then applicable Legal Requirements and Title Matters, but neither Landlord nor the Primary Board shall Landlord be required to expend more funds in connection with the such repair or restoration of the Premises rebuilding more than the amount received by Landlord from the proceeds of insurance or award of damages, if any, recovered or recoverable with respect to such damage, destruction or taking (plus, in the case of casualty, the amount of any insurance maintained deductibles (which shall be deemed Operating Costs)), less Landlord’s (or the Primary Board’s) reasonable expenses incurred in collecting such proceeds or award, as the case may be. Landlord shall coordinate its repair and restoration with the restoration of any other affected Primary Units in the Building. All such repairs made necessary by Landlord, provided, however, if any act or omission of Tenant shall be made by Landlord does (or the Primary Board) at Tenant’s expense to the extent that the cost of such repairs is not have sufficient covered by insurance proceeds to rebuild and elects available therefor (including the payment by Tenant of any applicable deductible amount). Landlord shall not to fund be liable for delays in the making of any such deficiencyrepairs that are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. All repairs to and replacements of Tenant Property and any Tenant Work other than the Initial Tenant Work shall provide Tenant with written notice be made by and at the expense of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualtyTenant, and in such event, which work Tenant shall have the right promptly commence as soon as practicable and thereafter prosecute diligently to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty losscompletion.

Appears in 1 contract

Samples: SQZ Biotechnologies Co

DAMAGE OR DESTRUCTION OF PREMISES. Any damage in the Premises caused by or arising from the acts or omissions of Tenant or Tenant’s agents, Tenant’s business, or the installation or removal of property in or from the Premises, shall be repaired at Tenant’s expense. Damage to Landlord’s roof, the exterior of Landlord’s building, or any other building component that carries a warranty from Landlords contractor, will be repaired by the Landlord at Tenant’s expense, less warranty claims paid by contractor. All other damage shall be promptly repaired by Tenant at its expense upon written notification from the Landlord. If Tenant shall fail to commence such repairs within five (5) days after notice to do so from Landlord, Landlord may make or cause the same to be made and Tenant agrees to pay to Landlord promptly upon Landlord’s demand, as additional Rent. Repairs undertaken by Landlord pursuant to this Section will be performed by Landlord at Tenant’s expense. Landlord reserves the right, in its sole discretion to (i) charge the cost to Tenant as Additional Rent; or (ii) invoice Tenant for such cost which Tenant shall pay to Landlord within thirty (30) days from receipt of said invoice. In the event that more than fifty percent (50%) of the Premises are damaged or destroyed by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay may at its option cancel and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability election to rebuild the Premises in accordance with the terms herein (such notice to be provided do so within sixty (60) days after the date of said casualtyoccurrence of such damage, and in such event, Tenant shall have the right to terminate which event this Lease by written shall terminate on the date such notice is given to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination . In the event the Lease is terminated pursuant to this Section 18, both parties shall be effective as relieved of all obligations under this Lease except for those obligations which are intended to survive the date termination of this Lease and except those obligations accruing prior to such casualty losstermination.

Appears in 1 contract

Samples: ) Lease Agreement (Coastal Carolina Bancshares, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If In the Premises event that the above- described premises are damaged destroyed by fire or other casualty, but and as the result of which the premises are untenantable, and in the further event that the LANDLORD is unable to restore said premises to a tenantable condition during the sixty (60) day period thereafter, then and in that event, the LANDLORD or TENANT shall each have the option to cancel and terminate this Lease. If said premises is restored and made tenantable within said 60-day period, then and in that event, the rent shall xxxxx only during said period of repair and restoration, and this Lease shall continue in full force and effect through the balance of its stated term and any extension thereof. In the event that the premises are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, the LANDLORD shall repair and no termination replace said premise, provided that the cost of such repairs or restoration by the LANDLORD which are attributable to said premises. FURTHERMORE, if the damage is caused by TENANT’S negligence, the cost of any work performed to repair damage caused by TENANT’S negligence, misuse of equipment in the duplex or damage that exceeds fair wear and tear, will be charged to the TENANT. TENANT is responsible for the behavior of TENANT’S guests, acquaintances or unknown persons on the premises at the request or with the approval of TENANT where damages are caused, including but not limited to doors, windows, interiors and exteriors. All repairs shall be done by the LANDLORD or by workers or licensed contractors approved by LANDLORD and under this paragraph shall affect any rights LANDLORD'S directions and supervision. Damages will be repaired through LANDLORD using contractors of Landlord or Tenant hereunder arising from LANDLORD'S choice and those services will be rebilled to and be the prior defaults responsibility of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossTENANT.

Appears in 1 contract

Samples: Lease

DAMAGE OR DESTRUCTION OF PREMISES. If Tenant shall repair all damages to the Premises are damaged caused by fire the Tenant, its employees, agents, contractors, Subcontractors and/or any utility provider. If by fire, the elements, act of GOD, or other casualty, but are not rendered untenantable for Tenant’s businessthrough no fault, Landlord shall negligence, or cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding Tenant, or any tenant improvements of its employees, agents, vendors, contractors, Subcontractors or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualtyutility provider, the Premises are rendered untenantable in some material portionis totally damage or destroyed, or the CSF is totally damaged or destroyed, or the CSF building is partially damaged or destroyed to the extent that twenty-five (25%) percent or more of the replacement costs thereof (even though the Premises may not be totally damaged), the Landlord will have the option of terminating this Lease, or any extension thereof, by serving written notice upon the Tenant within one hundred and Landlord, in its commercially reasonable estimation, determines eighty (within 60 180) days after from the date of said the casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx any prepaid Rent, paid by Tenant, will be prorated as of the date of the destruction, and the unearned portion of such casualty in proportion Rent will be refunded to the part of the Premises rendered untenantableTenant, without interest, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss Tenant shall have no further obligation to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion pay Rent from and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination all parties shall be released from all obligations under this paragraph Lease, except for those obligations that specifically survive expiration or termination hereunder. Further, for any such early termination of this Lease, the Tenant shall affect not be entitled to any rights other type of Landlord reimbursement or Tenant hereunder arising from consideration. If by fire, the elements of GOD, or another casualty, but through no fault, negligence, or cause of the Tenant, or any of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is damaged or partially destroyed to the extent that it equals less than twenty-five (25%) percent of the replacement cost thereof, and the other provisions of the prior defaults of paragraph are not applicable, the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received may either terminate this Lease by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with serving written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided upon Tenant within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdestruction or Landlord may restore the Premises, at the Landlord’s sole and absolute discretion. The Landlord will not be liable for any damage to, or any inconvenience of, the Tenant, or any of the Tenant’s employees, agents, contractors, vendors and/or Subcontractors due to fire or other casualty, unless caused by the intentional or gross negligent act or omission of the Landlord, or its officers, employees, agents, vendors, contractors, and/or subcontractors. The Tenant agrees that should any of the damage or destruction of the Premises, and/or the CSF building, be the result of, cause of, or even tangentially related to the actions or omissions of the Tenant, or any of its employees, agents, vendors, contractors, or Subcontractors, then the Tenant shall be held strictly liable for the cost to immediately restore, repair, and/or rebuild the Premises, and/or the CSF in accordance with the Landlord’s instructions whichever is so damaged or destroyed.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall cause such damage proceed with diligence, subject to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portionthen applicable Legal Requirements, and Landlord, in its commercially reasonable estimation, determines at the expense of Landlord (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises but only to the extent of fifty percent (50%) or more insurance proceeds made available to Landlord by any mortgagee of the replacement value of the Premises Building and any ground lessor) to repair or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or cause to be repaired such damage (other than any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationWork). Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in In no event shall Landlord be required to expend responsible for contributing more funds in connection with than one hundred thousand dollars ($100,000.00) of any deductible or co-payment towards the repair or restoration completion of such repairs unless (a) (i) Tenant and any mortgagee of the Premises Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of one hundred thousand dollars ($100,000.00) (it being the intent that Tenant shall share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Landlord from the proceeds of any insurance maintained by Landlord, provided, howeverTenant or, if Landlord does not Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide been received by Tenant with written notice of Landlord’s inability to rebuild if Tenant had been maintaining the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.required

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage (other than damage to leasehold improvements or personal property) to be repaired without unreasonable delay and the Annual Rental shall not xxxxxbe abated. If by reason of such casualty the Building or the Premises are rendered untenantable for Tenant’s businesssubstantially untenantable, either in whole or in part, Landlord shall have the right to elect by giving Tenant written notice within ninety (90) days of said fire or other casualty either to: (i) terminate this Lease as of the date of the fire or other casualty (ii) cause the damage (other than damage to the physical structure of the Building (excluding any tenant leasehold improvements or alterations thereinpersonal property) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Termterm of this Lease. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten eighty (210180) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty ninety (3090) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Leasecasualty. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to if the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, initial term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty sixty (3060) days after the date of the casualty and the Annual Rental rent shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair If all or restoration any part of the Premises than the amount received are damaged by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does fire or other casualty and this Lease is not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such eventterminated, Tenant shall have promptly and with due diligence repair and restore its personal property previously used in the right Premises sufficient to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt carry on its operations in the normal course of said notice from Landlord and such termination shall be effective as of the date of such casualty lossbusiness.

Appears in 1 contract

Samples: Lease Agreement (Amber Road, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Leased Premises or any part thereof are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s businessthe Tenant will give prompt written notice thereof to the landlord. In case 40% or less of the Building is damaged by fire or other casualty, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason immediately commence restoration of such casualty damages and shall proceed with reasonable diligence to restore the Leased Premises are rendered untenantable for Tenant’s businesswithin 90 days of receipt of notice, either in whole or in part, Landlord shall cause the damage to the physical structure Tenant may terminate this Lease. In case over forty percent (40%) of the Building (excluding any tenant improvements is damaged by fire or alterations therein) other casualty to be repaired the extent that substantial alteration or replaced without unreasonable delay, andreconstruction of the Building is, in the interimLandlord's sole opinion, required (whether or not the Leased 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, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall notLandlord may, howeverat its option, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice notifying the Tenant in writing of such termination within thirty (30) days after the date the Landlord receives notice of said notice from Landlordsuch damage, and in which event the Annual Rental shall (i) xxxxx rent will be abated as of the date of such casualty in proportion to damage. If the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds elect to rebuild and elects not terminate this Lease, the Landlord will proceed with reasonable diligence to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild restore the Leased Premises in accordance with the terms herein within one hundred twenty (such notice to be provided within sixty (60120) days after thereafter (except that the date Landlord is not responsible for delays outside its control) to substantially the same condition in which the Leased Premises were immediately prior to the happening of said the casualty, and in such event. If the Leased Premises are not restored within the one hundred twenty (120) days, Tenant shall have the right to terminate cancel this Lease Lease. Notwithstanding anything to the contrary contained herein, the Landlord is not required to rebuild, repair or replace any part of Tenant's furniture or furnishings or fixtures and equipment removable by written notice to Landlord within ten (10) days after Tenant’s receipt the Tenant under the provisions of said notice from Landlord and such termination shall be effective as this Lease. The restoration will not exceed the scope of the date work done by the Landlord in originally constructing the Building. The Landlord will not be liable for any inconvenience or annoyance to the Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next paragraph, the Landlord will allow the Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy. Any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Building or to the Leased Premises is for the sole benefit of the party carrying such insurance and under its sole control. The Tenant hereby agrees that the Lease will not automatically terminate by law upon destruction of the Leased Premises. The Tenant is not entitled to any compensation or damages from the Landlord except as provided herein for loss of the use of the whole or any part of the Leased Premises, the Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. If such fire or other casualty lossresults from acts, omissions or neglect of the tenant or its agents, employees, invitees or visitors there will be no abatement of rent as otherwise permitted herein.

Appears in 1 contract

Samples: Lease Agreement (Dice Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s businessbusiness (as mutually determined by Landlord and Tenant in their reasonable discretion), either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s businessbusiness (as mutually determined by Landlord and Tenant in their reasonable discretion), either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant Tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portionportion (as mutually determined by Landlord and Tenant in their reasonable discretion), and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten eighty (210180) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty and, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion except for those obligations accruing prior to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of termination, Tenant shall have no further obligation or liability hereunder. Notwithstanding the termination foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders if the Premises is rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, Term or any extended term, as mutually determined by Landlord and Tenant in the exercise of its their reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,discretion, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Icagen Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable Legal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work). In no event shall Landlord be responsible for contributing more than one hundred thousand dollars ($100,000.00) of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Annual Rental Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of one hundred thousand dollars ($100,000.00) (it being the intent that Tenant shall not xxxxxshare in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such casualty damage, the Premises are rendered untenantable for Base Rent, Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure Pro Rata Share of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantableTotal Operating Costs, and (ii) xxxxx entirely as other than then-outstanding amounts of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, Rent and reimbursements or payments that are not in the event there should be nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a casualty loss just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, and any Tenant Work) shall have been restored as nearly as practicable to the extent of fifty percent (50%) or more of the replacement value of the Premises or condition in which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice they were immediately prior to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph plus an additional thirty (30) day period. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or other casualty in the Premises. Notwithstanding the foregoingsuch repairs that are due to Force Majeure, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordrepairing such damage, provided, however, if Landlord does that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not have sufficient proceeds to rebuild and elects not to fund any in the nature of an occupancy charge, such deficiency, Landlord shall provide Tenant with written notice as applicable reimbursements of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of abated to the date of such casualty lossextent set forth above during any delay not caused by Tenant.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental Rent shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental Rent shall be proportionately reduced as to such portion of the Premises as is rendered untenantable, however, Tenant must vacate the portion of the Premises deemed untenantable during the period of Landlord’s repairs for such abatement of Annual Rent to be effective. Any such abatement of rent shall not, however, not create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) daysdays (as measured from the date of casualty), then Landlord shall provide Tenant written notice thereof to Tenant, to be given to Tenant within ten seventy-five (1075) days following the date of such estimation by Landlordcasualty, whereupon and either party shall then have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord. In such event, and the Annual Rental Rent shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last two (2) Lease Year Years of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Tenant within thirty (30) days after the date of the casualty and the Annual Rental Rent shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the foregoingcontrary, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance policies maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Novan, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the Annual Rental shall not xxxxxexpense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenant’s businessunfit, either in whole or in part, Landlord shall cause be abated until the damage Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, condition in the interim, the Annual Rental shall be proportionately reduced as which they were immediately prior to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, ; provided, however, that if and to the extent Landlord does shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not have sufficient proceeds to rebuild and elects not to fund be liable for delays in the making of any such deficiencyrepairs that are due to government regulation, Landlord shall provide Tenant with written notice casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Parking License Agreement (Alexion Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee) to repair or cause such damage to be repaired without unreasonable delay such damage, excluding any items installed or paid for by Tenant which Tenant is permitted to remove upon expiration (which items shall be Tenant's responsibility to repair.) However, if any act or neglect of Tenant or such person prevents Landlord or its mortgagees from collecting all insurance proceeds, then the cost of repairing the casualty damage shall be paid by Xxxxxx except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall be no abatement of rent. If (i) all or any substantial part (meaning more than 25% of floor area or of insurable value) of the Premises is so damaged by fire or other casualty (whether or not insured) that substantial alteration, reconstruction or demolition of the Building shall in Landlord's sole discretion be appropriate and a substantial expenditure shall in Landlord's sole discretion be required to make the Premises habitable, or (ii) if any casualty occurs to the Premises during the second to last year of the Term and its repair will reasonably cost more than $750,000, or (iii) if any casualty occurs to the Premises during the last year of the Term and its repair will reasonably cost more than $500,000, then in any such case, this Lease and the Annual Rental shall not xxxxx. If Term hereof may be terminated at the election of Landlord by reason a notice in writing of its election so to terminate given to Tenant within six (6) months following adjustment of such casualty loss with the insurer, the effective termination date being not less than one hundred twenty (120) nor more than one hundred fifty (150) days thereafter. In the case of clause (i) above, if a substantial expenditure is not required to make the Premises are rendered untenantable for Tenant’s business, either in whole or in parthabitable, Landlord shall cause the damage may nonetheless terminate this Lease if Landlord pays Tenant damages equal to the physical structure amount by which the then present value of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in fair market rent for the interim, Premises for the Annual Rental shall be proportionately reduced as to such portion balance of the Premises as is rendered untenantable. Any such abatement Term absent this Lease exceeds the then present value of the rent shall not, however, create an extension due under this Lease for the balance of the Term. Provided-82- Tenant shall be entitled to a just abatement of Annual Base Rent (but not for additional rent on account of Landlord's Taxes and Operating Expenses) during the period of impaired use of the Premises, in no event, however, if by reason exceeding 12 months, provided that Landlord shall be entitled to maintain rent continuation insurance and include the premium therefor as part of such casualty, Landlord's Operating Expenses. If any mortgagee refuses to permit insurance proceeds to be applied to replacement of the Premises are rendered untenantable in some material portionPremises, and Landlord, in its commercially reasonable estimation, determines neither Landlord nor such mortgagee has commenced such replacement within six (within 60 days after the date of said casualty6) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date months following adjustment of such casualty in proportion to loss with the part of the Premises rendered untenantableinsurer, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to then Tenant within thirty (30) days of such casualty,, either party may, at its optionuntil any such replacement commences, terminate this Lease by giving written notice to the other party within at least thirty (30) days after prior written notice thereof to Landlord. Tenant's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be affected by any damage or casualty except as provided herein with respect to the date of the casualty area so damaged or taken, and the Annual Rental shall xxxxx as Term of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination rent hereunder shall be effective as of the date of such casualty losscontinue nonetheless.

Appears in 1 contract

Samples: Boston Technology Inc

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten one year (210) daysas measured from the date of casualty), Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in Term which renders at least four thousand (4,000) rentable square feet of the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,Premises untenantable, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other casualty in the Premises, and Landlord shall give Tenant Landlord’s determination of the time period which Landlord estimates will be required to repair such casualty damage promptly after Landlord ascertains same with reasonable certainty. Notwithstanding anything contained in this Section 13 to the foregoingcontrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in no event which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall Landlord not be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild (plus the amount of any deductible) and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after amounts received from Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Work Agreement (Smart Online Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire fire, the elements, unavoidable accident or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) damages to be repaired or replaced without unreasonable delaywith reasonable diligence provided, andand to the extent that, insurance proceeds payable with respect to such damage are paid to Landlord, and if the Premises shall be rendered untenable only in the interimpart, the Annual Rental rent shall be abated proportionately reduced as to such the portion of the Premises as is rendered untenantableuntenable until the repairs are made. Any such abatement If, without the fault of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualtyTenant, the Premises are shall be rendered untenantable in some material portion, wholly untenable and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) daysshall require substantial reconstruction, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right option (a) to terminate cancel this Lease by giving Tenant written notice of termination thereof within thirty (30) days after the date of said notice from Landlord, any such damage or destruction and the Annual Rental Lease shall (i) xxxxx as of wholly terminate on the date of such casualty specified in proportion the notice, with the rent being payable only to the part time of damage, or (b) to cause the Premises rendered untenantabledamages to be repaired with reasonable diligence, and (ii) xxxxx entirely as of with the effective date of the termination of this Leaserent being abated until such repairs have been completed. Notwithstanding the other foregoing provisions of this paragraph, in the event there should be a the Premises is damaged by fire or other casualty loss due to the Premises to the extent of fifty percent (50%) willful misconduct or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct gross negligence of Tenant’s business operations during , its employees, agents or licensees, there shall not be any apportionment or abatement of any rent and the last Lease Year of the Term, or any extended term, as determined shall continue unless cancelled by Landlord in the exercise of its reasonable discretion and upon by giving Tenant written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party thereof within thirty (30) days after the date of any such damage or destruction. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to Tenant's business resulting in any way from damage to the Premises or the repair thereof. Landlord retains the sole right to adjust and settle all claims in regards to property insurance coverage maintained on the Building or Premises. If the Premises or a substantial portion thereof is damaged by fire, the elements, unavoidable accident or other casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does thereof is not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice reasonably anticipated to be provided completed within sixty (60) 120 days after of the date of said casualtysuch damage, and or the repair thereof is not in fact completed with 120 days of the date of such eventdamage, then in any such event Tenant shall have the right to may terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage by giving notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (H Power Corp)

DAMAGE OR DESTRUCTION OF PREMISES. 12.01.01 If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to Subsection 12.01.2, Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Initial Tenant Improvements and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore, but only to the Annual Rental extent of insurance proceeds (plus commercially reasonable deductible(s)) so long as Tenant was carrying the insurance coverages required in this Lease). All such repairs made necessary by any act or omission of Tenant shall not xxxxxbe made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenant’s businessunfit, either in whole or in partshall be abated until the Premises (except as to Tenant Property, Landlord Initial Tenant Improvements and any Tenant Work) shall cause the damage have been restored as nearly as practicable to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, condition in the interim, the Annual Rental shall be proportionately reduced as which they were immediately prior to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and no termination under this paragraph shall affect any rights strikes, unavailability of Landlord or Tenant hereunder arising from labor and materials, delays in obtaining insurance proceeds, and other causes beyond the prior defaults reasonable control of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoingLandlord, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 1 contract

Samples: Commencement Date Agreement (Cyteir Therapeutics, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If through no act or neglect of Tenant or persons acting under Tenant the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the following provisions of this Section, Landlord shall cause such damage proceed with diligence, subject to be repaired without unreasonable delay then applicable laws and at the Annual Rental shall not xxxxx. If by reason expense of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises but only to the extent of fifty percent (50%insurance proceeds received and made available to Landlord by any mortgagee) to cause to be repaired such damage, excluding uncompleted Tenant Work and any fixtures, equipment or more personal property which Tenant is required or permitted to remove at the end of the Term (which items shall be Tenant’s responsibility to repair). However, if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or neglect of Tenant or such person prevents Landlord or its mortgagees from collecting all insurance proceeds, then the cost of repairing the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall be no abatement of rent. If any casualty occurs to the Premises during the last two Lease years of the Term and its repair will reasonably cost more than $500,000 and $250,000 respectively for the second to last and last Lease years, then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord by a notice in writing of its election so to terminate given to Tenant within 6 months following adjustment of such casualty loss with the insurer, the effective termination date being not less than 30 nor more than 60 days thereafter. Subject to the foregoing Tenant shall be entitled to a just abatement of Base Rent during the period of impaired use of the Premises, in no event however exceeding 12 months. If any mortgagee refuses without fault by Tenant to permit insurance proceeds to be applied to replacement value of the Premises or which renders if neither Landlord nor such mortgagee has commenced such replacement within 6 months following adjustment of such casualty loss with the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Terminsurer, or then Tenant may until any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon such replacement commences give written notice to Tenant within thirty (30) Landlord and mortgagees terminating this lease at least 45 days thereafter, and if such replacement has not commenced by the end of such casualty,, either party may, at its option, terminate 45 day period this Lease by giving written notice to the other party shall thereupon terminate but if such replacement has commenced within thirty (30) days after the date of the casualty and the Annual Rental such period it shall xxxxx as of the effective date of said terminationnot terminate. Except as provided hereinin this paragraph, Landlord shall have no Tenant’s obligation to rebuild pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be affected by any damage or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights the Term of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination rent hereunder shall be effective as of the date of such casualty losscontinue nonetheless.

Appears in 1 contract

Samples: Lease (Wells Real Estate Fund Xiv Lp)

DAMAGE OR DESTRUCTION OF PREMISES. If In the event of total or partial destruction of the Premises are damaged by fire or other casualtycasualty insured by Lessor, but are not rendered untenantable for Tenant’s businessLessor agrees to promptly restore and repair the Premises at Lessor's expense to the extent Lessor receives insurance proceeds therefor, Landlord shall cause such damage to be repaired without unreasonable delay and provided however, that in the Annual Rental shall not xxxxx. If by reason of such casualty event the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations thereini) to so destroyed that they cannot be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines rebuilt within one hundred eighty (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30180) days after the date commencement of said notice from Landlordsuch repair or rebuilding; or (ii) destroyed by a casualty which is not covered by Lessor's insurance, or if such casualty is covered by Lessor's insurance but a mortgagee of Lessor or other party entitled to insurance proceeds fails to make such proceeds available to Lessor in an amount sufficient for restoration of the Premises (provided, however, that Lessor agrees to make a good faith effort to have such mortgagee make such proceeds available for full restoration or rebuilding), then, either Lessor or Lessee may terminate and the Annual Rental shall (i) xxxxx cancel this Lease effective as of the date of sixtieth (60th) day after such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty sixty (3060) days after of the date of the casualty and the Annual Rental shall xxxxx as of such casualty. Upon the effective date of said such termination, all further obligations hereunder shall thereupon cease. If no such notice is given, Lessor shall make such repair or restoration of the Premises promptly and in such manner as not to unreasonably interfere with Lessee's use and occupancy of the Premises. Any proceeds from the fire and extended coverage insurance policies not utilized by Lessor in restoring or repairing the Premises shall become the sole property of Lessor. Rent shall proportionately abatx xxxing the time that the Premises or any part thereof are unusable by reason of such damage thereto. Except as provided herein, Landlord shall have no obligation damage to rebuild or repair in case destruction of fire all or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration portion of the Premises than the amount received by Landlord from the proceeds of fire or by any insurance maintained by Landlordother cause shall not terminate this Lease, provided, however, if Landlord does not have sufficient proceeds nor entitle Lessee to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild surrender the Premises nor in accordance with any way affect Lessee's obligation to pay the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, Rent and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossother sums payable hereunder.

Appears in 1 contract

Samples: Lease Agreement (Gerber Childrenswear Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If In the event of total or partial destruction of the Premises are damaged by fire or other casualtycasualty insured by Lessor, but Lessor agrees to promptly restore and repair the Premises (to the same level of finish as existed prior to Lessee’s occupancy) at Lessor’s expense to the extent Lessor receives insurance proceeds therefor. Rent shall proportionately xxxxx during the time that the Premises or any part thereof are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If unusable by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationthereto. Except as provided herein, Landlord shall have no obligation damage to rebuild or repair in case destruction of fire all or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration portion of the Premises than the amount received by Landlord from the proceeds of fire or by any insurance maintained by Landlordother cause shall not terminate this Lease, provided, however, if Landlord does not have sufficient proceeds nor entitle Lessee to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild surrender the Premises nor in accordance any way affect Lessee’s obligation to pay the Rent and other sums payable hereunder. Lessor shall notify Lessee with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) business days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as an event causing a total or partial destruction of the date Premises, (a) that its insurance proceeds will be sufficient for Lessor to fulfill its obligations to repair and restore the Premises (to the same level of finish as existed prior to Lessee’s occupancy) under this section; (b) if the insurance proceeds are not sufficient to repair or restore the Premises, whether Lessor intends to repair and restore the Premises; and (c) the time frame in which such casualty lossrepairs and restoration will be completed. If Lessor notifies Lessee that its insurance proceeds will not be sufficient to fulfill Lessor’s obligations to restore and repair the Premises and Lessor has elected not to repair or restore the Premises or that the time frame for completion of the repairs or restoration will exceed 90 days, Lessee shall have the option to: (a) terminate the Lease; or (b) make the repairs and restore the Premises. If Lessee elects to repair and restore the Premises, Lessor shall pay to Lessee all insurance proceeds received by the Lessor for such repairs and restoration. If those proceeds are insufficient to cover Lessee’s costs, Lessee will be entitled to offset any costs of the repairs and restoration until the costs are recovered in full by the Lessee.

Appears in 1 contract

Samples: Lease Agreement (Scansource Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable Legal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Annual Rental Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall not xxxxxshare in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such casualty damage, the Premises are rendered untenantable for Base Rent, Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure Pro Rata Share of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantableTotal Operating Costs, and (ii) xxxxx entirely other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of the effective date Landlord’s third-party costs under Section 10.05, allocations of the termination excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Information redacted pursuant to a confidential treatment request. An unredacted version of this Leaseexhibit has been separately filed with the Commission. Notwithstanding the Section 10.04(b), or Additional Rent payable under this Article 12) all other provisions of this paragraphAdditional Rent, in the event there should be or a casualty loss just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, and any Tenant Work) shall have been restored as nearly as practicable to the extent of fifty percent (50%) or more of the replacement value of the Premises or condition in which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice they were immediately prior to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph plus an additional thirty (30) day period. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or other casualty in the Premises. Notwithstanding the foregoingsuch repairs that are due to Force Majeure, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordrepairing such damage, provided, however, if Landlord does that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not have sufficient proceeds to rebuild and elects not to fund any in the nature of an occupancy charge, such deficiency, Landlord shall provide Tenant with written notice as applicable reimbursements of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of abated to the date of such casualty lossextent set forth above during any delay not caused by Tenant.

Appears in 1 contract

Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. If the Leased Premises or any part thereof are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage Tenant will give prompt written notice thereof to the physical structure Landlord. In case over forty percent (40%) of the Building (excluding any tenant improvements Buildings are damaged by fire or alterations therein) other casualty to be repaired the extent that substantial alteration or replaced without unreasonable delay, andreconstruction of the Buildings are, in the interimLandlord's sole opinion, required (whether or not the Annual Rental shall be proportionately reduced as to Leased Premises have been damaged by such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said fire or other casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, or in the event there any mortgagee under a mortgage or deed of trust covering the Buildings should require that the insurance proceeds payable as a result of said fire or other casualty be a casualty loss used to retire the Premises to mortgage debt, the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to notifying the other party within thirty (30) days after the date Tenant in writing of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no such termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date the Landlord receives notice of said such damage, in which event the Rent and Additional Rent will be abated as of the date of such damage. If the Landlord does not elect to terminate this Lease, the Landlord will within sixty (60) days after the date the Landlord receives notice of the damage commence to repair and restore the Buildings. The Landlord will proceed with reasonable diligence to restore the Leased Premises within one hundred eighty (180) days thereafter (except that the Landlord is not responsible for delays outside its control) to substantially the same condition in which the Leased Premises were immediately prior to the happening of the casualty, and in such event. If the Leased Premises are not restored within the one hundred eighty (180) days, Tenant shall have the right to terminate cancel this Lease Lease. Notwithstanding anything to the contrary contained herein, the Landlord is not required to rebuild, repair or replace any part of Tenant's furniture or furnishings or fixtures and equipment removable by written notice to Landlord within ten (10) days after Tenant’s receipt the Tenant under the provisions of said notice from Landlord and such termination shall be effective as this Lease. The restoration will not exceed the scope of the date work done in originally constructing the Buildings. The Landlord will not be liable for any inconvenience or annoyance to the Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next paragraph, the Landlord will allow the Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy. Any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Buildings or to the Leased Premises is for the sole benefit of the party carrying such insurance and under its sole control. The Tenant hereby agrees that the Lease will not automatically terminate by law upon destruction of the Leased Premises. The Tenant is not entitled to any compensation or damages from the Landlord except as provided herein for loss of the use of the whole or any part of the Leased Premises, the Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. If such fire or other casualty lossresults from acts, omissions or neglect of the Tenant or its agents, employees, invitees or visitors, there will be no abatement of rent as otherwise permitted herein.

Appears in 1 contract

Samples: Lease Agreement (FBL Financial Group Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are is damaged by fire and becomes partially or other casualtytotally unfit for occupancy, but are not rendered untenantable for Tenant’s businesscan reasonably be repaired within Ninety (90) days, the Lease shall remain in effect and Landlord shall make repairs with all due speed. If repairs can reasonably be expected to require more than Ninety (90) days, or if less than 90 days remain in the original or any Extension Term at the time of the damage or destruction, either Landlord or Tenant may terminate the Lease. If the parties elect to continue the Lease, Landlord shall cause such damage proceed to be repaired without unreasonable delay make repairs with all due speed and shall restore the Property, the Building and the Annual Rental Premises to their condition immediately prior to such destruction, and Tenant will thereafter have a reasonable period of time to complete repairs to the Tenant Improvements required as a result of such damage, and the Lease term shall not xxxxxbe extended for an additional period equal to the time required for completion of all of the above repairs, and calculated to the nearest month. If by reason the Lease is continued in case of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole damage or in part, Landlord shall cause the damage to the physical structure destruction of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interimPremises, the Annual Rental rental payments and any other charges or expenses of Tenant hereunder shall be proportionately reduced as to such reasonably abated based on the length of time and the portion of the Premises of which Tenant is deprived as is rendered untenantable. Any a result of such abatement of rent shall notdamage, however, create an extension and during all of the Termabove referenced repairs. Provided, however, if by reason of such casualty, Tenant and Landlord agree that Landlord may use insurance proceeds obtained in connection with the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after above referenced casualty insurance covering the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) daysPremises. However, Landlord and Tenant also agree that unless Landlord elects to use such insurance proceeds to restore the Tenant Improvements damaged or destroyed, then Tenant shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the a part of the Premises rendered untenantablecasualty insurance coverage, and (ii) xxxxx entirely as be entitled to receive that portion of any insurance payment or proceeds covering the effective date of Tenant Improvements upon the termination of this LeasePremises. Notwithstanding the other provisions of this paragraphTherefore, in the event there should be a casualty loss of damage or destruction to the Premises to the extent of fifty percent (50%) or more any of the replacement value Tenant Improvements upon the Premises, Tenant shall be entitled to any and all insurance proceeds due and payable pursuant to such insurance coverage, and in the event that this Lease is continued thereafter, unless Landlord elects to restore the Tenant Improvements, then Tenant may utilize such proceeds in restoring the Tenant Improvements hereunder. In the event, however, that this Lease is terminated as a result of such damage or destruction, then Landlord shall be entitled to that portion of the insurance proceeds covering the structural elements of the Premises as the same are set forth on Exhibit B and on the plans and specifications referenced above, and Tenant shall be entitled to maintain any and all such insurance proceeds payable as a result of the damage or which renders destruction to the Premises untenantable for the conduct Tenant Improvements, and to any of Tenant’s business operations during the last Lease Year of the Termequipment, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossfixtures and/or personal property.

Appears in 1 contract

Samples: Assignment and Assumption of Lease (Ohio Legacy Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but, if damage exceeds $2,000,000, only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work, but including the Finish Work once each Phase of the same is substantially completed to the extent Tenant has provided Landlord with the information reasonably required by Landlord to insure such Finish Work (which shall be assumed to have occurred unless Landlord advises Tenant to the contrary in writing indicating what specific information it needs to obtain such insurance)). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property and any Tenant Work (but not the Annual Rental Finish Work once each Phase of the same is substantially completed, except to the extent Tenant has failed to provide Landlord with the information reasonably required by Landlord to insure such Finish Work (which shall be not xxxxxassumed to have occurred unless Landlord advises Tenant of such fact in writing indicating what specific information it needs to obtain such insurance)) shall be made by and at the expense of Tenant. If the Premises shall have been rendered unfit for use and occupation hereunder by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole damage or in part, Landlord shall cause the any damage to the physical structure common areas reasonably required for access to and service of the Building (excluding Premises, or the parking garage or any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises any thereof to the extent rendering Tenant unable to use its parking passes, the Base Rent, parking charges, and Tenant’s Pro Rata Share of fifty percent Total Operating Costs or a just and proportionate part thereof, according to the nature and extent to which the Premises (50%and such other areas) or more shall have been so rendered unfit, shall be abated until the Premises (and such other areas) (except as to Tenant Property, and any Tenant Work other than the Finish Work once each phase of the replacement value of same is substantially completed except to the Premises or which renders extent Tenant has failed to provide Landlord with the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined information reasonably required by Landlord in the exercise of its reasonable discretion and upon written notice to insure such Finish Work (which shall not be assumed to have occurred unless Landlord advises Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice fact in writing indicating what specific information it needs to obtain such insurance)) shall have been restored as nearly as practicable to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation condition in which they were immediately prior to rebuild or repair in case of such fire or other casualty, and no termination under this paragraph plus an additional thirty (30) day period. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other casualty in causes beyond the Premises. Notwithstanding the foregoingreasonable control of Landlord, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordrepairing such damage, provided, however, if Landlord does not have sufficient proceeds to rebuild that Base Rent and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt Pro Rata Share of said notice from Landlord and such termination Total Operating Costs shall be effective as of abated to the date of such casualty lossextent set forth above during any delay not caused by Tenant.

Appears in 1 contract

Samples: Ironwood Pharmaceuticals Inc

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall cause such damage proceed with diligence, subject to be repaired without unreasonable delay then applicable statutes, building codes, zoning ordinances and the Annual Rental shall not xxxxx. If by reason regulations of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portiongovernmental authority, and Landlord, in its commercially reasonable estimation, determines at the expense of Landlord (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises but only to the extent of fifty percent (50%) or more insurance proceeds made available to Landlord by any mortgagee of the replacement value Building) to repair or cause to be repaired such damage (including any Initial Tenant Improvements and Tenant Work in the nature of leasehold improvements). All such repairs made necessary by the Premises negligence or which renders breach hereof on the Premises untenantable for part of Tenant shall be made at the conduct of Tenant’s business operations during expense as Additional Rent to the last Lease Year of extent that the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days cost of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationrepairs are less than a commercially reasonable deductible amount under Landlord’s insurance policy. Except as provided herein, Landlord shall have no obligation to rebuild undertake any repairs to or repair replacements of Tenant Property (or any Tenant Work not consisting of leasehold improvements). If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the 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 abated until the Premises (except as to Tenant Property but including Initial Tenant Improvements and any Tenant Work) shall have been restored as nearly as practicable to the condition in case of which they were immediately prior to such fire or other casualty; provided, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoinghowever, that in no event shall the period of such abatement exceed twelve (12) months. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 1 contract

Samples: Letter (Concert Pharmaceuticals, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, either in whole or in part, but are not no part of the Premises is rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired (to the extent of the Base Building (as hereinafter defined) and Landlord’s Work) without unreasonable delay and the Annual Rental shall not xxxxxbe abated. If by reason of such casualty the Premises are rendered untenantable for in Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced (to the extent of the Base Building and Landlord’s Work) without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Termterm of this Lease. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten twenty (210120) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty sixty (3060) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part event of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Leasesuch termination. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the their replacement value of or if the Premises or which renders the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year twelve (12) months of the Term, initial term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty sixty (3060) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Shutterfly Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If If, during the Premises are term of this Lease, the Premises, or any portion thereof, should be damaged or destroyed by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause repair, reconstruct or restore the damaged or destroyed Premises so far as it is practicable to the Premises’ condition immediately prior to such damage or destruction, except as otherwise provided in this paragraph, and subject to be repaired without unreasonable any delay beyond Landlord’s control, including, but not limited to, delays due to adjustment of insurance claims, strikes and the Annual Rental unavailability of required materials. Tenant shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either have no interest in whole or in part, Landlord shall cause the damage claims to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantableproceeds of any fire or other casualty or extended protection insurance carried by Landlord hereunder. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, If the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss damaged to the Premises to the an extent of fifty twenty-five percent (5025%) or more of the replacement value costs of any single building constituting part or all of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the TermPremises, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, then either party may, at its option, hereto may elect to terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the occurrence of such damage or destruction. Tenant agrees at all times after such damage or destruction to the Premises to continue the operation of its business therein to the extent reasonably practicable; provided, however, that during the period commencing on the date of this damage or destruction and ending with the completion of Landlord’s repair, reconstruction or restoration of the Premises, the monthly rental reserved under this Lease shall be proportionately abated in an amount equal to the proportion thereof, which the number of square feet in the Premises rendered unusable by the damage or destruction bears to the total number of square feet in the Premises immediately prior to such damage or destruction. Landlord shall have no interest in or claim to any portion of the proceeds of any insurance on Tenant’s personal property carried by Tenant or required on the part of Tenant to be maintained hereunder. Tenant and Landlord hereby mutually release and waive their entire right of recovery against the other party for any and all loss or damage to the improvements, all personal property of Tenant and any installations, betterment or improvements added to the building by Tenant where such loss is occasioned, caused or incurred by, or results from, fire, flood, windstorm, hail, explosion, riot attending strike, civil disorder, acts of terrorism, aircraft or vehicle collision, smoke, vandalism and all other perils which are insurable against, whether said casualtyloss occurred or was caused by the negligence of the Tenant or Landlord, their agents, servants, employees, sublessees or concessionaires, or otherwise. Landlord and in such event, Tenant each further warrant that insurance companies insuring Landlord or Tenant shall have no rights against the right other, whether by assignment, subrogation or otherwise. Willful misconduct lawfully attributable to terminate either party shall, to the extent that said conduct contributes to loss or damage, not be excused under this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossParagraph.

Appears in 1 contract

Samples: Lease (MRS Fields Famous Brands LLC)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall cause such damage proceed with diligence, subject to be repaired without unreasonable delay then applicable statutes, building codes, zoning ordinances and the Annual Rental shall not xxxxx. If by reason regulations of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portiongovernmental authority, and Landlord, in its commercially reasonable estimation, determines at the expense of Landlord (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises but only to the extent of fifty percent (50%) or more insurance proceeds made available to Landlord by any mortgagee of the replacement value Building) to repair or cause to be repaired such damage (including, without limitation, any Landlord’s Work). All such repairs made necessary by the negligence or breach hereof on the part of Tenant shall be made at the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during expense as Additional Rent to the last Lease Year of extent that the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days cost of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationrepairs are less than a commercially reasonable deductible amount under Landlord’s insurance policy. Except as provided herein, Landlord shall have no obligation to rebuild undertake any repairs to or repair replacements of Tenant Property (or any Tenant Work not consisting of leasehold improvements). If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the 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 abated until the Premises (except as to Tenant Property and any Tenant Work but including, without limitation, Landlord’s Work shall have been restored as nearly as practicable to the condition in case of which they were immediately prior to such fire or other casualty; provided, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoinghowever, that in no event shall the period of such abatement exceed twelve (12) months. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 1 contract

Samples: Commencement Date Agreement (Synageva Biopharma Corp)

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DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable Legal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Annual Rental Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall not xxxxxshare in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such casualty damage, the Premises are rendered untenantable for Base Rent, Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure Pro Rata Share of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantableTotal Operating Costs, and (ii) xxxxx entirely as other than then-outstanding amounts of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, Rent and reimbursements or payments that are not in the event there should be nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a casualty loss just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, and any Tenant Work) shall have been restored as nearly as practicable to the extent of fifty percent (50%) or more of the replacement value of the Premises or condition in which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice they were immediately prior to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under Information redacted pursuant to a confidential treatment request. An unredacted version of this paragraph exhibit has been separately filed with the Commission. plus an additional thirty (30) day period. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or other casualty in the Premises. Notwithstanding the foregoingsuch repairs that are due to Force Majeure, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordrepairing such damage, provided, however, if Landlord does that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not have sufficient proceeds to rebuild and elects not to fund any in the nature of an occupancy charge, such deficiency, Landlord shall provide Tenant with written notice as applicable reimbursements of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of abated to the date of such casualty lossextent set forth above during any delay not caused by Tenant.

Appears in 1 contract

Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s businesscasualty of the type or kind insured against in the policy of fire insurance with extended coverage provided by Section 7.01 hereof, Landlord shall cause such damage to be repaired without unreasonable delay and provided it can do so with the Annual Rental shall not xxxxx. If insurance proceeds provided by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the TermSection 7.01. Provided, however, if by reason of such casualty, casualty twenty percent (20%) or more of the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten eighty (210180) days, then either Tenant or Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty ninety (3090) days after the date of said notice from Landlord, and casualty. Should such material casualty occur in the Annual Rental shall last two (i2) xxxxx as years of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Initial Term, or during any extended termRenewal Period thereafter, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at in its optionsole discretion, terminate this Lease by giving written notice to Tenant. If the Premises shall be damaged by fire or other party within thirty (30) days after casualty which shall have been occasioned by the date willful act of Tenant or Tenant's agents and/or employees, there shall be no abatement of rental payments; and without prejudice to any other rights and remedies of Landlord, Landlord shall have the casualty right, but not the obligation, to repair the Premises, and the Annual Rental Tenant shall xxxxx as reimburse and compensate Landlord for any loss sustained by Landlord in excess of the effective date of said terminationLandlord's insurance. Except as provided hereinhereinabove provided, Landlord shall not be required to repair or rebuild the Premises in the event of destruction or damage thereto resulting from fire or other casualty. Notwithstanding anything herein to the contrary, Landlord shall have no obligation whatsoever to repair or rebuild the Premises in the event of damage or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights destruction not covered by the insurance required of Landlord or Tenant hereunder arising from the prior defaults of the other partyherein. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in In no event shall Landlord be required to expend more funds in connection with the repair or restoration excess of the Premises than the amount fire and extended coverage insurance proceeds actually received by as a result of such damage or casualty. With respect to any damage which Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds is obligated or may elect to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with repair under the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such eventthis Section, Tenant shall waives any statutory or other right Tenant may have the right to terminate cancel this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date a result of such casualty lossdamage.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage, (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the Annual Rental expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant's expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord's contractor) shall not xxxxxconstitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenant’s businessunfit, either in whole or in part, Landlord shall cause be abated until the damage Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, condition in the interim, the Annual Rental shall be proportionately reduced as which they were immediately prior to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty; provided, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoinghowever, that in no event shall the period of such abatement exceed 14 months, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (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 there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 1 contract

Samples: Metabolix, Inc.

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten fifty (210) days, Landlord shall provide Tenant written notice within ten (10150) days after the issuance of such estimation a building permit by Landlordthe applicable governmental authorities (Landlord agreeing to use reasonable, whereupon diligent efforts to procure said permit), then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. In the event Landlord is unable to repair the Premises in accordance with this Section 13 on or before that date which is sixty (60) days following the targeted completion date (as reasonably determined by Landlord), subject to delays beyond Landlord’s reasonable control, either party shall have the right to terminate the Lease upon thirty (30) days advance written notice to the other following the expiration of said sixty (60) day period. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Tenant within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice and Tenant shall have a period of fifteen (15) days following its receipt of such notice of termination from Landlord to vacate the Premises. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the foregoingcontrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in no event which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall Landlord not be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after amounts received from Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Cross Country Healthcare Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable Legal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Annual Rental Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall not xxxxxshare in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such casualty damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional 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 abated until the Premises (except as to Tenant Property, and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty, plus an additional thirty (30) day period. Landlord shall not be liable for delays in the making of any such repairs that are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage, provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) shall be abated to the extent set forth above during any delay not caused by Tenant. If (i) the Premises are rendered untenantable so damaged by fire or other casualty (whether or not insured) at any time during the last eighteen (18) months of the Term, as the Term may have been extended, that the cost to repair such damage is reasonably estimated to exceed one-half of the total Base Rent payable hereunder for Tenant’s businessthe period from the estimated completion date of repair until the end of the Term, either in whole (ii) Legal Requirements prohibit Landlord from restoring the Building to the condition substantially existing prior to such casualty, or in part, Landlord shall cause the (iii) at any time damage to the physical structure of the Building (excluding occurs by fire or other insured casualty and any tenant improvements mortgagee or alterations therein) ground lessor shall refuse to permit insurance proceeds to be repaired utilized for the repair or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason replacement of such casualty, the Premises are rendered untenantable in some material portion, property and Landlord, in its commercially reasonable estimation, Landlord determines (within 60 days after the date of said casualty) that the amount of time required not to repair such damage, then and in any of such events, this Lease and the damage using due diligence is in excess term hereof may be terminated at the election of two hundred ten Landlord by a notice from Landlord to Tenant within sixty (21060) days, Landlord or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within be not less than thirty (30) days after the date day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses to permit insurance proceeds to be applied to replacement of said notice from the Premises, and neither Landlord, and the Annual Rental shall such mortgagee or ground lessor has commenced such replacement within three (i3) xxxxx as of the date months following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in proportion Article 1 for the end of the Term and the Base Rent and Additional Rent (to the part extent not abated as set forth above) shall be apportioned as of such date. If less than eighteen (18) months remain in the Premises rendered untenantable, and Term at the time of such casualty [***] (ii) xxxxx entirely as in Landlord’s reasonable estimate the time to restore the Premises will take more than one-half of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the then remaining Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and then Tenant may upon thirty (30) days’ prior written notice to Tenant terminate this Lease provided that such termination election shall be null and void if Landlord completes such restoration within thirty (30) days of such casualty,, either party may, at notice or if Tenant exercises its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate extend the term pursuant to Section 3.03(a) of this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossLease.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines notice of which is given to Tenant within thirty (within 60 30) days after of the date of said the casualty) , determines that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten eighty (210) days180 days)(as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building with such period to be extended by Force Majeure), Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Tenant within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other partysuch notice. Tenant shall give Landlord immediate prompt notice of any fire or other casualty in the PremisesPremises actually known to Tenant. Notwithstanding anything contained in this Section to the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiencycontrary, Landlord shall provide Tenant with written notice of Landlord’s inability only be obligated to rebuild restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant's insurance sufficient to repair and restore the Premises to the condition in accordance with the terms herein (which it existed immediately prior to such notice to be provided within sixty (60) days after the date of said casualty, and including those items in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt excess of said notice from Landlord and such termination shall be effective as of the date of such casualty lossbuilding standard.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Capital Bank Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by --------- ------- reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten eighty (210180) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, and (ii) xxxxx entirely as in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of the effective date of the termination of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders if the Premises is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year of the Term, Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,discretion, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If (a) Except as otherwise expressly provided in Section 7.2(b) below, if all or a part of the Premises are shall be damaged or destroyed by fire or other casualty, but and if the estimated cost of rebuilding, replacing and repairing the same shall be or exceed $50,000, or in any case giving rise to Landlord's obligation to repair under Section 5.18, Tenant shall promptly notify Landlord thereof; and (whether or not such estimated cost shall be or exceed $50,000) Tenant shall, with reasonable promptness and diligence whether or not any insurance proceeds are available or adequate for such purpose, except to the extent Landlord's mortgagee does not rendered untenantable make insurance proceeds available for Tenant’s businesssuch purpose, Landlord shall and regardless of the dollar amount or cause of such damage or destruction, rebuild, replace and repair any damage or destruction to be repaired without unreasonable delay the Premises, at its expense, in conformity with the requirements of Section 5.1, and subject to Section 5.18, in such manner as to restore the Annual Rental shall not xxxxx. If by reason of same to the same condition, as nearly as possible, as existed prior to such casualty and there shall be no abatement of Base Rent or Additional Rent. Notwithstanding the foregoing, if (i) a part of the Premises are rendered untenantable for Tenant’s businessshall be damaged or destroyed by casualty, either (ii) such casualty was not caused, in whole or in part, by the intentional act or gross negligence of Tenant or Tenant's employees, agents, invitees, affiliates or contractors, (iii) Tenant's obligation to rebuild, replace and repair is excused under this Section 7.2(a) because Landlord's mortgagee does not make insurance proceeds available therefor but instead applies the same toward the obligations of Landlord under its loan, and (iv) such unavailability of insurance proceeds results in the permanent loss of rentable floor area of any building, then Annual Base Rent shall cause be proportionally abated in a manner reasonably acceptable to Landlord and Tenant. If the damage conditions described in the preceding sentence are met, and if Landlord has elected in its sole discretion not to pay for or perform any repairs, then the actual, third-party costs paid for by Tenant shall be taken into account in the determination of the equitable abatement of rent under the preceding sentence, but only to the physical structure extent such costs were necessary to render the Premises safe and legally occupiable. Notwithstanding anything herein to the contrary, if there shall have been an Event of Default under the Building (excluding any tenant improvements or alterations therein) terms of this Lease and if Landlord has terminated the term of this Lease pursuant to be repaired or replaced without unreasonable delayArticle VIII, andLandlord, in the interimexercise of its sole and absolute discretion, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate settle claims relating to any insurance proceeds from any casualty and (if Landlord has terminated the term of this Lease pursuant to Article VIII) to receive the same and to apply same toward payment of any indebtedness owed to Landlord's mortgagee instead of allowing such proceeds to be used by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable Tenant for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair rebuilding or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as damaged portion of the date of such casualty lossPremises.

Appears in 1 contract

Samples: Lease (Parlex Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of ------------------ such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, and (ii) xxxxx entirely as in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of the effective date of the termination of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders if the Premises is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year of the Term, Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,discretion, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Sciquest Com Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If through no act or neglect of Tenant or persons acting under Tenant the Premises are or any part thereof shall be damaged by fire or other casualtyinsured casualty then, but are not rendered untenantable for Tenant’s businesssubject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee) to repair or cause such damage to be repaired without unreasonable delay such damage, excluding any items installed or paid for by Tenant which Tenant is permitted to remove upon expiration, (which items shall be Tenant's responsibility to repair.) However, if any damage occurs through the act or neglect of persons acting under Tenant or if any act or neglect of Tenant or such person prevents Landlord or its mortgagees from collecting all insurance proceeds, then the cost of repairing the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there Shall be no abatement of rent. If (i) all or any substantial part (meaning more than 25% of insurable value) of the Premises are materially damaged by fire or other casualty (whether or nor insured) or (ii) the Building (whether or nor including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration, reconstruction or demolition of the Building shall in Landlord's sole discretion be appropriate, or (iii) if any casualty occurs to the Premises during the last year of the Term and its repair will reasonably cost more than $100,000, then in any such case, this Lease and the Annual Rental shall not xxxxx. If Term hereof may be terminated at the election of Landlord by reason a notice in writing of its election so to terminate given to Tenant within six (6) months following adjustment of such casualty loss with the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interiminsurer, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the effective termination date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within being not less than thirty (30) nor more than sixty (60) days after thereafter which Landlord will use reasonable efforts to obtain. Tenant shall be entitled to a just abatement of Annual Fixed Rent (but nor for additional rent on account of Landlord's Taxes and Operating Expenses) during the date period of said notice from Landlord, and the Annual Rental shall (i) xxxxx as impaired use of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraphPremises, in the event there should be a casualty loss to the Premises no event, however, exceeding 12 months, but only if, as and to the extent of fifty percent (50%) or more that full payment is made to Landlord on account thereof under any rent continuation insurance. If any mortgagee refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the TermPremises, or any extended termif neither Landlord nor such mortgagee has commenced such replacement within five (5) months following such casualty loss with the insurer, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to then Tenant within thirty (30) days of such casualty,, either party may, at its optionuntil any such replacement commences, terminate this Lease by giving written notice to the other party within at least thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationprior written notice thereof to Landlord. Except as provided hereinin this paragraph, Landlord shall have no Tenant's obligation to rebuild pay all rent and to perform and observe all other covenants and conditions of this Lease shall not observe a and the Term of this Lease be affected by any damage or repair in case of fire or other casualty, and no termination under this paragraph rent hereunder shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty losscontinue nonetheless.

Appears in 1 contract

Samples: Special Maintenance and Operation (Circe Biomedical Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Building is so damaged by fire or other casualty that (i) substantial alteration or reconstruction of the Building shall be required or (ii) any mortgagee of Landlord requires that all or any portion of the insurance proceeds payable as a result of such casualty be applied to the payment of the underlying mortgage debt, then Landlord may, at its option, terminate this by notifying Tenant in writing of such termination within sixty (60) days after the date the casualty event occurs. If the Premises are damaged by fire or other casualty, casualty but are not rendered untenantable for Tenant’s 's business, either in whole or in part, and if Landlord does not terminate this Lease pursuant to the immediately preceding sentence, Landlord shall cause such damage to be repaired without unreasonable delay delay. In such event, all insurance proceeds shall be made payable to Landlord and shall be used to repair or rebuild the Annual Rental Premises in accordance with the standards set forth herein and not for any other purposes, without Tenant's prior written consent. Landlord shall not xxxxxbe responsible for the payment in full of any deductible. If by reason of such casualty casualty, the Premises are rendered untenantable for Tenant’s 's business, either in whole or in part, and Landlord does not terminate this Lease as provided in the first sentence above in this Xxxxxxxxx 00, Xxxxxxxx shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, and in the interim, the Annual Rental shall be proportionately equitably reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Lease Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portionsubstantially untenantable, and Landlord, in its commercially Landlord fails to give Tenant reasonable estimation, determines (within 60 days after the date of said casualty) assurances that the amount of time required to repair the damage damage, using due diligence is in excess diligence, shall not exceed the earlier of two hundred ten (210i) days, Landlord shall provide Tenant written notice within ten the expected completion date of the New Facility or (10ii) sixty (60) days of such estimation by Landlordfrom the date the casualty event occurs, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty sixty (3060) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Leaseevent occurs. Notwithstanding the other provisions of this paragraphParagraph 14, in the event there should be is a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Lease Term, or including any extended term, as determined Lease Extension Term that has then been exercised by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,Tenant, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty sixty (3060) days after the date of the casualty and the event occurs; and, in such case, Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord there shall have be no obligation of Landlord to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Paragraph 14 shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Leiner Health Products Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If Tenant shall repair all damages to the Premises are damaged caused by fire the Tenant, its employees, agents, contractors, Subcontractors and/or any utility provider. If by fire, the elements, act of GOD, or other casualty, but are not rendered untenantable for Tenant’s businessthrough no fault, Landlord shall negligence, or cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding Tenant, or any tenant improvements of its employees, agents, vendors, contractors, Subcontractors or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualtyutility provider, the Premises are rendered untenantable in some material portionis totally damage or destroyed, or the CSF is totally damaged or destroyed, or the CSF building is partially damaged or destroyed to the extent that twenty-five (25%) percent or more of the replacement costs thereof (even though the Premises may not be totally damaged), the Landlord will have the option of terminating this Lease, or any extension thereof, by serving written notice upon the Tenant within one hundred and Landlord, in its commercially reasonable estimation, determines eighty (within 60 180) days after from the date of said the casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx any prepaid Rent, paid by Xxxxxx, will be prorated as of the date of the destruction, and the unearned portion of such casualty in proportion Rent will be refunded to the part of the Premises rendered untenantableTenant, without interest, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss Tenant shall have no further obligation to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion pay Rent from and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination all parties shall be released from all obligations under this paragraph Lease, except for those obligations that specifically survive expiration or termination hereunder. Further, for any such early termination of this Lease, the Tenant shall affect not be entitled to any rights other type of Landlord reimbursement or Tenant hereunder arising from consideration. If by fire, the elements of GOD, or another casualty, but through no fault, negligence, or cause of the Tenant, or any of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is damaged or partially destroyed to the extent that it equals less than twenty-five (25%) percent of the replacement cost thereof, and the other provisions of the prior defaults of paragraph are not applicable, the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received may either terminate this Lease by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with serving written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided upon Tenant within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdestruction or Landlord may restore the Premises, at the Landlord’s sole and absolute discretion. The Landlord will not be liable for any damage to, or any inconvenience of, the Tenant, or any of the Tenant’s employees, agents, contractors, vendors and/or Subcontractors due to fire or other casualty, unless caused by the intentional or gross negligent act or omission of the Landlord, or its officers, employees, agents, vendors, contractors, and/or subcontractors. The Tenant agrees that should any of the damage or destruction of the Premises, and/or the CSF building, be the result of, cause of, or even tangentially related to the actions or omissions of the Tenant, or any of its employees, agents, vendors, contractors, or Subcontractors, then the Tenant shall be held strictly liable for the cost to immediately restore, repair, and/or rebuild the Premises, and/or the CSF in accordance with the Landlord’s instructions whichever is so damaged or destroyed.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, andIf, in the interim, the Annual Rental shall be proportionately reduced as to such portion opinion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualtyLandlord, the Premises are rendered untenantable in some material portionor Property should become un-tenantable during the term hereof because of damage or destruction by fire, and Landlordflood, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) daysnecessary repairs or other occurrence, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to opt to terminate this Lease by giving written notice of termination within thirty (30) days after lease. In the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date event of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss damage or destruction to the Premises or Property not caused by the Resident or Resident’s guests’ act or neglect, Resident’s obligations to the extent of fifty percent pay rent hereunder shall be abated only if Landlord terminates this Lease or does not furnish Resident with substitute living accommodations. Landlord may opt to relocate Resident to substitute living accommodations (50%) or more which may be a hotel room shared with up to one other roommate of the replacement value Unit, based on a monthly rate comparable to Bedroom monthly rate, availability, and other factors as dictated by the hotel, or a temporary Unit in another location) until possession of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Termpermanent Unit is given, or any extended term, as determined by Landlord in the exercise a maximum of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after from the date Unit became un-tenantable. During this period, if substitute living accommodations are provided, Rent will be due as normal. If Resident opts to provide their own temporary housing, with Landlord’s approval, Rent will be prorated during the time that the Unit in un-tenantable, which will be calculated by dividing the Total Rent Amount over the full term of said casualtythe Lease to determine a daily rent amount, then multiplying it by the number of days the Unit is un-tenantable, and in the remaining rent is still due as normal. In the event possession cannot be delivered within such eventsixty (60) day period, Tenant shall then Resident or Landlord will have the right option to terminate this Lease Agreement, via written notice, on a date reasonably determined by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord Landlord, and such termination all rights and obligations thereunder shall be effective as terminate. If damage or destruction of the date Premises or its furnishings is determined to be caused by the Resident or Resident’s guests’ act or neglect, all terms outline in this section apply, but Resident and/or Guarantor hereby agree to pay for all repairs and damages (including replacement costs) beyond those attributed to normal wear and tear, as well as the increased cost of such casualty losssubstitute living accommodations and other costs to Landlord. Payment of rent is not discretionary, and during a period of untenantability, whether or not Resident continually occupies the Unit, Resident cannot stop payment of or reduce Rent.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If In the event the whole or any part of the improvements on the Premises are (excluding Lessee's equipment and fixtures) shall be damaged or destroyed by fire fire, flood, windstorm, strikes, riots, civil commotions, acts of God, or other casualty, but are not rendered untenantable for Tenant’s business, Landlord Lessor shall cause such damage restore same to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage their condition_just prior to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced said loss without unreasonable delay, and, in Any insurance proceeds received by Lessor pursuant to the interim, the Annual Rental provisions of this Lease,shall be proportionately reduced as held in an escrow fund(at a bank designated by Lessor)and shall be disbursed directly to such portion Lessor during the restoration period to pay for the cost of the Premises as is rendered untenantablesaid restoration. Any such abatement insurance proceeds over and above the cost of rent restoration shall notbe paid to and be the property of Lessor upon completion of restoration. If the insurance proceeds are insufficient to pay for the cost of restoration, howeverLessor shall, create an extension at its expense, pay the difference. Lessor and Lessee may mutually agree in writing not to restore the improvements. If any damage mentioned in this first sentence of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence this Paragraph is in excess of two hundred ten fifty (21050%) daysof the total replacement cost of the improvements during the final sixty months of the Initial Tenn or during any Option Term, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to Lessee may terminate this Lease by giving written notice of termination within thirty (30) 30 days after the date such damage. If this Lease is terminated under any provision of said notice from Landlordthis Paragraph, and the Annual Rental shall (i) xxxxx as Lessee shall release the insurance proceeds to Lessor except, for the portion received by reason of the date loss of such casualty in proportion Lessee's equipment, trade and business fixtures, signs and other personal property which portion will be paid to the part of the Premises rendered untenantableLessee, and (ii) xxxxx entirely Base Rent shall be payable through the date of casualty, and Lessor will refund to Lessee any prepaid unaccrued Base Rent and the security deposit,less sum,if any,Lessee owes to Lessor. 21, LESSOR'S REPRESENTATIONS AND WARRANTIES. Lessor warrants and represents to the best of Lessor's actual knowledge as of the effective date hereof: A. No pending or proposed public improvements or condemnation proceedings exist which may result in special assessments or in any reduction in the usefulness of the termination Premises. B. There are no pending or contemplated proceedings to which Lessor is a party or of this Lease. Notwithstanding the other provisions which it has been given notice concerning impairment of this paragraphaccess, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) tax adjustment, zoning changes or more of the replacement value of similar proceedings,assessments or plans by any government authority which might affect the Premises or which renders Lessee's ability to use the Premises untenantable for its Intended Use. X. Xxxxxx has not filed nor been required to file any report-,of Hazardous Materials(defined below)on the conduct of Tenant’s business operations during the last Lease Year of the TermPremises with any federal,state or local governmental authority, D. There is no ongoing environmental cleanup, or remediation action of Hazardous Materials on the Premises and to Lessor's actual knowledge, there is no such action planned for or threatened against the Premises. There are no underground storage tanks.located on or under the Premises. Lessor represents and warrants that as the Effective Date, the Office Complex and Building including the Leased Premises are free of any extended term, as determined by Landlord environmental contamination of any kind whatsoever,including Hazardous Materials and mold. Lessor shall be fully liable for remediation of Hazardous Materials and mold in the exercise of Leased Premises, Office Complex or Building unless caused in whole or in part by the Lessee, its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualtycontractors,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationemployees,agents or invitees. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty E. Public utilities sufficient for Lessee's Intended Use are physically located in the Premises. Notwithstanding Lessor covenants that Lessor has all requisite authority and has or will have good right and title to lease the foregoingPremises. Lessor shall warrant title to the Premises and shall defend any challenge thereto. Lessor shall indemnify Lessee against any damage and expense which Lessee may suffer by reason of any lien, encumbrance, restriction or defect in no event shall Landlord be required the title to expend more funds in connection with the repair or restoration description herein of the Premises than the amount received by Landlord from the proceeds of Premises. If at any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the time Lessor's title or right to terminate this Lease receive rent hereunder is disputed, or there is a change of ownership of Lessor's estate by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as act of the date parties or operation of such casualty losslaw,Lessee may withhold rent thereafter accruing until Lessee is furnished proof satisfactory to it as to the party entitled thereto. 22.

Appears in 1 contract

Samples: Attornment Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to Subsection 12.01(b), Landlord shall proceed with diligence, subject to 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 Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Initial Tenant Improvements and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Annual Rental Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property and any Initial Tenant Improvements and Tenant Work shall not xxxxxbe made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such casualty damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises are shall have been so rendered untenantable for Tenant’s businessunfit, either in whole or in partshall be abated until the Premises (except as to Tenant Property, Landlord Initial Tenant Improvements and any Tenant Work) shall cause the damage have been restored as nearly as practicable to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, condition in the interim, the Annual Rental shall be proportionately reduced as which they were immediately prior to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty; provided, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoinghowever, that in no event shall the period of such abatement exceed twelve (12) months, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (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 there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any repairing such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdamage.

Appears in 1 contract

Samples: Commencement Date Agreement (Curis Inc)

DAMAGE OR DESTRUCTION OF PREMISES. In the event that the Premises are damaged or destroyed by fire or other cause, Tenant shall notify Landlord immediately. If the Premises are damaged by fire or other casualty, but destroyed to the extent that the premises are not rendered untenantable habitable, as determined by the building inspector for the Town of Farmville, Tenant may immediately vacate the Premises and within seven (7) days thereafter give written notice to Landlord of Tenant’s business's intent to terminate this Lease. In such a case, the Lease will terminate as of the date that Tenant vacates the Premises, and Landlord shall return any prepaid rent for the period after Tenant vacates the Premises, subject to any setoff for charges or damages Tenant owes to Landlord. In the event that the Premises are damaged to the extent that Tenant's enjoyment is somewhat impaired, though not substantially impaired, Landlord shall cause such damage have a reasonable period during which it may repair the Premises. Landlord's duty to be repaired without unreasonable delay and the Annual Rental repair shall not xxxxx. If by reason arise until Tenant gives Landlord written notice of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure Premises. If Landlord fails to repair the Premises within a reasonable period of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delaytime after receipt of such notice from Tenant, and, in the interim, the Annual Rental Tenant shall be proportionately reduced as entitled to such portion of a reduction in Rent for the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of period beginning after notice was given to Landlord and ending on the Term. Provided, however, if by reason date Landlord completes the repair of such casualty, damage to the Premises. In the event that the Premises are rendered untenantable in some material portiondamaged or destroyed due to the fault or negligence of Tenant, a member of Tenant's family or a guest of Tenant, Tenant shall not be entitled to terminate this Lease and Landlordshall remain liable for Rent for the Term, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required unless Landlord elects to repair the damage using due diligence is in excess of two hundred ten (210) days, release Tenant from such liability. Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to that (a) the Premises to the extent of fifty percent (50%) are damaged or more of the replacement value of the Premises destroyed, and such damage or which destruction renders the Premises untenantable unfit for habitation, or (b) if such damage or destruction is caused by the conduct fault or negligence of Tenant’s business operations during the last Lease Year , a member of the TermTenant's family, or a guest of Tenant. In any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the dispute concerning Tenant's right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt or receive Rent abatement under this Section, Tenant shall bear the burden of said notice from Landlord and such termination shall be effective as establishing that the condition of the date of Premises justifies such casualty lossrelief.

Appears in 1 contract

Samples: LLC Residential Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are is damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not xxxxxbe abated. If by reason of such casualty the Premises are is rendered untenantable for in Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Termterm of this Lease. Provided, however, if by reason of such casualty, the Premises are is rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two one hundred ten twenty (210120) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty sixty (3060) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part portion of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the their replacement value of or if the Premises or which renders the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, initial term or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty sixty (3060) days after the date of the casualty and the Annual Rental rent shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Ensemble Health Partners, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If In the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, Landlord shall cause such event of any damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion partial destruction of the Premises during the term of this Lease from any cause, Lessor shall forthwith repair the same, provided such repairs can be reasonably estimated to be completed within one hundred eighty (180) days under the laws and regulations of Federal, State, County or Municipal authorities, but such partial damage or destruction shall not make this Lease void or voidable except as is rendered untenantablehereinafter provided. Any Lessee shall be entitled to a proportionate reduction of “Rent” (which term shall be deemed to include all monthly base rental and NNN charges payable by Lessee under this Lease) while such abatement of rent shall notrepairs are being made, however, create an extension of such proportionate reduction to be based upon the Term. Provided, however, if by reason extent to which the damage and/or the making of such casualty, repairs shall interfere with the Premises are rendered untenantable business carried on by Lessee in some material portion, and Landlord, in its commercially reasonable estimation, determines said Premises. If the necessary repairs cannot be reasonably estimated to be completed within one hundred eighty (within 60 days after the date of said casualty180) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) calendar days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to Lessee or Lessor may terminate this Lease by giving written notice of termination to the other party. In the event that neither party so elects to terminate this Lease within thirty fifteen (3015) days after the date of said notice from Landlordsuch damage, Lessor shall make all necessary repairs as promptly as practical and within a reasonable time (within the 180 day period), this Lease to continue in full force and effect and the Annual Rental shall (i) xxxxx Rent to be proportionately rebated as provided hereinabove. With respect to any damage or destruction which Lessor is obligated to repair or may elect to repair under the terms of this paragraph, the provisions of Section 1932, subdivision 2, of the date Civil Code of such casualty in proportion the State of California are waived by Lessee to the part of extent consistent with the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in . The total destruction of the event there should be a casualty loss to building constituting the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, shall terminate this Lease by giving written notice to unless the other party Lessor and Lessee agree otherwise within thirty ninety (3090) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty lossdestruction.

Appears in 1 contract

Samples: Lease (Enjoy Technology, Inc./De)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part --------------------------------- thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the following provisions of this Section, Landlord shall cause such damage proceed with diligence, subject to be repaired without unreasonable delay then applicable laws and at the Annual Rental shall not xxxxx. If by reason expense of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee, Landlord agreeing to make available funds in the amount of Landlord's deductible and to use diligent efforts to obtain the mortgagee's consent to release of such proceeds) to cause to be repaired such damage, excluding any items installed or paid for by Tenant which Tenant is required or permitted to remove upon expiration (which items shall be Tenant's responsibility to repair). However, if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or neglect of Tenant or such person prevents Landlord or its mortgagees from collecting all insurance proceeds, then the cost of repairing the casualty damage shall be paid by Tenant and there shall be no abatement of rent except to the extent any insurance proceeds are actually received by Landlord or mortgagees or proceeds would have been recovered if Landlord had maintained the insurance required to be maintained under Section 6.4 (Landlord agreeing to, if necessary). If any casualty occurs to more than fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year eighteen (18) months of the TermTerm (as the same may have been extended), then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord or any extended term, as determined Tenant by Landlord a notice in the exercise writing of its reasonable discretion and upon written notice election so to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice given to the other party within two (2) months following such casualty, the effective termination date being not less than thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend nor more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said such notice. Tenant shall be entitled to a just abatement of Annual Base Rent and all Additional Rent during the period of impaired use of the Premises. If neither Landlord nor such mortgagee (i) has commenced such replacement within the earlier of six (6) months following such casualty, and or (ii) having so commenced such replacement, has substantially completed such restoration within twelve (12) months following such casualty, then Tenant may, until any such aforesaid replacement commences in such eventthe case of (i) or is so completed in the case of (ii), Tenant shall have the right to terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such which termination shall be effective vitiated and rendered null and void if Landlord or such mortgagee so commences in the case of (i) or completes in the case of (ii) within said thirty (30) day period). Except as provided in this paragraph, Tenant's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be affected by any damage or casualty, and the date Term of such casualty lossthis Lease and rent hereunder shall continue nonetheless.

Appears in 1 contract

Samples: Lease (Applied Science & Technology Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable Legal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Tenant Work). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Annual Rental Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall not xxxxxshare in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. The cost of any repairs performed under this Section by Landlord at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such casualty damage, the Premises are rendered untenantable for Base Rent, Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure Pro Rata Share of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantableTotal Operating Costs, and (ii) xxxxx entirely as other than then-outstanding amounts of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, Rent and reimbursements or payments that are not in the event there should be nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a casualty loss just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, and any Tenant Work) shall have been restored as nearly as practicable to the extent of fifty percent (50%) or more of the replacement value of the Premises or condition in which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice they were immediately prior to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph plus an additional thirty (30) day period. Landlord shall affect any rights of Landlord or Tenant hereunder arising from not be liable for delays in the prior defaults of the other party. Tenant shall give Landlord immediate notice making of any fire or other casualty in the Premises. Notwithstanding the foregoingsuch repairs that are due to Force Majeure, in no event nor shall Landlord be required liable for any inconvenience or annoyance to expend more funds Tenant or injury to the business of Tenant resulting from delays in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordrepairing such damage, provided, however, if Landlord does that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not have sufficient proceeds to rebuild and elects not to fund any in the nature of an occupancy charge, such deficiency, Landlord shall provide Tenant with written notice as applicable reimbursements of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination shall be effective as of abated to the date of such casualty lossextent set forth above during any delay not caused by Tenant.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Inc / Ma

DAMAGE OR DESTRUCTION OF PREMISES. If either the Premises Facility or any structures therein are damaged by fire or other casualtypartially damaged, but are not rendered untenantable unusable for Tenant’s business, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason purposes of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portionthis Concession Agreement, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date capable of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have the right to terminate this Lease by giving written notice of termination being repaired within thirty (30) days after days, the date damage shall be repaired with due diligence by the CONCESSIONAIRE from the proceeds of said notice from Landlordthe insurance coverage policy and/or at its own cost and expense, and for the Annual Rental period of CONCESSIONAIRE'S business interruption a pro rata adjustment shall (i) xxxxx be made as of the date of such casualty in proportion to the part of the Premises rendered untenantableRent set forth above in Article 9 and other, and (ii) xxxxx entirely as of the effective date of the termination of this Leasesimilar payment guarantees. Notwithstanding the other provisions of this paragraph, in In the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) Facility is completely destroyed or so damaged that it will remain unusable for more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within than thirty (30) days of such casualty,days, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty CONCESSIONAIRE and the Annual Rental CITY shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have be under no obligation to rebuild or repair in case of fire or other casualtyand reconstruct the Facility, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults adjustment of the other party. Tenant rent payable hereunder shall give Landlord immediate notice be proportionately made up to the time of any fire such damage or other casualty in destruction, and this Concession Agreement shall cease and terminate, and all adjustments which are proper including restoration of the PremisesProperty to a clean, neat, and usable condition shall be made accordingly. Notwithstanding the foregoing, the CONCESSIONAIRE may, at its sole discretion at its own cost, elect to reconstruct the Facility at its own cost and expense in no event which case, this Concession Agreement shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlordabatx, provided, however, if Landlord does xxt not have sufficient proceeds to rebuild terminate until such reconstruction is completed and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises such completion is given in accordance with the terms herein (requirement hereof to the other party. If such notice to be provided within sixty (60) days after damage or destruction is covered by insurance, the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination proceeds thereof shall be effective as made available to CONCESSIONAIRE for the purpose of reconstruction. In the event CONCESSIONAIRE, elects to reconstruct the Facility, CONCESSIONAIRE shall promptly, after notifying CITY of such election, remove all debris resulting from such damage to the Facility and to the extent that the removal of debris under such circumstances is covered by insurance, the proceeds thereof shall be made available to CONCESSIONAIRE. CONCESSIONAIRE shall promptly commence and diligently prosecute reconstruction of the date of such casualty lossFacility to completion.

Appears in 1 contract

Samples: Concession Agreement (Florida Panthers Holdings Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If If, during the Term, the Premises or the Building and other improvements in which the Premises are damaged by fire located are totally or other casualtypartially destroyed from any cause, but are not rendered untenantable for Tenant’s businessrendering the Premises totally or partially inaccessible or unusable, and at least one (1) year of the Term remains, Landlord shall cause such damage to be repaired without unreasonable delay restore the Premises or the Building and the Annual Rental shall not xxxxx. If by reason of such casualty other improvements in which the Premises are rendered untenantable for Tenant’s businesslocated to substantially the same condition as they were in immediately before destruction, either in whole or in part, if the restoration can be made under the existing laws and can be completed within 180 working days after obtaining all necessary permits therefore (Landlord shall cause use due diligence in applying for said permits) and if the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason cost of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that repairs does not exceed the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, insurance proceeds received by Landlord shall provide Tenant written notice within ten (10) days on account of such estimation by Landlord, whereupon either party damages. Such destruction shall have the right to not terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding If Landlord determines in good faith that restoration is not susceptible of completion within the other provisions of time stated in this paragraph, in or if the event there should be a casualty loss insurance proceeds received (plus any applicable deductible) are not sufficient to cover the cost of the required repairs and by reason thereof Landlord declines to restore the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided hereinBuilding, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, then Tenant shall have the right to terminate this Lease immediately by giving written notice to Landlord. Landlord shall, at Tenant's request, promptly advise Tenant in writing of Landlord's good faith estimate of the time to restore and of the sufficiency of insurance proceeds (and whether Landlord elects to decline to restore by reason of any insufficiency), and Tenant shall exercise its right to terminate not later than thirty (30) days after receipt of Landlord's notice showing that Tenant has a right to terminate by reason either of time to restore or failure to restore due to insufficiency of insurance proceeds. If Tenant fails to terminate this Lease and if restoration is permitted under the existing laws, Landlord, at its election, can either terminate this Lease or restore the Premises or the Building and other improvements in which the Premises are located within a reasonable time and this Lease shall continue in full force and effect. If the existing laws do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. In the event of the giving of such notice of termination by Landlord or Tenant as provided herein, this Lease and all interest of Tenant in the Premises shall terminate fifteen (15) days after receipt of such notice by the other party. Except if Landlord receives insurance proceeds from Tenant's insurance as provided in paragraph 16(c) hereof specifically therefor, Landlord shall not be required to repair any injury or damage, by fire or other cause, to the property of Tenant, or to make repairs or replacements of any decorations, or any improvements installed on the Premises by or for Tenant, except that in the event Landlord is otherwise required to restore casualty damage under this Lease, Landlord shall be required to restore the interior leasehold improvements existing in the Premises upon delivery thereof to Tenant at Term commencement. In case of destruction, there shall be an abatement or reduction of Rent, between the date of destruction and the date of completion of restoration if restoration takes place, based on the extent to which the destruction actually interferes with Tenant's use of the Premises. Tenant hereby waives the provisions of Sections 1932, Subdivision 2, and 1933, Subdivision 4, of the Civil Code of California. In the event that Landlord fails to complete the restoration of any damage to the Premises (or damage to portions of the Building providing access to the Premises) by the end of the one hundred eighty (180) day period described in this paragraph 30, and if Landlord is not then diligently and in good faith pursuing restoration to completion, then Tenant shall have the right to terminate this Lease upon sixty (60) days prior written notice to Landlord and Landlord's failure to complete restoration within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination sixty day period. In the event that the Premises shall be effective as damaged or destroyed to the extent of more than $100,000.00 during the last one (1) year of the date Term, then either Tenant or Landlord shall have the right to terminate this Lease. Notwithstanding any contrary provision of this Section 30, Landlord shall not have the right during the first three years of the Term to terminate this Lease for a casualty that affects areas of the Building other than the Premises unless Landlord also terminates the leases of any other tenants in the Building whose, premises are affected by such casualty lossto the same or greater extent as the Premises.

Appears in 1 contract

Samples: Lease (Daily Journal Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay and the Annual Rental shall not xxxxx. If by reason of such casualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten nine (2109) daysmonths (as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon then either party shall have the right to terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlordcasualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party Tenant within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said terminationsuch notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section 13 to the foregoingcontrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in no event which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall Landlord not be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord within ten (10) days after amounts received from Tenant’s receipt of said notice from Landlord and such termination shall be effective as of the date of such casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Regado Biosciences Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If If, during the Term, the Premises or the Building and other improvements in which the Premises are damaged by fire located are totally or other casualtypartially destroyed from any cause, but are not rendered untenantable for Tenant’s businessrendering the Premises totally or partially inaccessible or unusable, and at least one (1) year of the Term remains, Landlord shall cause such damage to be repaired without unreasonable delay restore the Premises or the Building and the Annual Rental shall not xxxxx. If by reason of such casualty other improvements in which the Premises are rendered untenantable for Tenant’s businesslocated to substantially the same condition as they were in immediately before destruction, either in whole or in part, if the restoration can be made under the existing laws and can be completed within 180 working days after obtaining all necessary permits therefore (Landlord shall cause use due diligence in applying for said permits) and if the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason cost of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that repairs does not exceed the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, insurance proceeds received by Landlord shall provide Tenant written notice within ten (10) days on account of such estimation by Landlord, whereupon either party damages. Such destruction shall have the right to not terminate this Lease by giving written notice of termination within thirty (30) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding If Landlord determines in good faith that restoration is not susceptible of completion within the other provisions of time stated in this paragraph, in or if the event there should be a casualty loss insurance proceeds received (plus any applicable deductible) are not sufficient to cover the cost of the required repairs and by reason thereof Landlord declines to restore the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided hereinBuilding, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, then Tenant shall have the right to terminate this Lease immediately by giving written notice to Landlord. Landlord shall, at Tenant's request, promptly advise Tenant in writing of Landlord's good faith estimate of the time to restore and of the sufficiency of insurance proceeds (and whether Landlord elects to decline to restore by reason of any insufficiency), and Tenant shall exercise its right to terminate not later than thirty (30) days after receipt of Landlord's notice showing that Tenant has a right to terminate by reason either of time to restore or failure to restore due to insufficiency of insurance proceeds. If Tenant fails to terminate this Lease and if restoration is permitted under the existing laws, Landlord, at its election, can either terminate this Lease or restore the Premises or the Building and other improvements in which the Premises are located within a reasonable time and this Lease shall continue in full force and effect. If the existing laws do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. In the event of the giving of such notice of termination by Landlord or Tenant as provided herein, this Lease and all interest of Tenant in the Premises shall terminate fifteen (15) days after receipt of such notice by the other party. Except if Landlord receives insurance proceeds from Tenant's insurance as provided in paragraph 16(c) hereof specifically therefor, Landlord shall not be required to repair any injury or damage, by fire or other cause, to the property of Tenant, or to make repairs or replacements of any decorations, or any improvements installed on the Premises by or for Tenant, except that in the event Landlord is otherwise required to restore casualty damage under this Lease, Landlord shall be required to restore the interior leasehold improvements existing in the Premises upon delivery thereof to Tenant at Term commencement. In case of destruction, there shall be an abatement or reduction of Rent, between the date of destruction and the date of completion of restoration if restoration takes place, based on the extent to which the destruction actually interferes with Tenant's use of the Premises. Tenant hereby waives the provisions of Sections 1932, Subdivision 2, and 1933, Subdivision 4, of the Civil Code of California. In the event that Landlord fails to complete the restoration of any damage to the Premises (or damage to portions of the Building providing access to the Premises) by the end of the one hundred eighty (180) day period described in this paragraph 30, and if Landlord is not then diligently and in good faith pursuing restoration to completion, then Tenant shall have the right to terminate this Lease upon sixty (60) days prior written notice to Landlord and Landlord's failure to complete restoration within ten (10) days after Tenant’s receipt of said notice from Landlord and such termination sixty day period. In the event that the Premises shall be effective as damaged or destroyed to the extent of more than $100,000.00 during the last one (1) year of the date Term, then either Tenant or Landlord shall have the right to terminate this Lease. Notwithstanding any contrary provision of this Section 30, Landlord shall not have the right during the first three years of the Term to terminate this Lease for a casualty that affects areas of the Building other than the Premises unless Landlord also terminates the leases of any other tenants in the Building whose premises are affected by such casualty lossto the same or greater extent as the Premises.

Appears in 1 contract

Samples: Lease (Daily Journal Corp)

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